Hai Robotics refreshed its Hong Kong Stock Exchange listing application on 13 September, restarting a process first filed in February, and is positioning itself as the exchange’s first ACR stock. ACR stands for case-handling mobile robot, the box-style warehouse machine the company pioneered.
Before the listing the firm had already completed 15 rounds of equity financing totalling about RMB 4.133 billion, a deep vote of confidence from capital. Its post-money valuation reached RMB 10.9 billion after the E round, placing it firmly among warehouse-robotics unicorns.
The backer list reads like a roll call of top Chinese and global investors. The XBOT PARK fund founded by Li Zexiang, the “godfather of DJI”, with Gao Bingqiang and Gan Jie supplied the early seed round, later joined by Best Express, Legend Star, Source Code Capital, Sequoia China, DG Capital, Walden International and General Atlantic. Li serves as the company’s chief adviser.
Hai Robotics was founded in 2016 by Chen Yuqi with alumni from Hong Kong Polytechnic University and ETH Zurich. Its ACR robots climb tall shelves, pick individual totes and move them without shifting whole rack rows, raising storage density and throughput without rebuilding the warehouse. From the first HaiPick System 1 in 2017 to the 15-metre HaiPick Climb in 2025, the company now develops the robot body, localisation, control, cluster scheduling and warehouse software in house.
The numbers show a business shifting from one hero product to a portfolio. HaiPick System 1 drove 92.8 per cent of revenue in 2023 but only 29.7 per cent in the first half of 2026, while the newer System 3 jumped to 54.3 per cent and the climbing variant contributed 13.3 per cent. Research spend totalled about RMB 1.028 billion across 2023 to 2025 and the firm has filed 2,495 patent applications.
Commercial traction is concrete. Hai Robotics serves seven of the world’s ten largest apparel groups and seven of the ten largest third-party logistics providers, with names like Anta, Li-Ning, L’Oreal, Kohler, Philips, Maersk and Panasonic Logistics on the client list, and has signed more than 2,000 projects with over 1,600 delivered.
Growth is steep. New orders reached RMB 2.353 billion in the first half of 2026, up 48.8 per cent year on year and close to 80 per cent of the full-year 2025 total, with a backlog above RMB 4.1 billion. Revenue climbed from RMB 807 million in 2023 to RMB 2.017 billion in 2025 and RMB 1.118 billion in the first half of 2026, up 70.2 per cent. The cost is still red ink: the company posted a net loss of RMB 431 million in the first half and has lost RMB 3.524 billion across three and a half years.
Editor’s note: This is an adapted translation of the original OFweek Robot report. It has been trimmed and restructured for readability for an international business audience.
Translated and adapted from OFweek Robot (https://robot.ofweek.com/2026-09/ART-8321202-8120-30703100.html).