Benmo Technology launches HK IPO, offering 50M H-shares at HK$21.6

September 21 — Benmo Power (Beijing) Technology Co., Ltd. ("Benmo Technology") has officially launched its public offering process for listing on the Main Board of the Hong Kong Stock Exchange, under the stock code "06731.HK."

According to the prospectus, the company is offering 50,000,000 H shares in this global offering, comprising:

• 2,500,000 shares for the Hong Kong public offering
• 47,500,000 shares for the international offering

The offer price is set at HK$21.6 per share, with trading expected to commence on the Hong Kong Stock Exchange on September 29, 2026.

A Generational Shift in Power Technology

In the era of embodied intelligence, the debate over power technology routes has moved beyond theoretical discussion. It is now a generational showdown between old and new power systems.

For nearly a century, reducers have been the default choice for robotics companies dominating the global power industry. However, as AI transitions from data centers into physical applications, the century-old reducer paradigm has reached its ceiling. Meanwhile, direct-drive technology — regarded as the core of next-generation intelligent equipment — has become a global trend.

Benmo Technology, a globally leading robotics company with direct-drive technology as its core capability, is moving to the center of the industry. Having passed the Chapter 18C hearing of the Hong Kong Stock Exchange and officially launching its public offering on September 21, the company has achieved revenue growth exceeding 15 times in three years, demonstrating a high-quality growth curve rarely seen in the hard-tech sector.

The world's first direct-drive stock is emerging. The pressing question for the entire industry: Is the era of reducers truly coming to an end?

Technical Validation: Direct Drive Beyond the Concept

Over the past century, reducers have been virtually standard in power systems. By using mechanical structures to reduce speed and increase torque, they enable stable operation of traditional industrial machinery and support early-generation robots.

However, inherent flaws include:

• High mechanical wear
• Slow dynamic response
• Structural redundancy

Long-term operation results in persistently high failure rates, with ongoing maintenance costs. A more fundamental contradiction lies in the fact that embodied intelligence and humanoid robots demand higher performance standards.

Direct-drive technology addresses these pain points by eliminating intermediate reducer structures, allowing motors to drive loads directly. Benefits include:

• Faster response speeds
• Higher motion precision
• Lower energy loss
• Fewer components
• Simpler maintenance

Theoretically, direct drive fully meets the upgrade requirements of intelligent equipment. Yet, despite over a decade of industry promotion, it has not achieved large-scale replacement of reducers. One core issue is the disconnect within the industry: component manufacturers focus solely on hardware without understanding real-world pain points, while system integrators focus only on integration without breaking through core component bottlenecks. This has kept direct-drive technology largely confined to laboratory parameters.

Benmo Technology took a completely opposite path. Starting with complete machine R&D, it used its own wheel-legged robots as real-world testing grounds for direct-drive technology. The company deployed direct-drive solutions in complex scenarios such as industrial inspection and special operations, conducting stress tests and iterative refinement under extreme conditions. Only after technical validation was mature and reliability confirmed did it roll out direct-drive power modules to the market.

From Xingtian to D1, four generations of wheel-legged robot products have undergone continuous iteration. Complex terrain data from inspection and delivery scenarios is fed back to the module R&D side, driving continuous improvements in load capacity, endurance, and reliability. This closed loop — where complete machines feed back into module development and modules empower complete machines — gives Benmo Technology a far deeper understanding of power systems than traditional component-only manufacturers.

In short, while competitors' direct-drive technologies remain paper data in laboratories, Benmo Technology's solution has already been tested in real-world conditions and is a mature alternative capable of directly replacing reducers.

Commercial Validation: High Growth Driven by Reducer Market Share Capture

The hard-tech sector is never short of high-growth stories, but the quality of that growth varies. Some rely on burning cash to scale up; others on low prices to grab market share. Benmo Technology's growth, however, fundamentally stems from the dividend of direct drive replacing traditional reducers.

Over three years, the company's revenue surged from RMB 17.54 million to RMB 282 million, with revenue exceeding RMB 200 million in the first half of 2026 — a compound annual growth rate of over 300%. Behind this performance lie three solid growth logics:

1. Gross margins are steadily rising. The gross margin of the direct-drive module business increased from single digits in 2023 to approximately 20% in 2025, reflecting the dual value of economies of scale and product structure upgrades.

1. The timeline to profitability is imminent. The adjusted net loss margin narrowed dramatically from over 300% in 2023 to 13.7% in the first half of 2026, indicating a clear and sustainable pace of loss reduction. This demonstrates that the company's business model has been successfully validated.

1. The customer base is continuously expanding. As the cost and reliability of direct drive gradually catch up with or even surpass those of reducers, the pace of replacement will only accelerate. Currently, consumer-grade robots are switching first; next will be industrial, special-purpose, and humanoid robots. The market share held by reducers will be eroded piece by piece by direct drive.

Value Validation: Hong Kong Listing Anchors the First Direct-Drive Stock

Listing on the Hong Kong Stock Exchange means much more to Benmo Technology than just raising capital. It signifies that the direct-drive technology route has formally entered the independent valuation framework of the capital markets.

In the past, the valuation logic for the robotics sector revolved around reducers. Supply chain analysts focused on reducer manufacturers' production capacity, while OEMs monitored reducer procurement costs. The entire sector's valuation anchor was tied to this century-old solution. However, with the implementation of direct-drive technology, the old valuation system is destined to be rewritten.

As the "first direct-drive stock," Benmo Technology is setting the initial capital market valuation anchor for this technology route:

• Technical front: Full-stack direct-drive capabilities and hundreds of authorized patents have built a composite technological barrier combining hardware and algorithms.
• Commercialization front: The company has secured the leading market share for direct-drive modules in domestic consumer robots, with 15-fold revenue growth over three years fully validating its monetization ability.
• Long-term potential: The technology can be reused across multiple trillion-yuan-level scenarios including industrial, special-purpose, and humanoid robots, offering a sufficiently broad growth ceiling.

Conclusion: The Revolution Has Begun

Standing at the critical juncture where the embodied intelligence industry transitions from "0 to 1" to "1 to N," Benmo Technology has completed its most essential primitive accumulation: technology validated in real-world scenarios, products tested by the market, and a business model corroborated by financial data.

Whether the century-long era of reducers will come to a definitive end remains uncertain. What is certain, however, is that the first shot of the direct-drive revolution has been fired. Perhaps many years from now, when people look back on the development of embodied intelligence, they will immediately recall this company named Benmo Technology — it was Benmo that transformed direct drive from a laboratory concept into a reality reshaping the power industry.

A young founding team is attempting to disrupt the old order of a century-old industry. And this revolution has only just begun.

(By Li Dingyang)

Source: Securities Times Network