Joyon Technology (06802) has launched its initial public offering with a global sale of 11,588,800 H-shares, running from September 22 to September 25, 2026. The Hong Kong public offering accounts for approximately 10% of the total, with the international offering covering the remaining 90%. An over-allotment option of roughly 15% has also been arranged, with the offer price fixed at HK$58.85 per share. Each board lot consists of 100 shares, and trading on the Stock Exchange of Hong Kong is expected to begin at 9:00 a.m. on September 30, 2026.
The company focuses on developing spatial perception products, specifically targeting the robot vacuum cleaner market. Leveraging artificial intelligence technology, Joyon Technology has built an intelligent spatial perception system that supplies both algorithms and hardware to robot vacuum manufacturers. Since its establishment, cumulative shipments have surpassed 39 million units. In 2025 alone, total shipments of LiDAR sensors and line laser sensors exceeded 10 million units and 5 million units, respectively—figures that underscore the company's strong market position in spatial perception technology and validate the robust demand for its products within the robot vacuum segment.
During the track record period, revenue expanded from RMB 332.1 million in 2023 to RMB 613.5 million in 2025, representing a compound annual growth rate of 35.9%. Revenue also increased from RMB 131.8 million in the three months ended March 31, 2025, to RMB 195.9 million in the three months ended March 31, 2026. Meanwhile, the company recorded net profits of RMB 2.2 million in 2025 and RMB 7.8 million in the three months ended March 31, 2026. Assuming the over-allotment option is not exercised and an offer price of HK$58.85 per share, Joyon Technology expects net proceeds of approximately HK$615.4 million.
Of the net proceeds, approximately 65.0% will be allocated to strengthening research and development capabilities, with a focus on enhancing core technologies and sensor product development. Around 25.0% will be directed toward improving manufacturing capacity, while the remaining 10.0% will be used for working capital and general corporate purposes.
Additionally, the company has entered into cornerstone investor agreements, under which cornerstone investors have agreed to subscribe for a specified number of offered shares at the offer price, subject to certain conditions. The total subscription amount is approximately HK$110 million. The cornerstone investors include Golden Link Worldwide Limited, whose shares are wholly owned by BYD (H.K.) Co., Limited—a wholly-owned subsidiary of BYD Company Limited (01211.HK, 002594.SZ)—as well as Taiwan Zhongrun Optoelectronics Co., Ltd., a wholly-owned subsidiary of Jiaxing ZMax Optech Co., Ltd. (688307.SH).