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

Shenzhen Camsense Technologies, a producer of spatial sensors for robotic vacuum cleaners, initiated a Hong Kong initial public offering (IPO) to raise approximately HK$680 million (US$86.7 million), despite opposition from Washington's recent ban on foreign-made vacuum robots. Co-founder Zhou Kun stated that export and procurement for existing client products continue as usual, with limitations only affecting new product development schedules.

The US Federal Communications Commission (FCC) added foreign-produced "advanced robotic devices" to its Covered List in July, preventing new models from obtaining necessary equipment authorization for US import and sale.

Camsense plans to sell 11.58 million shares at HK$58.85 each, with trading set to commence on September 30. Major investors in the deal include BYD and Shanghai-listed Jiaxing Zmax Optech, both Camsense suppliers, holding a combined HK$110 million, or 16 percent of the base share sale, for a six-month lock-up period. The proceeds from the IPO will be allocated to research and development, manufacturing capabilities enhancement, working capital, and general corporate purposes.

The Chinese robotic vacuum cleaner industry has experienced rapid growth, with prominent brands such as Ecovacs Robotics, Dreame Technology, and Beijing Roborock Technology selling products worldwide. Camsense, specialized in lidar and line laser sensors used by machines to perceive their surroundings, has profited from this momentum.

Although the Shenzhen-based company does not engage in direct sales to the US, several clients sell vacuum cleaners and other devices containing Camsense's sensors there. The company intends to expand into yard work and pool cleaning robots, as well as humanoid robots, to diversify its revenue streams. China International Capital and Guosen Securities (HK) Capital are serving as the joint sponsors for the IPO.