Benmo Technology launches Hong Kong IPO as first direct-drive stock, targets Sept 29 listing
Benmo Technology, a Chinese robotics firm specializing in direct-drive power modules, launched its Hong Kong IPO subscription on September 21, 2026, offering 50 million H-shares at HK$21.60 each. Trading is expected to begin on September 29 under code 6731. The company claims a 61.1% share of China's consumer robot direct-drive power module market by 2025 revenue. Revenue surged from 17.54 million yuan in 2023 to 282 million yuan in 2025, though it reported net losses of 881 million yuan in 2025. Key risks include high customer concentration and 1.739 billion yuan in redemption liabilities.
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Common ground
- Both sides agree that Benmo Technology has achieved impressive revenue growth from a small base, with a 300% CAGR from 2023 to 2025.
- Both acknowledge that the robotics industry is shifting toward lightweight, collaborative applications, which benefits direct-drive technology.
- Both recognize that the Li Zexiang connection and state-backed cornerstone investors give Benmo strategic advantages.
- Both agree that Benmo's current market share is in a narrow sub-segment of the robotics market.
Points of contention
- Eastern Agent sees Benmo as a disruptive paradigm shift that will make gear-based reducers obsolete, while Neutral Agent views it as a niche player in a small market with limited scalability.
- Eastern Agent argues the 33 yuan per-unit revenue reflects platform economics and value creation downstream, while Neutral Agent calls it commodity pricing that will face margin pressure.
- Eastern Agent believes humanoid robots will create a massive market soon, accelerated by Chinese industrial policy, while Neutral Agent dismisses this as speculation with no proven track record.
- Eastern Agent sees state backing as a strategic asset for long-term dominance, while Neutral Agent warns it prioritizes political goals over shareholder returns and adds geopolitical risk.
Blind spots
- Both sides overlook the actual competitive moat—whether Benmo's patents can withstand challenges from larger players like Fanuc or ABB if direct-drive proves superior.
- Neither fully addresses the unit economics of scaling from consumer toys to industrial applications, including the cost of building customer trust and reliability data over years.
- The debate ignores the potential for export restrictions or supply chain disruptions that could limit Benmo's growth outside China, beyond just geopolitical risks mentioned in passing.
WorldAttention’s read
Benmo Technology's Hong Kong IPO is a high-stakes bet on direct-drive technology becoming the standard for lightweight robotics, but the debate reveals deep divides on its true potential. Eastern Agent argues this is a strategic national champion disrupting Japanese-dominated precision transmission, with state backing and a paradigm shift that will make reducers obsolete. Neutral Agent counters that Benmo is a niche component supplier with commodity-level pricing, a tiny addressable market, and no clear path to industrial adoption—calling the valuation at 24.5 times sales a speculative gamble. Both agree on the revenue growth and industry trend toward collaborative robots, but they clash on whether Benmo is a future giant or a big fish in a puddle. The blind spots include the strength of its patents, the real cost of scaling up, and how geopolitical tensions might limit its reach. Ultimately, this IPO is not a safe bet on current performance but a wager on a technology transition that could either revolutionize robotics or remain a minor player in a small corner of the market.
Reporting timeline
Direct-drive motor maker Benmo Technology seeks Hong Kong IPO amid rapid revenue growth and valuation scrutiny
Benmo Technology (Benmo Power Beijing Technology Co.), a robotics company incubated by 'DJI godfather' Li Zexiang, launched its Hong Kong IPO subscription on September 21, planning to list on the HKEX main board on September 29 under code 6731. The company, which claims a 61.1% share of China's consumer robot direct-drive power module market by 2025 revenue, saw revenue surge from 17.54 million yuan in 2023 to 282 million yuan in 2025, a three-year CAGR exceeding 300%. Despite rapid growth, the company reported net losses of 75.59 million yuan (2023), 93.74 million yuan (2024), and 881 million yuan (2025), though adjusted net losses narrowed from 61.22 million yuan to 43.25 million yuan over the same period. Key risks include high customer concentration (top five customers accounted for 85.7% of 2025 revenue, with the largest at 42.8%) and 1.739 billion yuan in redemption liabilities versus 293 million yuan in cash. The company's valuation narrative hinges on expansion from consumer-grade modules into embodied intelligence, though embodied joint modules contributed only 5% of 2025 revenue. At the IPO price of HK$21.60, the market capitalization is approximately HK$7.983 billion, implying a price-to-sales ratio of about 24.5 times 2025 revenue, above the A/H share robotics sector median of 10.6 times.
Read sourceDirect Drive 'Segment Champion' Benmo Technology Files for Hong Kong IPO Amid Revenue Surge and Valuation Scrutiny
Benmo Technology (Benmo Power (Beijing) Technology Co., Ltd.), a Chinese robotics company specializing in direct-drive technology, has launched its Hong Kong IPO process, planning to list on September 29 under the stock code '6731'. The company claims a 61.1% market share in China's consumer robot direct-drive power module market by 2025 revenue. Its revenue surged from 17.54 million yuan in 2023 to 282 million yuan in 2025, a three-year compound growth rate of over 300%. However, the company remains unprofitable on an adjusted basis, with an adjusted net loss of 43.25 million yuan in 2025. Key concerns include high customer concentration, with the top five customers accounting for 85.7% of 2025 revenue, and a massive 1.739 billion yuan in share redemption liabilities versus only 293 million yuan in cash. The company's valuation narrative hinges on expanding from consumer-grade modules into the embodied intelligence sector, which currently contributes less than 5% of total revenue. At the IPO price of 21.60 Hong Kong dollars, the market capitalization is approximately 7.983 billion Hong Kong dollars, implying a price-to-sales ratio of about 24.5 times, significantly higher than the industry median of 10.6 times.
Li Zexiang-incubated Benmo Power aims for Hong Kong IPO as 'first direct-drive module stock'
Benmo Power (Beijing) Technology Co., Ltd., a robotics direct-drive module maker incubated by 'DJI godfather' Li Zexiang, has passed the Hong Kong Stock Exchange listing hearing and started its IPO subscription on September 21. The company plans to issue up to 122 million overseas-listed ordinary shares under Chapter 18C for specialist technology companies. It has secured two cornerstone investors: Hong Kong Science and Technology Innovation (under Dongguan Songshan Lake High-tech Zone) and JSC International (under Beijing Yizhuang Industrial Investment), subscribing for about HK$472 million, representing 43.54% of the global offering. Benmo Power focuses on direct-drive modules and embodied joint modules for robots, claiming a 61.1% market share in China's consumer robot direct-drive module market by 2025 revenue. However, its average unit price for consumer products is only 29 yuan. Revenue grew from 17.54 million yuan in 2023 to 282 million yuan in 2025, with a three-year CAGR of 300.8%. Net losses were 755.9 million, 937.4 million, and 880 million yuan for 2023-2025, but adjusted net losses narrowed from 61.22 million to 43.25 million yuan. Key risks include high customer concentration (85.7% from top five customers in 2025) and a redemption liability of 1.739 billion yuan as of June 2026, far exceeding cash holdings of 293 million yuan. The company's pre-IPO valuation reached 3.18 billion yuan, with Li Zexiang's early investment yielding nearly 600 times paper returns.
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Direct Drive Pioneer Benmo Technology Launches HK IPO, Aiming to Revolutionize Global Robotics Power
Benmo Technology, a Chinese company specializing in direct-drive technology for robotics, has launched its H-share global offering on September 21, with trading on the Hong Kong Stock Exchange's main board expected to begin on September 29. The IPO is exclusively sponsored by CITIC Securities (Hong Kong). The company is positioning itself as the 'first direct-drive stock' globally, aiming to become the first listed company with direct-drive technology as its core feature. According to Frost & Sullivan and the prospectus, Benmo was the absolute leader in China's consumer robot direct-drive module market by 2025 revenue, with cumulative shipments exceeding 8.5 million units. The article argues that direct-drive technology is replacing traditional gear-based reducers as the inevitable trend for embodied AI, citing advantages in precision, response speed, and maintenance. Benmo's revenue grew from RMB 17.54 million in 2023 to RMB 282 million in 2025, a CAGR of over 300%. The IPO is seen as a milestone for the direct-drive technology route, providing a public market valuation benchmark. The article, attributed to the source 格隆汇, presents a bullish view on the company and the technology, noting that the direct-drive market is still in its early stages with low penetration but high growth potential.
Read sourceLi Zexiang-Backed Benmo Power Aims for Hong Kong IPO as 'First Direct-Drive Module Stock'
Benmo Power (Beijing) Technology Co., Ltd., a robotics direct-drive power module maker incubated by 'DJI godfather' Li Zexiang, has passed the Hong Kong Stock Exchange hearing and started bookbuilding on September 21. The company plans to list under Chapter 18C for specialist technology companies, issuing up to 122 million H-shares. It has secured two cornerstone investors: Hong Kong Science and Technology (under Dongguan Songshan Lake High-tech Zone) and JSC International (under Beijing Yizhuang Industrial Investment), subscribing for a combined HK$472 million, representing 43.54% of the global offering. Benmo Power reported 2025 revenue of 282 million yuan and a net loss of 881 million yuan, though adjusted net loss narrowed to 43.25 million yuan after excluding non-operating items like preferred stock redemption liabilities. The company holds a 61.1% market share in China's consumer robot direct-drive module market by 2025 revenue. However, it faces risks including high customer concentration (85.7% from top five clients) and a 1.739 billion yuan redemption liability classified as current debt, far exceeding its 294 million yuan cash position. The IPO is critical to converting this liability into equity. Li Zexiang's early seed investment at a 5 million yuan valuation has grown to a pre-IPO valuation of 3.18 billion yuan, yielding a nearly 600-fold paper return.
Read sourceLi Zexiang-incubated Benmo Power aims for 'first direct-drive module stock' in Hong Kong
Benmo Power (Beijing) Technology Co., Ltd., a robotics direct-drive module maker incubated by 'DJI godfather' Li Zexiang, has passed the Hong Kong Stock Exchange listing hearing and started its IPO on September 21. The company plans to list under Chapter 18C for specialist technology companies, issuing up to 122 million H-shares. It has secured two cornerstone investors: Hong Kong Science and Technology Innovation under Dongguan Songshan Lake High-tech Zone, and JSC International under Beijing Yizhuang Industrial Investment, subscribing for about HK$472 million, or 43.54% of the global offering. Benmo Power reported 2025 revenue of 282 million yuan and a 300.8% three-year CAGR, but posted an adjusted net loss of 43.25 million yuan in 2025, narrowing from 61.22 million yuan in 2023. The company faces high customer concentration (85.7% from top five customers in 2025) and a massive redemption liability of 17.39 billion yuan as of June 2026, nearly six times its cash holdings. Successful listing is deemed necessary to convert this liability into equity and avoid a debt crisis. The company is valued at 3.18 billion yuan pre-IPO, with Li Zexiang's early investment yielding a nearly 600-fold paper return.
Read sourceBenmo Technology Launches Hong Kong IPO, Sichuan Capital Appears in Shareholder List
Benmo Technology (Beijing) Co., Ltd., a robotics company specializing in direct-drive technology, has launched its main board IPO on the Hong Kong Stock Exchange. The company plans to globally offer 50 million H-shares and is expected to begin trading on September 29. The IPO is expected to raise approximately HK$1.08 billion. Founded in 2020, Benmo Technology sells robot power modules and complete robots, with revenue growing from 17.5 million yuan in 2023 to 281.7 million yuan in 2025, a compound annual growth rate of 300.8%. The company has received investments from notable venture capital firms. The article highlights that Chengdu Huatai Tianfu Digital Intelligence Venture Capital Partnership, a fund ultimately controlled by the Sichuan Tianfu New Area State-owned Assets Supervision Bureau, holds 5.01646 million shares in Benmo Technology. This investment will enter the overseas listed share circulation system as Benmo Technology proceeds with its Hong Kong listing.
Read sourceBenmo Technology Launches Hong Kong IPO as 'First Direct-Drive Stock', Targeting Robot Power Revolution
Benmo Technology, a Chinese company specializing in direct-drive motors for robots, has launched its H-share global offering on September 21, with trading on the Hong Kong Stock Exchange expected on September 29. The IPO is exclusively sponsored by CITIC Securities (Hong Kong). The company is positioning itself as the 'first direct-drive stock' globally, aiming to disrupt the traditional reducer-based power transmission market long dominated by Japanese firms like Nabtesco and Harmonic Drive. According to the prospectus and Frost & Sullivan, Benmo held the leading share in China's consumer robot direct-drive module market by 2025 revenue, with cumulative shipments exceeding 8.5 million units. The company's revenue grew from RMB 17.54 million in 2023 to RMB 282 million in 2025, a CAGR of over 300%. The article argues that direct-drive technology is a necessary evolution for embodied AI, overcoming the precision, latency, and maintenance limitations of gear reducers. The IPO price is set at HK$21.60 per share for 50 million shares, with cornerstone investors including Hong Kong Science and Technology and Yitang Shenghai.
Read sourceDirect-Drive Pioneer Benmo Technology (06731) Launches IPO, 15x Revenue Growth in 3 Years
Benmo Technology, a direct-drive technology company, has launched its global offering for a Hong Kong IPO, with shares priced at HK$21.60 each and trading expected to begin on September 29. The company, founded in 2020, claims to be the world's first and only firm to ship over 5 million direct-drive power modules annually, with 2025 shipments reaching approximately 8.5 million units. Revenue grew from RMB 17.5 million in 2023 to RMB 282 million in 2025, a compound annual growth rate of 300.8%. The article argues that direct-drive technology is replacing traditional motor-plus-reducer systems in robotics, citing advantages in precision, response time, energy efficiency, and noise reduction. Frost & Sullivan data cited in the report forecasts the global consumer direct-drive power module market will grow from RMB 2 billion in 2025 to RMB 17.9 billion by 2030. The company plans to use IPO proceeds for technology iteration, capacity expansion, and algorithm upgrades.
Read sourceBenmo Technology, 'Direct Drive First Stock,' Launches Hong Kong IPO on September 21
Benmo Technology, a hard-tech company dubbed the 'direct drive first stock,' launched its IPO on September 21 and is expected to list on the Hong Kong Stock Exchange's Main Board on September 29, with CITIC Securities (Hong Kong) as the sole sponsor. Originating from a youth innovation team, the company aims to revolutionize traditional power transmission with its self-developed direct-drive technology. According to Frost & Sullivan data, in 2025 the company shipped over 8.5 million direct-drive power modules for domestic consumer robots, achieving cumulative mass production of over 10 million units, ranking first globally. It counts four of the top ten global consumer robot manufacturers as clients. Its dual-wheeled robot product holds the second-largest market share in China. The company's revenue achieved a compound growth rate of over 300% from 2023 to 2025, with improving profitability. Post-listing, it plans to invest in R&D, expand automated production capacity, and broaden its domestic and international ecosystem.
Read sourceBenmo Technology, 'Direct Drive First Stock,' Launches IPO on Hong Kong Stock Exchange
Hard technology company Benmo Technology (本末科技) began its IPO subscription on September 21, with trading expected on the Hong Kong Stock Exchange's Main Board on September 29. CITIC Securities (Hong Kong) is the sole sponsor. Positioned as Hong Kong's 'direct drive first stock,' the company emerged from a youth tech innovation team and aims to revolutionize traditional gearbox transmission systems with its self-developed direct drive technology. According to Frost & Sullivan data, in 2025 the company shipped over 8.5 million sets of direct drive power modules for domestic consumer robots, achieving mass production at the tens of millions level, ranking first globally. It counts four of the world's top ten consumer robot manufacturers as clients. Its dual-wheeled foot robot product holds the second-largest market share in China, and it is one of the few global companies to achieve group control technology for wheeled-foot robots. The company's revenue achieved a compound annual growth rate of over 300% from 2023 to 2025, with profitability improving as scale expands. Post-listing, Benmo plans to invest in R&D, expand automated production capacity, and promote multi-scenario deployment of direct drive technology.
Read sourceBenmo Technology Starts Hong Kong IPO, Poised to Become 'First Direct-Drive Stock'
Benmo Technology (Benmo Power Beijing Technology Co., Ltd.) launched its Hong Kong IPO subscription on September 21, offering 50 million H-shares at HK$21.6 each, with trading expected on September 29, 2026. The company, branded as the 'first direct-drive stock,' claims to have revolutionized robot power systems by eliminating traditional gearboxes. According to Frost & Sullivan, Benmo shipped 8.5 million direct-drive power modules in 2025, a 45-fold increase from 2023, making it the only company to surpass 5 million units in this category. The firm has partnered with 4 of the top 10 global consumer robot providers by revenue. The article forecasts that the global direct-drive module market will reach 17.9 billion yuan by 2030, driven by the embodied intelligence robot market, which is projected to grow from $11.71 billion in 2024 to $101.07 billion by 2030 at a 43% CAGR. Benmo's listing is seen as a benchmark for hard-tech companies under Hong Kong's Chapter 18C listing rules.
Read sourceBenmo Technology (06731) Opens IPO Subscription, Minimum Entry Fee at 2,181.78 HKD
Benmo Technology (stock code 06731) began its Hong Kong IPO subscription on the reported date, offering 50 million H-shares, with 5% for Hong Kong public offering and 95% for international placement, plus a 15% over-allotment option. The maximum offer price is 21.6 HKD per share, with a minimum lot of 100 shares, resulting in an entry fee of 2,181.78 HKD. CITIC Securities is the sole sponsor. Trading is expected to commence on September 29. Net proceeds from the offering are estimated at approximately 983 million HKD, with 50% allocated to enhancing R&D in key robotics technologies, 20% to deepening industry partnerships and expanding sales networks, 20% to improving production capacity and efficiency, and 10% for working capital and general corporate purposes. Cornerstone investors have committed a total of 472 million HKD, which at the offer price of 21.60 HKD would represent 21.7719 million shares, or 43.54% of the H-shares offered under the global offering (assuming no over-allotment exercise). These investors are subject to a six-month lock-up period.
Read sourceBenmo Technology (06731) Plans Global Offering of 50 Million Shares, Listing on September 29
Benmo Technology (stock code: 06731) announced it will offer 50 million H-shares globally from September 21 to September 24, 2026, with an IPO price of HK$21.60 per share. The Hong Kong public offering accounts for 5% of the total, while international placement accounts for 95%. Trading is expected to commence on the Hong Kong Stock Exchange on September 29, 2026. The company specializes in direct-drive technology for robotics, primarily selling robot power modules and robots in China. According to Frost & Sullivan, Benmo ranked first in China's consumer robot direct-drive power module segment with a 61.1% market share by 2025 revenue, and second in China's two-wheeled robot industry with an 18.6% share. Net proceeds from the offering are estimated at approximately HK$982.5 million, with 50% allocated to R&D, 20% to sales network expansion, 20% to production capacity improvement, and 10% to working capital. Cornerstone investors include Hong Kong Science and Technology Leading No.1 Investment Co., Ltd. and JSC International Investment Fund SPC.
Read sourceBenmo Technology (06731.HK) Launches IPO, Targets HK$7.98 Billion Market Cap
Benmo Technology (06731.HK), a Chinese robotics company specializing in direct-drive technology, announced the launch of its global offering on September 21, 2026, with 50 million H shares priced at HK$21.60 each, implying a market capitalization of approximately HK$7.98 billion. The company, which operates under Hong Kong's Chapter 18C listing rules for specialist technology companies, derives most of its revenue from robot power modules and wheeled-foot robots. According to Frost & Sullivan, it holds a 61.1% market share in China's consumer robot direct-drive power module segment and ranks second in the dual-wheeled-foot robot market with 18.6% share. However, the company has been persistently loss-making, with net losses reaching RMB 881.0 million in 2025 and RMB 390.7 million in the first half of 2026. It faces significant liquidity pressure, with net current liabilities of RMB 1.39 billion as of June 30, 2026. The IPO is underwritten by CITIC Securities and other coordinators, with trading expected to begin on September 29, 2026. The article warns of high investment risks due to the company's early-stage losses, valuation uncertainty, and market competition.
Read sourceBenmo Technology Starts Hong Kong IPO on Sept 21, Aiming to Be 'Direct Drive First Stock'
Benmo Technology (Benmo Power (Beijing) Technology Co., Ltd.) officially launched its Hong Kong Stock Exchange main board IPO subscription on September 21, with stock code '06731.HK'. The company is offering 50 million H-shares globally, including 2.5 million for the Hong Kong public offering and 47.5 million for international placement, at a price of HK$21.6 per share. Trading is expected to begin on September 29, 2026. If successful, Benmo will become the 'direct drive first stock' on Hong Kong and global capital markets, marking a shift to gearless robot power systems. According to Frost & Sullivan, Benmo shipped 8.5 million direct-drive power modules in 2025, a 45-fold increase from 2023, making it the world's first company to exceed 5 million units in this category. The company has partnered with 4 of the top 10 global consumer robot providers by revenue. Frost & Sullivan forecasts the global embodied AI robot market will grow from $11.71 billion in 2024 to $101.07 billion by 2030, a CAGR of 43%. The article positions Benmo's IPO as a rare physical AI power hardware investment target for secondary markets.
Read sourceBenmo Technology Launches HK IPO, Targeting September 29 Listing, Offer Price at 21.60 HKD
Benmo Technology (06731.HK), a company specializing in direct-drive technology for robot power modules and robots, has launched its IPO in Hong Kong. The company is offering approximately 50 million shares globally from September 21 to 24, with an expected listing on September 29. The offer price is set at 21.60 HKD, implying a net proceeds of about 983 million HKD. Benmo operates in the Chinese consumer robot power module market (26.3% share) and the wheeled-foot and two-wheeled robot market (less than 1.0% share). Its revenue grew significantly from 17.5 million RMB in 2023 to 281.7 million RMB in 2025, while gross profit margins improved from 13.5% to 21.5% over the same period. However, the company reported net losses, including a loss of 881.0 million RMB in 2025. Proceeds from the IPO will be allocated 50% to R&D, 20% to partnerships and sales network expansion, 20% to production capacity improvement, and 10% to working capital.
Read sourceBenmo Technology Launches Hong Kong IPO as First Direct-Drive Stock, Aims to Disrupt Reducer Era
Benmo Power (Beijing) Technology Co., Ltd. (Benmo Technology) launched its IPO on the Hong Kong Stock Exchange Main Board on September 21, offering 50 million H shares at HK$21.6 per share, with trading expected to begin on September 29, 2026. The company, described as the world's first direct-drive stock, claims its direct-drive technology can replace traditional reducers in robotics and intelligent equipment. The article asserts that reducers have reached their performance ceiling for embodied intelligence, while direct-drive offers faster response, higher precision, and lower maintenance. Benmo Technology reports revenue growth from RMB 17.54 million to RMB 282 million over three years, with gross margins rising from single digits to approximately 20%. The company passed the Hong Kong Stock Exchange's Chapter 18C hearing and positions itself as setting the capital markets valuation anchor for direct-drive technology. The article forecasts that direct drive will progressively capture market share from reducers in consumer, industrial, special-purpose, and humanoid robots.
Benmo Technology Launches IPO as First Direct-Drive Stock, Aiming to Disrupt Reducer Era
Benmo Power (Beijing) Technology Co., Ltd. (Benmo Technology) launched its IPO on the Hong Kong Stock Exchange Main Board on September 21, 2026, with stock code 06731.HK. The company is offering 50 million H-shares at HK$21.6 per share, with trading expected to begin on September 29, 2026. The article argues that direct-drive technology, which eliminates the intermediate reducer structure, is poised to replace traditional reducer-based power systems in embodied intelligence and robotics. Benmo Technology claims its direct-drive solutions have been validated through real-world testing on its own wheeled-legged robots, achieving revenue growth from RMB 17.54 million to RMB 282 million over three years. The company's gross margins have risen from single digits to approximately 20%, and its adjusted net loss margin narrowed to 13.7% in the first half of 2026. The article presents the IPO as marking the formal entry of direct-drive technology into capital markets' independent valuation framework.
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