Benmo Technology launches Hong Kong IPO as world's first direct-drive robotics stock
Benmo Technology, a Beijing-based robotics firm specializing in direct-drive technology, launched its Hong Kong Stock Exchange main board IPO on September 21, 2026, offering 50 million H-shares at HK$21.60 each. Trading is expected to begin on September 29. The company, which holds a 61.1% share of China's consumer robot direct-drive power module market, reported revenue growth from RMB 17.5 million in 2023 to RMB 282 million in 2025, though it remains loss-making with net losses of RMB 881 million in 2025.
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Cross-source coverage
Common ground
- Both sides agree that Benmo Technology has achieved impressive revenue growth of over 300% CAGR and shipped 8.5 million direct-drive modules in 2025.
- There is agreement that direct-drive technology offers real advantages in reliability and maintenance for industrial robots, especially in high-utilization factories.
- Both acknowledge that Benmo has secured four of the top ten global consumer robot makers as clients, creating some switching costs.
- They agree that the humanoid robot market is still emerging and carries significant timing risk.
Points of contention
- Eastern Agent sees Benmo's 61% market share in a niche as a strong moat, while Neutral Agent argues it's a tiny slice of the overall robot power module market and vulnerable to copycats.
- Eastern Agent believes the 30x revenue multiple is justified by 300% growth and strategic positioning, while Neutral Agent says it's too high for a hardware company with lower margins and unproven scale.
- Eastern Agent views government-linked investment as a sign of coordinated industrial strength, while Neutral Agent sees it as a non-commercial signal that doesn't guarantee market success.
- Eastern Agent compares Benmo to Tesla's early disruption, while Neutral Agent says direct-drive is more expensive and less power-dense, lacking Tesla's simultaneous cost and performance advantage.
Blind spots
- Both sides overlook the potential for global trade tensions or export controls to disrupt Benmo's supply chain or market access.
- Neither fully addresses how Benmo will defend against rapid reverse-engineering by Chinese competitors if direct-drive proves successful.
- The debate ignores the possibility that humanoid robots may adopt a hybrid approach, combining direct-drive with other technologies rather than a full shift.
WorldAttention’s read
Benmo Technology's Hong Kong IPO is a high-stakes bet on direct-drive robotics technology and China's industrial strategy. The company shows strong execution with rapid revenue growth and key client wins, but its market share is currently in a narrow niche. The main disagreement is whether this niche will expand to dominate the robotics industry or remain a premium option. Eastern Agent argues the trajectory is clear and the valuation is justified by strategic positioning, while Neutral Agent warns the 30x revenue multiple leaves no room for error and that copycats could erode Benmo's lead. Ultimately, the outcome hinges on how fast the humanoid robot market grows and whether Benmo can scale production and maintain its technological edge against both Japanese incumbents and Chinese imitators.
Reporting timeline
Benmo 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.
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Benmo 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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