Amicro Technology (2065.HK) priced Hong Kong IPO at HK$9.90 per H share; robot navigation SoC and module maker debuted Nov. 12

Amicro Technology Co., Ltd., a Zhuhai-based supplier of navigation modules, sensors and robot-dedicated chips for cleaning, service and companion robots, set its Hong Kong IPO price at HK$9.90 per H share, according to Nov. 11, 2026 allotment results on HKEXnews. The 71,687,000 H shares raise gross proceeds of HK$709.70 million, or HK$655.89 million net of estimated listing expenses. Shares began trading under stock code 2065 on Thursday, Nov. 12, 2026, Hong Kong time. They opened at HK$13.62, traded between HK$13.06 and HK$18.11, and closed at HK$13.68 on volume of 16.91 million shares, according to the HKEX quote page as of 4:08 p.m. Hong Kong time. That close is 38.2% above the HK$9.90 offer price, a Servospace calculation.

Source: HKEXnews: Amicro Technology (2065) announcement of final offer price and allotment results (Nov. 11, 2026)

The HK$9.90 offer price is below the HK$10.43 midpoint of the HK$9.27 to HK$11.58 range in its prospectus. Demand was split. The Hong Kong public tranche was 13.95 times subscribed, which triggered a claw-back that doubled it to 7,169,000 shares. The international tranche was 1.05 times subscribed across 50 placees. The single largest placee received 25,000,000 shares, 34.9% of the whole offering, and the top five took 93.9% of the international tranche. Cornerstone investors Digital Horizon, a close associate of existing shareholder Guangdong SummitView IC, and Compro Lighting took 9,900,000 shares between them. The filing warns that the H share price could move substantially even on small trading volumes because shareholding is highly concentrated.

The prospectus shows revenue of RMB206.0 million in 2023, RMB285.8 million in 2024 and RMB406.7 million in 2025, with gross margin rising from 6.1% to 11.9% to 27.7%. Amicro still lost RMB155.1 million in 2025, including RMB88.9 million of share-based payments, and RMB66.7 million in the four months to April 30, 2026, up from RMB25.3 million a year earlier. Gross margin in those four months fell to 23.9% from 30.7%.

The prospectus says Amicro is listing on the Main Board under Chapter 18C of the Hong Kong Stock Exchange Listing Rules, the specialist technology route, because it cannot meet Rule 8.05(1), (2) or (3), and it warns the company may keep making operating losses for the foreseeable future.

Amicro says, citing Frost & Sullivan, that it ranked third among intelligent mobile robotic solution providers by 2025 revenue with about 4.2% share, a company-commissioned ranking. It says its solutions are used by eight of the world's top 10 cleaning robot companies, naming end customers including Xiaomi, iRobot, Ecovacs, UBTECH, Haier, Midea and Anker Innovations. It plans, at the prospectus midpoint, to spend about 70% of net proceeds on software, hardware and robot-dedicated AI chips.

Servospace take: who makes money on a RMB91.2 robot navigation set

Servospace analysis: Amicro is a picks-and-shovels bet on robot vacuums, and the prospectus shows how little gross profit sits in each set. Its three navigation solution lines shipped 3,521,901 sets in 2025 for RMB321.2 million of revenue, about RMB91.2 (about $13.58) per set, a Servospace estimate from the prospectus volume and revenue tables. Mix decides who makes money. In the four months to April 30, 2026, the prospectus puts the average selling price of its multi-modal sets at RMB288 with a 38.0% gross margin, against RMB102 and 9.6% for single-modal sets. By Servospace math that is roughly RMB109 of gross profit per multi-modal set versus about RMB9.8 per single-modal set. Multi-modal sets fell from 877,354 in 2024 to 811,975 in 2025, even as revenue from the line grew to about RMB181 million.

The buyers hold the leverage. Amicro had 96 customers in 2025; the five largest accounted for 44.6% of revenue and the largest, a system integrator the prospectus calls Customer H, 28.2%. At HK$9.90 and 431,820,644 shares in issue at listing, Amicro was worth about HK$4.28 billion, roughly RMB3.66 billion or $545 million at Nov. 11 central parity rates. That is about 9 times 2025 revenue for a company whose 2025 net loss equaled 38.1% of sales, all Servospace estimates. The prospectus says cash, financial assets and committed bank lines of RMB347.5 million at Aug. 31 would last 42.3 months even before the IPO money, a company estimate. The test now is whether Amicro can shift volume to the RMB288 sets faster than its vacuum-maker customers push prices down.

Sources

• HKEXnews: Amicro Technology (2065) announcement of final offer price and allotment results (Nov. 11, 2026)
• HKEXnews: Amicro Technology prospectus, Summary section (Oct. 31, 2026)
• HKEXnews: Amicro Technology prospectus, Business section (sales volumes, unit prices, five largest customers)
• HKEXnews: Amicro Technology prospectus, Future Plans and Use of Proceeds
• HKEXnews: Amicro Technology prospectus, cover and offer price range
• Reuters via TradingView: Amicro Technology says final offer price set at HK$9.90 per H share (Nov. 11, 2026)
• MarketScreener: Amicro Technology has completed an IPO in the amount of HKD 709.7 million (Nov. 11, 2026)
• Xinhua: yuan central parity rates, Nov. 11, 2026 (USD 6.7191; HKD 0.85643)
• HKEX: Amicro Technology (2065) securities quote, first-day trading data as of 4:08 p.m. HKT, Nov. 12, 2026

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Summarized by Servospace from the sources above, drafted with AI help and checked against those sources before publishing. Claims are the companies' or outlets' unless we say otherwise. How we work.