On September 13, Shenzhen HaiRobotics Intelligent Technology Group Co., Ltd. ("HaiRobotics") submitted its listing application to the Main Board of the Hong Kong Stock Exchange, with Goldman Sachs and CITIC Securities acting as joint sponsors. The company had previously filed with the exchange on February 13, 2026.

According to the prospectus, HaiRobotics is an enterprise in the warehouse automation sector, specializing in picking automation solutions—picking being the most labor-intensive and time-consuming activity in a warehouse. Based on data from CIC Consulting, in 2025 the company was the world's largest provider of ACR solutions, holding a market share exceeding 30% by both revenue and shipment volume.

The company offers a range of ACR solutions designed to deliver flexibility, efficiency, reliability, and cost-effectiveness across various distribution and manufacturing applications. Through its solutions, HaiRobotics helps clients increase storage density, enhance operational efficiency, accelerate order fulfillment, and reduce labor costs. In 2025, the company officially launched HaiPick Climb, making it the first single-sided climbing ACR solution to achieve large-scale commercial deployment in the global ACR solutions market. According to CIC Consulting, HaiPick Climb supports storage heights of up to 15 meters in both new and retrofitted warehouse facilities, the highest among comparable products.

The company's solutions also include the HaiPick Systems series, which is designed to address three key tasks: high-density storage, order staging and consolidation, and case handling. These solutions are selectively deployed in industries where such tasks are most prevalent. In 2017, the company launched its first ACR solution, HaiPick System 1, laying the foundation for its ACR product line. HaiPick System 2 integrates pallet movement and carton picking, excelling at handling irregularly shaped items of various forms. HaiPick System 3 further simplifies warehouse workflows; this high-density solution leverages hook-based carton extraction technology—a hook structure that allows robots to safely retrieve cartons in dense storage layouts—to achieve greater storage density.

The company also provides integrated solutions for electronics manufacturing and warehousing, designed for factories with complex, multi-zone workflows. These solutions enable the coordinated operation of different robot types, such as ACRs and AMRs (autonomous mobile robots that move beneath shelves or containers, lifting and transporting them to workstations), within a unified environment.

Financial Highlights
For the fiscal years 2023, 2024, 2025, and the six months ended June 30, 2026, the company generated revenues of approximately RMB 807 million, RMB 1.36 billion, RMB 2.017 billion, and RMB 1.118 billion, respectively.

Over the same periods, the company reported losses of approximately RMB 1.009 billion, RMB 1.256 billion, RMB 828 million, and RMB 431 million, respectively.

Gross margins for the 2023, 2024, 2025 fiscal years and the first half of 2026 were 16%, 26.3%, 31.2%, and 34.4%, respectively.

Industry Overview
Warehouse picking automation is a key driver of efficiency improvement and cost reduction, typically representing the highest-value and most urgent component of warehouse automation. According to CIC Consulting, the global market for warehouse picking automation solutions grew from RMB 121.8 billion in 2021 to RMB 192.5 billion in 2025, and is projected to reach RMB 400 billion by 2030, primarily driven by efficient emerging solutions such as ACR. The global warehouse picking automation market accounts for approximately 40% of the overall warehouse automation market, which was valued at RMB 528.6 billion in 2025 and is expected to reach RMB 856.9 billion by 2030.

The share of the global warehouse picking automation solutions market within the overall picking market, measured by global spending on warehouse picking, rose from 14.5% in 2021 to 18.1% in 2025, and is expected to increase further to 26.0% by 2030. The industry features broad and diversified applications, with apparel and fashion, e-commerce retail, and 3PL being the three primary revenue contributors.

Warehouse picking automation solutions fall mainly into three categories: ACR, AMR, and AS/RS. Within this market, ACR is the primary growth driver, with a compound annual growth rate exceeding 60%, significantly higher than the warehouse market's CAGR. Commercial deployment of ACR solutions only began to scale in 2017, and by 2025 the global ACR solutions market reached RMB 6.1 billion. Fueled by growing downstream demand for high-throughput and high-density storage scenarios, the market is expected to surge to RMB 86 billion by 2030, representing a CAGR of 70.0% from 2026 to 2030. Given the stronger automated picking capabilities and technical advantages of ACR technology, the ACR solutions market is the fastest-growing segment within the global warehouse picking automation solutions market. Penetration of ACR in this market is projected to rise from 3.2% in 2025 to 21.5% by 2030. As demand for high-throughput, high-density storage solutions continues to grow, ACR solutions are poised to become an indispensable part of warehouse automation.

Competitive Landscape
According to CIC Consulting, the company is the inventor of ACR solutions for warehouse operations and the first to achieve large-scale commercialization of ACR solutions globally. By 2025 revenue, it is the world's largest ACR solutions provider, holding a 32.8% market share.

Board of Directors
The company's board will consist of nine directors, including four executive directors, two non-executive directors, and three independent non-executive directors. Under the articles of association, directors serve three-year terms and are eligible for re-election.

Shareholding Structure
Mr. Chen, Mr. Xu, and Mr. Fang, the beneficiaries of the weighted voting rights, entered into an acting-in-concert agreement in January 2018, amended in November 2025, under which Mr. Xu and Mr. Fang agreed to act in concert with Mr. Chen.

Advisory Team
Joint sponsors: Goldman Sachs (Asia) L.L.C. and CITIC Securities (Hong Kong) Limited. Company legal counsel: Davis Polk & Wardwell, Jingtian & Gongcheng, Morgan Lewis & Bockius LLP. Joint sponsors' legal counsel: Kirkland & Ellis and King & Wood Mallesons. Auditor and reporting accountant: Ernst & Young. Industry advisor: CIC Consulting (Shanghai) Co., Ltd. Compliance advisor: Hongbo Capital Limited.