Chinese maker of robot-vacuum sensors launches Hong Kong IPO, undeterred by US ban

Shenzhen Camsense Technologies, a producer of spatial sensors for robot vacuum cleaners, has begun a Hong Kong stock market debut seeking to raise approximately HK$680 million (US$86.7 million), despite recent U.S. import restrictions on foreign-made robot vacuums. Co-founder Zhou Kun stated that the export and procurement of existing products remain unaffected, with limited disruptions potential for new product development timelines.

Washington's Federal Communications Commission (FCC) recently classified foreign-made "advanced robotic devices," including robot vacuums, on its Covered List, restricting new models from obtaining the licensing needed for U.S. import and sale. Camsense intends to issue 11.58 million shares at HK$58.85 apiece, with trading commencing on September 30.

The company's investors include BYD and Shanghai-listed Jiaxing Zmax Optech, contributing HK$110 million, or 16 percent of the base share sale, under a six-month lock-up period. Camsense plans to utilize IPO funds for research and development, manufacturing enhancements, work capital, and general corporate uses. The robotic vacuum cleaner sector in China has witnessed rapid growth, with prominent brands like Ecovacs Robotics, Dreame Technology, and Beijing Roborock Technology distributing products worldwide.

As a supplier of lidar and line laser sensors, which robots use to perceive their environment, Camsense has capitalized on this trend. Although the Shenzhen-based company does not directly sell to the U.S., several clients have sold vacuums and other devices with its sensors there. In an effort to diversify income, Camsense intends to broaden into yard work and pool cleaning robots, as well as humanoid robots.

The company has provided samples to several manufacturers and secured intent orders from two pool robot makers and one yard robot maker. China International Capital and Guosen Securities (HK) Capital serve as the joint issuers.