On September 29, Robotechnik (300757.SZ/03757.HK) officially listed on the Hong Kong Stock Exchange, becoming another "A+H" company among the "light-chasing tribe."
According to the announcement, Robotechnik's H-share final pricing was HK$436 per share, a price second only to New Oriental (09901.HK), Zhongji Innolight (03308.HK), Bilibili (09626.HK), and Zai Lab (09688.HK), ranking as the fifth-highest historical issue price on the Hong Kong stock market. Based on the global offering of 11.876 million shares, Robotechnik's Hong Kong listing raised a total of approximately HK$5.178 billion, with a net amount of approximately HK$4.961 billion.
It is worth noting that 16 cornerstone investors including Temasek, Shengtian Industrial, Ivy, E Fund, and CIG collectively subscribed approximately US$232 million, accounting for 35.2% of the offered shares. Among them, Temasek, Shengtian Industrial, and Ivy were the largest subscribers, subscribing US$45 million, US$40 million, and US$30 million respectively—in 2026, when photovoltaic equipment makers collectively fell silent, Robotechnik, relying on the two words "silicon photonics," once again bound long-term primary market capital and the secondary market's AI computing power narrative together.
But "silicon photonics" seemingly cannot make all investors rush to chase it. On September 28, Robotechnik's grey market opening price was HK$385 per share, down 11.7% from the issue price, after which the decline gradually narrowed, but it still remained below the issue price, closing at HK$428 per share.
On September 29, Robotechnik's Hong Kong stock fluctuated and declined on its first day of listing, ultimately closing at HK$414.40 per share, down 4.95%; its A-shares opened high and moved low, closing at RMB529 per share, down 0.25%. Based on 50 shares per lot (excluding fees), this means H-share investors lost HK$1,080 per lot.
Photovoltaic equipment sales plummeted 90% in two years, India becomes largest customer source
Public information shows that Robotechnik was founded in 2011 and is headquartered in Suzhou. It is a globally leading supplier of high-precision intelligent manufacturing equipment. Its automation equipment and one-stop smart factory solutions are core supports for manufacturing optical and silicon photonic devices as well as photovoltaic cells. As the founder and one of the actual controllers of Robotechnik, Dai Jun was born in 1974 and has worked as an engineer or product manager at Toshiba Elevator, Universal Electric of the United States, and Henkel China, among other companies. He is familiar with the industrial equipment market and currently serves as the company's chairman and CEO.
As the photovoltaic industry developed rapidly, under supply-demand imbalance, the price war gradually intensified. Some photovoltaic companies chose to terminate capacity expansion, and some cross-industry photovoltaic players chose to exit the market. Under these circumstances, Robotechnik, as a photovoltaic "shovel seller," also suffered a severe blow to its business of providing high-efficiency cell core equipment and intelligent whole-plant solutions to the photovoltaic cell industry.
As the "pillar" of revenue, Robotechnik's photovoltaic equipment and overall solutions revenue declined year by year after peaking in 2023, reaching RMB433 million in 2025, while the photovoltaic industry's revenue share during the same period fell from 98.06% to below 50%. Behind the decline was a 90% plunge in sales of its photovoltaic automation equipment—from 1,932 units in 2023 to 110 units in 2025.
Entering 2026, the supply-demand relationship in China's photovoltaic industry remains in a period of deep adjustment. According to data from China Insights Consultancy, the output of major links in China's photovoltaic industry chain declined in the first half of 2026, and the industry remains in a supply-demand adjustment period. In the first six months of this year, photovoltaic cell output was approximately 260.7 GW, down approximately 21.9% year on year.
SMM photovoltaic analyst Shi Zhenwei pointed out in an interview with Time Finance that compared with the second half of last year, the profitability of the photovoltaic industry declined somewhat in the first half of this year. Against the backdrop of power marketization, market demand support has weakened, and the competitive landscape and pressure faced by enterprises are greater than in the second half of last year.
Against this backdrop, Robotechnik's photovoltaic segment revenue in the first half of 2026 was only RMB82.9849 million, down 53.93% year on year; but when the industry's overall gross margin was difficult to recover, its photovoltaic business segment gross margin in the same period was 32.62%, up 9.76 percentage points year on year. In response, it said this was mainly affected by changes in customer structure.
According to the prospectus, in terms of revenue from photovoltaic manufacturing solutions, India surpassed mainland China from January to April 2026 with revenue of RMB24.059 million, becoming currently Robotechnik's largest source of photovoltaic customers.
"We have continued to expand overseas markets and advance order reserves, especially in India. In the first half of this year, we sold 48 photovoltaic automation equipment units, one photovoltaic process equipment unit, and seven intelligent manufacturing systems. As of June 30, 2026, the company is executing multiple overseas orders for photovoltaic manufacturing solutions mainly from Indian customers, with a total contract value of approximately RMB100 million, and all such orders are expected to be recognized as revenue in 2026," Robotechnik said in the prospectus.
Spending RMB1.6 billion to "chase" German-style silicon photonics, Poland surpasses Thailand to become silicon photonics "number one"
As the photovoltaic industry continues to grind along the cycle bottom, Robotechnik could hardly escape losses. In 2025, it achieved revenue of RMB950 million, down 14.14% year on year; net profit attributable to the parent company was a loss of RMB66.4404 million, turning from profit to loss year on year.
Waiting for the photovoltaic industry to recover is not a good plan. Also "chasing light," under Dai Jun's leadership, Robotechnik, which previously "chased" photovoltaics, began to "chase" silicon photonics, and the first step of "chasing" was to find a desired target—ficonT
EC
.
It is understood that ficonT
EC
is a German company that can provide high-precision packaging and testing equipment for CPO packaging and silicon photonic transceiver devices, and has obtained orders from AI chip giants such as Intel, Nvidia, TSMC, and Broadcom.
According to the prospectus, Robotechnik's acquisition of ficonT
EC
lasted from 2019 to 2025. First, the buyer consortium vehicle Feikong Taike led by Dai Jun acquired control of ficonT
EC
between 2019 and 2023, after which the company completed the acquisition of all equity interests in Feikong Taike and the remaining equity interests in ficonT
EC
from August 2023 to May 2025, with a total consideration of RMB1.654 billion. Since then, ficonT
EC
has become a wholly owned subsidiary of Robotechnik.
After the acquisition was completed, the performance boost brought by ficonT
EC
was significant. According to Wind data, Robotechnik's optoelectronics and semiconductor packaging and testing equipment revenue expanded after ficonT
EC
was consolidated, reaching RMB439 million in 2025, accounting for 46.24% of revenue, and holding a 20.5% market share, becoming the world's number one in the silicon photonics intelligent manufacturing equipment field (data from China Insights Consultancy); by the first half of this year, revenue from this segment had already exceeded the full previous year, reaching RMB488 million, up 952.17% year on year.
It is worth noting that in the first half of 2026, revenue from the optoelectronics and semiconductor business segment accounted for 81.16% of the company's main business revenue, a substantial increase, and has become the core driver of the company's performance growth. Regarding the significant quarter-on-quarter revenue growth of this business in the second quarter, Robotechnik said this benefited from the gradual delivery and acceptance of large-scale batch orders in the optoelectronics and semiconductor business in the second quarter of 2026.
From a regional distribution perspective, in silicon photonics assembly and testing equipment, in 2025, Robotechnik continued to expand on its market foundation in mainland China and Germany, winning orders in Poland, Thailand, Taiwan, Israel, the United States, and other places. Among them, Thailand became the largest silicon photonics customer that year with revenue of RMB169 million. However, from January to April 2026, Poland surpassed Thailand with doubled performance contribution, becoming Robotechnik's largest source of revenue.
After the acquisition was completed, with the outbreak of the AI wave, orders for optoelectronics and semiconductors also came pouring in. As of August 25, Robotechnik had an order backlog of approximately 3.386 billion yuan for which revenue had not yet been recognized. The order backlog is sufficient, mainly consisting of optoelectronics and semiconductor business orders, approximately 2.452 billion yuan, setting a historical high.
It is worth noting that as of March 30, 2026, its order backlog for optoelectronics and semiconductor business was approximately 1.105 billion yuan, which means that in less than 5 months, Robotechnik signed another 1.347 billion yuan in orders, doubling its order backlog.
With orders doubling, listing in Hong Kong to raise funds for capacity expansion and to seize the incremental market brought by the AI boom has become a top priority. According to the prospectus, Robotechnik's H-share fundraising will be used to expand production capacity and improve delivery speed (approximately 40.0%, HK$1.985 billion), strengthen product and technology research and development and innovation (approximately 20.0%), make strategic investments and/or acquisitions (approximately 20.0%), establish a global sales and service network (approximately 10.0%), and for working capital and other general corporate purposes (approximately 10.0%).
However, while orders surged, Dai Jun's persons acting in concert chose to reduce their holdings to "lock in profits."
According to the announcement, during the period from April 7 to May 29 of this year, the second largest shareholder, Ningbo Kejun, reduced its holdings by 2.2015 million shares in A-shares at an average reduction price of 467.11 yuan per share, cashing out a total of 1.028 billion yuan; after the reduction, it became the third largest shareholder. After Ningbo Kejun reduced its holdings, Robotechnik continued to surge, and after touching a historical high (714 yuan per share) during intraday trading on June 3, it fluctuated and fell back. As of now, its stock price has fallen nearly 20% from the highest point, but is still higher than Ningbo Kejun's average reduction price.
This article comes from the WeChat public account "Times Finance APP" (ID: tf-app), author: Zhou Li
