After three attempts at filing, Changzhou-based Micro Intelligent Manufacturing Technology Co., Ltd. has finally secured the regulatory green light for a Hong Kong listing. On September 18, the China Securities Regulatory Commission's International Cooperation Department disclosed the filing notice for the company's overseas issuance and the "full circulation" of its unlisted domestic shares. According to the notice, Micro Intelligent Manufacturing plans to issue up to 42.8671 million overseas listed ordinary shares on the Main Board of the Hong Kong Stock Exchange, with 37 shareholders converting a total of 335 million domestic unlisted shares into overseas listed shares for trading in Hong Kong.

Founded in August 2018 and headquartered in Jiangsu's Changzhou, Micro Intelligent Manufacturing positions itself as a provider of industrial embodied artificial intelligence robots. Its Chairman and CEO, Zhang Zhiqi, brings over 26 years of technology industry experience, having previously served as Deputy General Manager of Baidu's Intelligent Cloud Business Group and Vice President of Alibaba's DingTalk. He joined the company in late 2022 through its acquisition of Jiangsu Zhiyuntiangong and assumed the board chairmanship in January 2023. Leveraging its proprietary "Physical AI" and full-stack software-hardware systems, the company develops industrial robots capable of autonomous perception, learning, decision-making, and execution of complex tasks, covering processes like quality inspection, polishing, and loading/unloading for industries including 3C electronics, automotive manufacturing, new energy, fast-moving consumer goods, and semiconductors.

According to IDC's "China AI Visual Industrial Robot Market Share, 2024" report, Micro Intelligent Manufacturing ranked first with a 31% share in 2024. In IDC's "China Industrial Embodied Intelligent Robot Market Share, 2025" report, the company again led with an 11.8% market share. Since its inception, the company has completed multiple equity financing rounds. Data from Qichacha shows early funding began in 2019 with a Series A round of 25.3 million yuan from Baidu and a Series B round of 30 million yuan with participation from Tuobang Investment. Between 2020 and 2021, institutions such as Qingfeng Investment, Jiangsu Nuocheng, Qingyuan Investment, and Donghai Investment entered through secondary share transfers totaling approximately 135 million yuan.

In December 2022, the company completed an equity financing of about 108 million yuan, with participants including Zicheng Capital, Tuobang Investment, and Qingfeng Investment. Around the same period, Zhang Zhiqi brought his team and shareholding platform into the company via the Jiangsu Zhiyuntiangong acquisition, while Baidu began gradually exiting through secondary share transfers starting that year. In May 2024, the company received a 60 million yuan capital increase from Longcheng Science and Technology Innovation Fund, Songhe Capital, and Jiangsu Jiandao. Entering 2025, Micro Intelligent Manufacturing accelerated its financing pace. In July, it secured 350 million yuan from the Industrial Mother Machine Industry Investment Fund (Yuanhe Holdings) and Shenzhen Capital Group. In August, it raised another 257 million yuan from Guosheng Furui, Songhe Capital, Puhua Capital, Hongtai Fund, and Linghang Xinjie, bringing the two rounds to over 600 million yuan. That same month, Hongtai Fund, Songhe Capital, and Linghang Xinjie also acquired approximately 53.797 million yuan in secondary shares from Baidu and Longcheng Science and Technology Innovation Fund, nearly completing Baidu's exit from the company.

With cumulative new equity financing of about 830 million yuan since its founding, Micro Intelligent Manufacturing's shareholder roster now includes national-level industry funds, local government guidance funds, and several prominent market-oriented institutions. After multiple financing rounds, the company set its sights on the capital market. On September 28, 2025, it first submitted its listing application to the Hong Kong Stock Exchange Main Board. Under HKEX rules, listing applications have a validity period from submission, and if a hearing is not completed within that time, updated financials must be filed and the application resubmitted. The company subsequently refreshed its filing twice, in October 2025 and March 2026, with Orient Securities (International) serving as sole sponsor.

As industrial embodied intelligence becomes its core focus, the prospectus reveals revenue figures growing from 434 million yuan in 2023 to 600 million yuan in 2024 and 796 million yuan in 2025, a 32.67% year-on-year increase in 2025. The revenue structure shifted markedly during this period, with core product industrial embodied intelligent robot revenue climbing from 114 million yuan in 2023 to 272 million yuan in 2024 and 453 million yuan in 2025, representing year-on-year growth of 138.2% and 66.7%, respectively. Its share of total revenue jumped from 26.3% in 2023 to 57% in 2025, making it the largest revenue source.

Meanwhile, the share of AI-enabled intelligent product revenue declined. Revenue from this segment was 203 million yuan in 2023, accounting for 46.9% of total revenue, but rose only marginally to 209 million yuan by 2025, its proportion squeezed to 26.3% by the growth of the robot business. Module product revenue increased from 96.46 million yuan in 2023 to 127 million yuan in 2025, with its share falling from 22.2% to 16.0%. These structural shifts have directly influenced the company's profitability and profit composition. According to the prospectus, gross margin improved from 42.4% in 2023 to 47.9% in 2024 and 48.4% in 2025, with the robot product line achieving gross margins of 55.1% and 53.5% in 2024 and 2025, respectively, both above the company's overall level.

With improving revenue and margins, Micro Intelligent Manufacturing turned profitable. The company reported a net loss of 114 million yuan in 2023, followed by a net profit of 15.74 million yuan in 2024 and 5.07 million yuan in 2025, marking two consecutive years of profitability. However, 2025 saw the company experience "revenue growth without corresponding profit growth." Management attributed the decline in net profit to a combination of factors, including IPO-related expenses, increased research and development investment, and a significant reduction in government subsidies. R&D expenses rose from 165 million yuan in 2024 to 236 million yuan in 2025, primarily due to a 73.5 million yuan increase in computing costs as the company strengthened development of high-speed visual servo systems for industrial robots and integrated visual inspection platforms.

Administrative expenses also climbed from 42.03 million yuan in 2024 to 80.32 million yuan in 2025. Professional service fees increased by 16.8 million yuan, which the company attributed to hiring lawyers, legal and valuation advisors for corporate financing activities, while non-recurring expenses of 15.58 million yuan were incurred in preparation for the listing, totaling approximately 32.4 million yuan. Other income dropped from 18.67 million yuan to 2.43 million yuan, with the prospectus explaining this was mainly due to reduced government subsidies, which fell from 18.48 million yuan in 2024 to 2.28 million yuan in 2025, a decline of about 16.2 million yuan.