Following its confidential filing and successful hearing, Benmo Power (Beijing) Technology Co., Ltd., commonly referred to as Benmo Power, submitted an updated prospectus to the Hong Kong Stock Exchange on August 19, comprehensively refreshing its financial and operational data for the period ending in the first half of 2026. The company intends to list on the Main Board of the HKEX under Chapter 18C, which applies to specialist technology companies, with CITIC Securities acting as the sole sponsor.

Positioned as a robotics technology firm with direct-drive technology at its core, Benmo Power has drawn notable market attention. The company, which was incubated with advisory support from Professor Li Zexiang during its early stages, launched the D1 robot, recognized as the world's first commercially available modular dual-wheel foot robot. According to institutional data, Benmo Power ranked first in China's consumer robotics direct-drive power module sector by 2025 revenue, commanding a 61.1% market share.

Core Component Standardization

From a business standpoint, Benmo Power operates within the technology-driven robotics sector, yet its primary revenue stream continues to derive from robot power modules. In 2025, the direct-drive power module business generated RMB 274 million in revenue, representing the company's dominant income source. Within this segment, consumer-grade products lead shipment volumes, primarily serving end-use devices such as household cleaning robots and lawn mowing robots. During 2025, Benmo Power sold approximately 8.5 million direct-drive power modules, establishing itself as the first enterprise globally to surpass 5 million units shipped. Over the reporting period, the average unit price held steady between RMB 28 and RMB 30.

In its prospectus, the company explained: "The decline in average selling price for robot direct-drive power modules reflects economies of scale achieved as production expanded from 200,000 units in 2023 to 8.5 million units in 2025, along with reduced unit material costs driven by enhanced supply chain bargaining power, enabling us to offer more competitive pricing." On profitability metrics, Benmo Power achieved a consolidated gross margin of 21.5% in 2025, a marked improvement from 13.5% and 19.3% in the preceding two years.

Rapid Revenue Expansion Gains Investor Endorsement

Benmo Power is pursuing its listing under Chapter 18C rules for specialist technology companies. Per HKEX regulations, commercialized specialist technology firms must satisfy annual revenue of no less than HKD 250 million and a valuation of at least HKD 4 billion. Benmo Power recorded revenue of RMB 282 million in 2025, meeting the revenue threshold stipulated under these rules.

Supporting its daily operations and scale-up efforts is a steady stream of private market fundraising. Since its founding in 2020, Benmo Power has completed 12 financing rounds within a short span, raising approximately RMB 648 million in aggregate. Following the completion of its Series C round at the end of 2025, the company's post-investment valuation climbed to RMB 3.185 billion. Over roughly one year, Benmo Power's post-investment valuation surged from RMB 770 million to RMB 3.185 billion, representing an overall increase of more than 300%.