The Hong Kong stock market welcomes A-share listed companies to “knock on the door” again.
On April 28, Inovance Technology (300124.SZ), China’s dual leader in industrial automation and new energy electronic control, officially submitted a prospectus to the Hong Kong Stock Exchange and plans to list on the main board.
Morgan Stanley, CICC, Guotai Junan International and Bank of America Securities serve as joint sponsors.
As of press time, the total market value of Inovance Technology’s A-shares exceeds 180 billion yuan, the highest in the automation equipment sector, significantly higher than stocks such as Huagong Technology (000988.SZ) and Han’s Laser (002008.SZ).
Inovance Technology was established in Shenzhen in 2003 and is a leading industrial technology group.
Relying on its technological accumulation and cutting-edge innovation in the fields of automation, digitalization and intelligence, the company has built a business ecosystem spanning industrial automation and digitalization, new energy vehicle power systems, intelligent robots, digital energy and other fields. The technologies of each sector have the same source and develop collaboratively.
The company stated in the prospectus that it has formed a comprehensive industrial technology product and solution portfolio covering more than 40 sub-sectors, involving control, drive, execution, sensing and robots in the industrial field, as well as electric drive and power systems in the new energy vehicle field.
Its main customers include automotive OEMs, industrial manufacturers, system integrators and dealers.
According to Frost & Sullivan data, based on operating revenue in 2025, Inovance Technology ranks first among Chinese manufacturers in the global industrial automation and digitalization field, and ranks among the top three global third-party suppliers of new energy vehicle power systems.
Inovance Technology’s products are positioned in three major golden tracks: industrial automation, new energy vehicle electronic control, robotics and digital energy and other emerging fields.
In terms of revenue in 2025, the revenue proportions of the above three major businesses will be 49.3%, 45.1% and 4.0% respectively.
Most of the company’s revenue that year came from mainland China, accounting for 94.1%.
In 2025, the company’s performance will be outstanding, with revenue increasing by 21.8% year-on-year to 45.085 billion yuan (in RMB, the same below). The three major business incomes have recorded varying degrees of growth; net profit has increased by 19% year-on-year to 5.173 billion yuan.
However, in the first quarter of 2026, Inovance Technology’s performance suddenly changed.
According to the company’s A-share announcement, the company’s revenue in the first quarter of 2026 increased by 12.98% year-on-year, but the net profit attributable to the parent company fell by 23.39% year-on-year.
Guojin Securities said in a research report that the company’s profit decline was mainly affected by factors such as the drag on the new energy vehicle business and exchange rate fluctuations, which led to a year-on-year decrease in the fair value change income of the overseas funds held by the joint venture Qianhai Jingrui.
Emerging businesses are expected to become a new growth pole for Inovance Technology.
In 2025, the revenue of this sector will be close to 1.8 billion yuan, while in 2023 it just exceeded 1 billion yuan.
The company said it is accelerating its deployment in emerging fields such as intelligent robots and digital energy.
In terms of industrial robots, the company is China’s second largest local industrial robot manufacturer in terms of sales volume in 2025, with a market share of 8.8%; at the same time, it has been the No. 1 SCARA robot supplier in the Chinese market for three consecutive years (2023-2025).
In the field of digital energy, the company’s mid- to high-power energy storage PCS ranks fifth in the world in terms of shipments in 2025.
The company’s intelligent robot business covers two major directions: industrial robots and humanoid robots.
The industrial robot field provides SCARA robots, six-joint robots, collaborative robots and machine vision products; the humanoid robot field products include seven-degree-of-freedom bionic arms, planetary rotary actuators, linear actuators, frameless torque motors, low-voltage DC drives and other core components.
The company plans to use the funds raised this time for the construction, expansion and upgrading of its production base, the continuous iteration of existing products and the development of strategic new products, as well as supplementing working capital and general corporate purposes.
