HuanDong Tech terminates STAR Market IPO, citing significant market environment changes
Zhejiang HuanDong Robot Joint Technology Co., Ltd. (HuanDong Tech) has terminated its planned IPO on the Shanghai Stock Exchange's STAR Market. The company and its sponsor, GF Securities, withdrew the application, which was accepted on November 25, 2024. Parent company Shuanghuan Transmission cited significant changes in the market environment since the spin-off was planned. HuanDong Tech, a high-precision reducer manufacturer for robot joints, reported revenues of 309 million yuan to 437 million yuan from 2023 to 2025, with high customer concentration risk.
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HuanDong Tech Terminates STAR Market IPO Citing Significant Market Environment Changes
On September 22, the Shanghai Stock Exchange (SSE) changed the review status of Zhejiang HuanDong Robot Joint Technology Co., Ltd. (HuanDong Tech) to 'terminated' for its planned IPO on the STAR Market. The company and its sponsor, GF Securities, submitted applications to withdraw the listing application. The termination follows a September 4 board decision by parent company Shuanghuan Transmission (002472.SZ) to end the spin-off and IPO. Shuanghuan Transmission cited significant changes in the market environment since the plan was conceived, and the need to coordinate HuanDong Tech's business development and capital planning. HuanDong Tech, a national high-tech enterprise, produces high-precision reducers for robot joints, with RV reducers as its main product. Financial data from 2023 to 2025 shows revenue growing from 3.09 billion yuan to 4.37 billion yuan, with net profit fluctuating. The company disclosed high customer concentration risk, with its top five customers accounting for 78-92% of revenue and its largest customer, Estun, representing nearly half of sales.
Read sourceRobot IPO Tightening: HuanDong Tech's A-to-A Spin-off Listing Fails
HuanDong Technology, a Chinese RV reducer manufacturer and core robotics component supplier, has terminated its planned IPO on the STAR Market (科创板), marking a significant setback for the 'A-share to A-share' spin-off trend. The company, a subsidiary of Shuanghuan Transmission, had spent nearly three years preparing and two years waiting for listing approval. The withdrawal is attributed to a cooling capital market for hard-tech robotics, tightening regulatory scrutiny on spin-off independence and profitability, and intensifying competition in the domestic RV reducer sector. The article, sourced from East Money and citing Caizhongshe, forecasts that this event will reshape IPO review standards, valuation logic, and capital pathways for robotics firms, shifting focus from concept-driven hype to fundamentals like sustainable earnings and technological viability. HuanDong had planned to raise 1.408 billion yuan for manufacturing expansion and R&D. The parent company stated the decision was made after careful consideration of changed market conditions and will not materially impact operations.
Read sourceHuanDong Tech Withdraws STAR Market IPO Citing Significant Market Changes
On September 22, according to disclosures from the Shanghai Stock Exchange, Zhejiang HuanDong Robot Joint Technology Co., Ltd. (HuanDong Tech) and its sponsor GF Securities have withdrawn the company's application for an initial public offering (IPO) on the STAR Market (科创板). The application was originally accepted on November 25, 2024. The parent company, Shuanghuan Transmission (双环传动), which holds 61.29% of HuanDong Tech, stated that the decision was made due to significant changes in the market environment since the spin-off listing was first planned. HuanDong Tech specializes in high-precision reducers for robot joints, including RV reducers and harmonic reducers. Financial data from 2023 to 2025 shows revenue growing from 309 million yuan to 437 million yuan, with net profit fluctuating between 60.76 million and 93.77 million yuan. The company disclosed high customer concentration risk, with its top five customers accounting for 78-92% of revenue, and nearly half of revenue coming from its largest client, Estun Automation. The company warned that adverse changes in client relationships could negatively impact its business performance.
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Robot component maker HuanDong Tech's IPO on Shanghai STAR Market scrapped
HuanDong Technology, a subsidiary of Shuanghuan Transmission specializing in RV reducers for robots, has terminated its plan to list on the Shanghai Stock Exchange's STAR Market. The parent company announced that the board approved ending the spin-off and withdrawing the IPO application, citing significant changes in market conditions since the initial planning. The decision still requires shareholder approval. HuanDong's financial data shows a decline in gross margin from 42.47% in 2023 to 35.36% in 2024, with a partial recovery to 36.57% in 2025. The company also faces high customer concentration, with its top five customers accounting for 78.34% of revenue in 2025, and its largest customer, Estun Automation, contributing over 58% in 2023. The article notes market rumors that regulators may be tightening IPO reviews for hard-tech companies, including robotics firms, though this remains unconfirmed. A securities analyst suggested that as more unprofitable firms apply, regulators may enforce stricter quality controls.
HuanDong Technology Terminates IPO on Shanghai Stock Exchange's Sci-Tech Board
According to information disclosed on the Shanghai Stock Exchange's official website, Zhejiang HuanDong Robot Joint Technology Co., Ltd. (HuanDong Technology) has terminated its initial public offering (IPO) on the Sci-Tech Innovation Board (STAR Market). The SSE had accepted HuanDong Technology's IPO application on November 25, 2024, and conducted the review process. Subsequently, the company and its sponsor, GF Securities, submitted applications to withdraw the IPO filing. In accordance with relevant regulations, the SSE decided to terminate the review of the company's IPO. HuanDong Technology is a subsidiary of Zhejiang Shuanghuan Transmission Co., Ltd. (Shuanghuan Transmission, 002472.SZ), specializing in high-precision reducers for robots, including RV reducers and precision components. On September 3, Shuanghuan Transmission's board approved a resolution to terminate the spin-off and IPO of HuanDong Technology on the STAR Market and to withdraw the related application documents. The resolution is subject to approval at the company's second extraordinary general meeting in 2026. HuanDong Technology's prospectus showed revenues of 309.47 million yuan, 341.26 million yuan, and 437.91 million yuan for 2023, 2024, and 2025 respectively, with net profits of 76.26 million yuan, 60.76 million yuan, and 93.77 million yuan.
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