After its first Hong Kong filing in February 2026, warehouse automation leader HAI ROBOTICS refreshed its prospectus on 13 September and restarted the IPO process, aiming to become the first ACR stock listed in Hong Kong. Before the listing it had completed 15 rounds of financing, raising about 4.133 billion yuan, with capital conviction high. Its Pre IPO plus round closed in January 2026.
Backers are a who’s who: the XBOT PARK fund founded by Li Zexiang, Gao Bingqiang and Gan Jie gave early seed support, later joined by Best Express, Legend Star, Source Code Capital, Sequoia China, DG Capital, Walden International and General Atlantic. After the E round, post money valuation reached 10.9 billion yuan, a warehouse robot unicorn.
The funds will go to four areas. The first is upgrading ACR solutions, software, algorithms and the next generation stack. The second is expanding global manufacturing and supply chain resilience. The third is broadening global commercial reach and service. The fourth is working capital.
HAI ROBOTICS is the dark horse of Li Zexiang’s robot portfolio. Founded in 2016 by Chen Yuqi with classmates from Hong Kong Polytechnic and ETH Zurich, Li serves as chief adviser. As e commerce and smart manufacturing grew, warehouse orders fragmented and labour cost rose, making automation a hard need. Where leader Geekplus pursues whole warehouse AMR across all scenarios, HAI ROBOTICS focuses on the most labour heavy piece picking, and invented the ACR, the crate style storage robot.
An ACR climbs high shelves, fetches single bins and runs the whole putaway, picking and moving flow without moving whole racks, lifting storage density and throughput without rebuilding the warehouse. From its first HaiPick System 1 in 2017 to the 15 metre HaiPick Climb in 2025, the first mass deployed single side climbing ACR, and a 2026 upgrade, HAI ROBOTICS now controls robot body, positioning, control, fleet scheduling and warehouse management in house.
R&D backs this: 1.028 billion yuan cumulatively from 2023 to 2025, plus 249 million in the first half of 2026. By 30 June 2026 it had filed 2,495 patents, the broadest portfolio among ACR providers.
Product mix keeps improving. Early flagship HaiPick System 1 was 92.8 per cent of 2023 revenue at 748 million yuan. By first half 2026 it was 29.7 per cent on 332 million. Newcomer HaiPick System 3 reached 607 million, 54.3 per cent, the top earner. HaiPick Climb added 149 million, 13.3 per cent.
By 2025 revenue it served seven of the world’s top ten fashion brands and seven of the top ten 3PLs, with Anta, Li Ning, L’Oreal, Kohler, Philips, Maersk and Panasonic Logistics as customers. By 30 June 2026 it had signed over 2,000 projects and delivered over 1,600, a mature pilot to reorder loop.
New orders in first half 2026 reached 2.353 billion yuan, up 48.8 per cent, close to 80 per cent of full year 2025. Backlog exceeded 4.1 billion yuan. Revenue ran 807 million, 1.360 billion and 2.017 billion yuan in 2023 to 2025, then 1.118 billion in first half 2026, up 70.2 per cent.
Like most robotics firms, it is still loss making. Net loss widened from 1.009 billion to 1.256 billion then narrowed to 828 million. Adjusted loss ran 695 million, 544 million, 468 million. First half 2026 net loss was 431 million, adjusted 208 million. After losing 3.524 billion across three and a half years, the ACR candidate may yet find balance between growth and profit.
Editor’s note: This is an adapted translation of the original OFweek report. It has been trimmed and restructured for readability for an international business audience. The full original (in Chinese) is at https://robot.ofweek.com/2026-09/ART-8321202-8120-30703100.html.