Topstar refiles for Hong Kong listing: revenue halved in three years, single customer accounts for nearly half

The ChiNext IPO review of Hangzhou Hikrobot Co., Ltd. has been suspended again because its financial documents have passed their validity period. This is the seventh suspension for the same reason since its application was accepted on March 7, 2023. More than five years have passed since parent company Hikvision announced on December 30, 2021 that it would begin preparations for a spin-off listing, and Hikrobot's review period has now exceeded three and a half years. So far, the company has only completed responses to two rounds of review inquiry letters and the review center's opinion implementation letter, and it has not yet entered the listing committee deliberation meeting. After disclosing its response to the review center's opinion implementation letter on January 2, 2025, the company has had no substantive new progress for more than a year and a half, and its prospectus update remains stuck at the filing draft released on September 28, 2023, with financial data updated only through the end of the first half of 2023. In the review center's opinion implementation letter, the Shenzhen Stock Exchange focused on related-party transactions and independence. From 2020 through the first half of 2024, the number of overlapping suppliers between Hikrobot and its parent Hikvision increased from 434 to 517, and the purchase amount from overlapping suppliers as a share of total purchases rose from 20.62% to 46.02%. The number of overlapping customers increased from 470 to 606, and sales to overlapping customers as a share of operating revenue rose from 13.65% to 15.78%. As the second subsidiary under Hikvision to pursue a listing through a spin-off within the A-share market, Hikrobot's main businesses of machine vision and industrial mobile robots overlap significantly with its parent's industrial segment in downstream customers and supply chain systems, and its business independence still requires further observation.

Kenbot Intelligent Technology announced that the company recently received a notice of award, confirming it has won the bid for a smart logistics automation project located in Poland, with a winning bid amount of approximately 75 million yuan including tax. The project is a supporting construction for an overseas warehousing hub of a globally renowned cross-border e-commerce company, and falls within the company's main business scope. The company has received the notice of award and is in the process of signing a formal contract with the tendering party. The timing of contract signing and performance arrangements remain uncertain.

Shanghai Daxiao Infinite Robotics Co., Ltd. recently underwent a business registration change, adding MetaX's wholly-owned subsidiary MetaX Shuzhi (Shanghai) Technology Co., Ltd., Geely Gongchuang No. 20 Investment (Tianjin) Partnership (Limited Partnership), and others as shareholders, while its registered capital increased to 182 million yuan. According to Qichacha APP, the company was established in July 2025, with a business scope including research and development of intelligent robots, sales of industrial robots, research and development of mechanical equipment, sales of mechanical equipment, and sales of service consumer robots.