Robotech closes below issue price in Hong Kong debut as silicon photonics push overtakes shrinking solar business

Robotech (300757.SZ/03757.HK) started trading in Hong Kong on Sept. 29 after pricing its H shares at HK$436, a level that ranked among the highest IPO prices in the market’s history. The company raised about HK$5.178 billion in gross proceeds and HK$4.961 billion in net proceeds from the sale of 11.876 million shares. Yet the stock failed to hold the offer price in gray-market trading and on debut day, ending at HK$414.40, down 4.95%. Based on a board lot of 50 shares, investors who received one lot were sitting on a paper loss of HK$1,080 before fees. The listing comes as Robotech’s business mix is changing quickly. Its solar equipment segment, once the main revenue pillar, has weakened sharply as the photovoltaic industry remains in a supply-demand adjustment cycle. Revenue from photovoltaic equipment and integrated solutions fell to RMB 433 million in 2025, while unit sales of photovoltaic automation equipment dropped from 1,932 units in 2023 to 110 units in 2025. In the first half of 2026, solar segment revenue fell 53.93% year over year to RMB 82.9849 million. At the same time, the company’s acquisition of Germany-based ficonTEC has turned photonics and semiconductor packaging and testing equipment into its main growth engine. That segment generated RMB 488 million in the first half of 2026, up 952.17% from a year earlier, and accounted for 81.16% of main business revenue. As of Aug. 25, Robotech’s unrecognized order backlog stood at about RMB 3.386 billion, including RMB 2.452 billion tied to photonics and semiconductor business.