UD Robotics: The IPO Story of the "First Stock of All-Scenario Commercial Service Robots", Is It Tenable? | Analysis of the Prospectus In January 2009, 3G licenses were issued, and the "local network mobile phone" Little Smart began to clear frequencies and withdraw from the network.
UD Robotics: The IPO Story of the "First Stock of All-Scenario Commercial Service Robots", Is It Tenable? | Analysis of the Prospectus UTStarcom, which rose to fame with its Little Smart communications device, was founded by Wu Ying, and was once rumored to have a market value exceeding that of Cisco. However, the company has been losing money for years and is now undergoing restructuring.
UD Robotics: The IPO Story of the "First Stock of All-Scenario Commercial Service Robots", Does it Hold Up? | Analysis of the Prospectus The person taking over to put out the fire is named Lu Ying, a professional manager with no relation to Xiaolingtong.
UD Robotics: The IPO Story of the "First Stock of All-Scenario Commercial Service Robots", Is It Tenable? | Analysis of the Prospectus He graduated from Huazhong Institute of Technology with a major in Radio Engineering, and worked at China National Technical Import and Export Corporation for 10 years, engaging in international bidding. He then transitioned to the optical communication industry, becoming the Global Co-COO and China Regional General Manager of Fiberhome (now known as Sinosun Technologies).
Udi Robotics: Can the "First Stock of All-Scenario Commercial Service Robots" Story Stand Up to Scrutiny? | Analysis of the Prospectus In March 2010, Lu Ying joined UTStarcom as Chief Operating Officer and was promoted to CEO and President by the end of June that year. He cut off the loss-making mobile phone business, focused on IPTV and triple-play integration, and relocated the headquarters back to Beijing - by the second quarter of 2011, this veteran company, which had been losing money for years, turned losses into profits.
UD Robots: Can the "First Stock of All-Scenario Commercial Service Robots" Story Stand Up to Scrutiny? | IPO Prospectus Breakdown In 2012, UTStarcom spun off its small telecom and IPTV businesses into UTStarcom (China), which was taken over and controlled by Lu Ying, marking the transition of professional managers into bosses.
Uditech Robotics: The IPO Story of the "First Stock of All-Scenario Commercial Service Robots", Is It Tenable? | Analysis of the Prospectus In March 2013, Lu Ying, nearly 50 years old at the time, along with his former colleagues Gu Zhenjiang, Liu Dazhi, Xia Ge, and Luo Pei, "started anew" and founded Uditech Robotics, with angel investment coming from UTStarcom.
Udi Robotics: The IPO Story of the "First Stock of All-Scenario Commercial Service Robots", Can it Hold Up? | Analysis of the Prospectus Communication equipment and food delivery robots seem like unrelated fields, but they share the same underlying foundation: the system integration of software and hardware, large-scale deployment of thousands of units, and refined management of supply chains and fault rates.
UD Robotics: The IPO Story of the "First Stock of All-Scenario Commercial Service Robots", Can it Hold Up? | Analysis of the Prospectus Thirteen years have passed, and this group of veterans from UTStarcom is about to repeat this feat once again.
Udi Robotics: Can the "First Stock of All-Scenario Commercial Service Robots" Story Stand Up to Scrutiny? | Analysis of the Prospectus On August 31, 2026, Udi Robotics launched its global offering: issuing 45 million H shares, with an offering price range of HK$14.45 to HK$19.55, expected to be listed on the main board of the Hong Kong Stock Exchange on September 9, with the stock code 02331.HK, and Silver Fortune Global acting as the sole sponsor. Based on the mid-point of the offering price, the net proceeds from the fundraising are estimated to be approximately HK$686 million.
Udi Robotics: The IPO Story of the "First Stock of All-Scenario Commercial Service Robots", Does it Hold Up? | Analysis of the Prospectus It has labeled itself as the "first stock of all-scenario commercial service robots".
Udi Robotics: The IPO Story of the "First Stock of All-Scenario Commercial Service Robots", Is It Tenable? | Analysis of the Prospectus This label has two layers of meaning:
Udi Robotics: The IPO Story of the "First Stock of All-Scenario Commercial Service Robots", Does it Hold Up? | Analysis of the Prospectus Firstly, "all-scenario" refers to its five major product series covering indoor and outdoor delivery, cleaning, and unmanned retail;
UD Robotics: The IPO Story of the "First Stock of All-Scenario Commercial Service Robots", Does it Hold Up? | Analysis of the Prospectus Secondly, being the "first stock" - what needs to be clarified is that hotel robot company Yunji Technology was already listed on the Hong Kong stock exchange in October 2025 under Chapter 18C, UD Robotics' "first" claim lies in the "all-scenario" aspect.
Udi Robotics: Can the "First Stock of All-Scenario Commercial Service Robots" Story Hold Up to Scrutiny? | IPO Prospectus Breakdown The prospectus tells a different story: revenue has grown year by year, but was only 318 million yuan in 2025; losses have narrowed year by year, with a cumulative loss of 513 million yuan over three years, and approximately 544 million yuan including the first quarter of 2026; the average price of main products has been nearly halved over three years; the days sales outstanding have lengthened from 67 days to 181 days; cumulative sales have reached 114,600 units, with about 70% being low-priced vending machines that cost only a few hundred yuan each.
UD Robotics: The IPO Story of the "First Stock of All-Scenario Commercial Service Robots", Does it Hold Up? | Analysis of the Prospectus What it handed over to the market is not a promissory note for the future, but an account book that spans thirteen years.
UD Robotics: The IPO Story of "The First Stock of All-Scenario Commercial Service Robots", Is It Tenable? | Analysis of the Prospectus Analysis of the Prospectus: An Honest Ledger
UD Robotics: The IPO Story of the "First Stock of All-Scenario Commercial Service Robots", Does it Hold Up? | Analysis of the Prospectus In the track where everyone talks about the grand narrative of humanoid robots, the prospectus of UD Robotics is a rare "honest sample": it doesn't talk about concepts, but instead lays out its revenue, losses, cash flow, and customer structure one by one.
UD Robotics: The IPO Story of the "First Stock of All-Scenario Commercial Service Robots", Is It Tenable? | Analysis of the Prospectus First, let's look at its financial basics: it has growth, but the scale is not large.
Udi Robotics: The IPO Story of the "First Stock of All-Scenario Commercial Service Robots", Is It Tenable? | Analysis of the Prospectus From 2023 to 2025, the company's revenue was 244 million yuan, 267 million yuan, and 318 million yuan, respectively, with a compound annual growth rate of approximately 14%. During the same period, the company's net losses were 251 million yuan, 151 million yuan, and 111 million yuan, gradually narrowing.
UD Robotics: The IPO Story of the "First Stock of All-Scenario Commercial Service Robots", Is It Tenable? | Analysis of the Prospectus The comprehensive gross margin has increased from 6.9% to 13.9%, and the net loss ratio has narrowed from -103% to -34.9%;
Udi Robotics: The IPO Story of the "First Stock of All-Scenario Commercial Service Robots", Is It Tenable? | Analysis of the Prospectus In the first quarter of 2026, revenue was 76.51 million yuan, up 5.7% year-over-year, with a net loss of 31.22 million yuan during the period.
UD Robotics: The IPO Story of the "First Stock of Commercial Service Robots for All Scenarios", Is It Tenable? | Analysis of the Prospectus UD Robotics Prospectus
UD Robotics: Can the "First Stock of All-Scenario Commercial Service Robots" Story Hold Up to Scrutiny? | IPO Prospectus Breakdown The growth rate is not particularly impressive, but fortunately, the direction is entirely correct.
UD Robotics: The IPO Story of the "First Stock of All-Scenario Commercial Service Robots", Can it Withstand Scrutiny? | Analysis of the Prospectus In the robotics sector where "story valuation" prevails, the company is trying to prove something else: get the accounts in order before talking about the future.
UD Robotics: The IPO Story of the "First Stock of All-Scenario Commercial Service Robots", Is It Tenable? | Analysis of the Prospectus Also, looking at the revenue structure transformation: from selling hardware to "selling eyes + selling services".
Udi Robotics: Can the "First Stock of All-Scenario Commercial Service Robots" Story Stand Up to Scrutiny? | IPO Prospectus Breakdown In 2023, Udi spent 104 million yuan to purchase visual perception algorithms and related source code in one transaction, incubating the "Udi Xiangyun" AI vision solution. This expense was included in that year's research and development expenses and was one of the direct reasons for the significant loss in 2023. By 2025, the AI vision business generated revenue of 119 million yuan, accounting for 37.5% of total revenue, with a gross margin of 18.9%, while the gross margin for whole machine sales during the same period was only 8.3%.
Udi Robotics: Can the "First Stock of All-Scenario Commercial Service Robots" Story Stand Up to Scrutiny? | Analysis of the Prospectus The RaaS (Robotics-as-a-Service) business, which was launched in 2021, saw its revenue increase from 9.38 million yuan in 2023 to 49.88 million yuan in 2025, with its proportion rising to 15.7%. The gross margin turned positive from -122.2% to 5.1%. The leasing business had a high gross margin of 58.8%, but its annual revenue was only 1.363 million yuan, which is still small in scale.
Udi Robotics: The IPO Story of the "First Stock of All-Scenario Commercial Service Robots", Is It Tenable? | Analysis of the Prospectus Among its four revenue streams, the proportion of revenue from whole machine sales has dropped to 42.5% - more than half of its revenue no longer comes from selling hardware.
UD Robotics: The IPO Story of the "First Stock of All-Scenario Commercial Service Robots", Can it Withstand Scrutiny? | Analysis of the Prospectus The transformation is that UDI is shifting from "selling robots" to "selling capabilities".
Udi Robotics: The IPO Story of "The First Stock of All-Scenario Commercial Service Robots", Is It Tenable? | Analysis of the Prospectus This road is slow, but every step is verified by revenue.
Udi Robotics: The IPO Story of the "First Stock of All-Scenario Commercial Service Robots", Can it Withstand Scrutiny? | Analysis of the Prospectus Immediately afterwards, facing the price war in the red ocean, the average price of its main products was cut in half over the past three years.
Udi Robotics: The IPO Story of the "First Stock of All-Scenario Commercial Service Robots", Can it Hold Up? | Analysis of the Prospectus The average price of its main product, You Xiao Mei, was 20,112 yuan in 2023, dropped to 13,438 yuan in 2025, and further fell to 11,138 yuan in the first quarter of 2026, nearly halving in three years.
UD Robotics: Can the "First Stock of All-Scenario Commercial Service Robots" Story Hold Up to Scrutiny? | IPO Prospectus Breakdown At the industry level, media reports have stated that the average price of hotel robots has plummeted from 136,000 yuan in 2016 to 13,100 yuan in 2024, a drop of over 90%.
Udi Robotics: The IPO Story of the "First Stock of All-Scenario Commercial Service Robots", Can it Withstand Scrutiny? | Analysis of the Prospectus Elang, Yunji, and Pudu are competing in the same arena, and hotel delivery robots have become a homogeneous red ocean.
UD Robotics: Can the "First Stock of All-Scenario Commercial Service Robots" Story Hold Up to Scrutiny? | IPO Filing Analysis In its IPO filing, UD Robotics did not shy away from this issue, instead framing its transformation as a strategic response: using visual solutions and RaaS to boost its gross margin structure and escape the price war quagmire of pure hardware.
UD Robotics: The IPO Story of the "First Stock of All-Scenario Commercial Service Robots", Does it Hold Up? | Analysis of the Prospectus Meanwhile, the prospectus also highlights controversies over sales data and cash flow pressure.
Udi Robotics: Can the "First Stock of All-Scenario Commercial Service Robots" Story Hold Up to Scrutiny? | Analysis of the Prospectus As of March 2026, Udi had cumulative sales of over 114,600 robots. However, breaking down the numbers, out of the 79,140 Udi Xiaofeng vending machines sold in 2023, 79,114 were the low-priced H2 model - the average price of the Udi Xiaofeng series that year was only 743 yuan, with the H2 model selling for as low as around 500 yuan. This single batch of H2 models alone accounted for approximately 70% of the cumulative sales.
Udi Robotics: The IPO Story of the "First Stock of All-Scenario Commercial Service Robots", Can it Withstand Scrutiny? | Analysis of the Prospectus In the second half of 2024, the company proactively stopped selling the low-priced H2 and instead resold the more functional H8. In 2025, sales of the You Xiao Feng plummeted to 4,229 units, with the average price rising to 13,016 yuan.
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UD Robotics: Can the "First Stock of All-Scenario Commercial Service Robots" Story Hold Up to Scrutiny? | IPO Filing Breakdown The days sales outstanding (DSO) extended from 67 days in 2023 to 181 days in the first quarter of 2026, while the general contract credit period is 60 to 90 days, with actual payment collection far exceeding the agreed-upon terms. In 2025, the full-year gross profit was 44.27 million yuan, which was not enough to cover the 73.21 million yuan in research and development expenses.
UD Robotics: Can the "First Stock of All-Scenario Commercial Service Robots" Story Hold Up to Scrutiny? | IPO Prospectus Breakdown Fortunately, the rate of cash burn is slowing down: the monthly average cash consumption rate decreased from 17.7 million yuan in 2023 to 10.1 million yuan in the first quarter of 2026, a cumulative decrease of approximately 43%. According to the prospectus, at the current consumption rate, the company's existing financial resources can support approximately 36.5 months, and with the IPO fundraising at the lower limit, this can be extended to 86.3 months.
UD Robotics: The IPO Story of the "First Stock of All-Scenario Commercial Service Robots", Can it Hold Up? | Analysis of the Prospectus The "All-Scenario" Positioning: Is it a Moat or a Narrative Trap?
UD Robotics: The IPO Story of the "First Stock of All-Scenario Commercial Service Robots", Does it Hold Up? | Analysis of the Prospectus "All-scenario" is the most core differentiating label of UD Robotics, and also the most worthy topic to be analyzed in this prospectus.
UDI Robot: Can the "First Full-Scenario Commercial Service Robot Stock" IPO Story Hold Up? | Prospectus Teardown By UDI's definition, "full-scenario" means five product lines covering mainstream commercial use cases: You Xiaomei for indoor delivery, You Xiaodi for high-capacity delivery, You Xiaogu for indoor and outdoor cleaning, You Xiaoge for closed-campus delivery, and You Xiaofeng for unmanned retail — plus an AI vision platform, You Xiaoyun.
UD Robotics: The IPO Story of the "First Stock of All-Scenario Commercial Service Robots", Is It Tenable? | Analysis of the Prospectus The "profitable" side: a base platform that can be reused in multiple scenarios.
Udi Robotics: The IPO Story of the "First Stock of All-Scenario Commercial Service Robots", Is It Tenable? | Analysis of the Prospectus The commercial service robot industry has an old problem: a disconnect between indoor and outdoor applications. Clients want to use robots in both scenarios, but in the past, they had to find separate suppliers, with each system being incompatible with the others.
UD Robotics: The IPO Story of the "First Stock of All-Scenario Commercial Service Robots", Is It Tenable? | Analysis of the Prospectus UD's solution is to share a set of underlying technologies: real-time perception and motion control are placed at the edge, model training and higher-level reasoning are placed in the cloud, and the perception scheme has evolved from laser radar SLAM to multi-sensor fusion plus edge-cloud dual VLM. The visual positioning technology verified on cleaning robots can be directly transplanted to delivery robots.
UD Robotics: The IPO Story of the "First Stock of All-Scenario Commercial Service Robots", Can it Hold Up? | Analysis of the Prospectus With the same base, the marginal cost decreases by one cent for each additional scenario.
UD Robotics: The IPO Story of the "First Stock in All-Scenario Commercial Service Robots", Is It Tenable? | Analysis of the Prospectus Starting from hotels, UD Robotics has sent its robots to 11 stations on three Shenzhen metro lines for cleaning, to the West China Hospital of Sichuan University, where they navigate 65cm-wide pathways to deliver inspection samples, and to hotels in Phnom Penh, Cambodia, and KTVs in Singapore.
Udi Robotics: The IPO Story of the "First Stock of All-Scenario Commercial Service Robots", Does it Hold Up? | Analysis of the Prospectus As of this year, its robots are distributed in over 600 cities and have landed in more than 20 countries.
Udi Robotics: The IPO Story of the "First Stock of All-Scenario Commercial Service Robots", Is It Tenable? | Analysis of the Prospectus This cross-scenario reuse capability corresponds to a nearly blank market: according to Frost & Sullivan data, the existing market size of commercial service robots in China was only 2.2 billion yuan in 2025, with a reachable market of 78.9 billion yuan and a penetration rate of only 2.9%.
UD Robotics: The IPO Story of the "First Stock of All-Scenario Commercial Service Robots", Does it Hold Water? | Analysis of the Prospectus Whoever can cover more scenarios with lower marginal costs will get the ticket first.
UD Robotics: The IPO Story of the "First Stock of All-Scenario Commercial Service Robots", Can it Withstand Scrutiny? | Analysis of the Prospectus The downside: each scenario in "all-scenario" has strong competitors.
Udi Robotics: The IPO Story of the "First Stock of All-Scenario Commercial Service Robots", Can it Withstand Scrutiny? | Analysis of the Prospectus The other side of "all-scenario" is the dilution of resources and fighting on multiple fronts.
Udi Robotics: The IPO Story of the "First Stock of All-Scenario Commercial Service Robots", Is It Tenable? | Analysis of the Prospectus Indoor delivery has been deeply cultivated by companies such as Jinglang, Yunji, and Pudu for many years; the cleaning track is dominated by companies like Ecovac and Gaoxian Robot, which have taken the lead; outdoor delivery and closed parks, on the other hand, have a different set of technical thresholds and channel logic.
UD Robotics: The IPO Story of the "First Stock of All-Scenario Commercial Service Robots", Does it Hold Up? | Analysis of the Prospectus In terms of 2025 revenue, UD Robotics is the third-largest commercial service robot supplier in China, with a market share of 8.9%. Broken down further, it ranks third in delivery robots (9.8%) and fourth in cleaning robots (8.8%), with a significant gap from the first place in both categories.
UD Robotics: Can the "First Stock of All-Scenario Commercial Service Robots" Story Hold Up to Scrutiny? | IPO Filing Analysis A deeper issue is whether "all-scenario" is a genuine demand from customers or just a one-sided wish from suppliers. A hotel may need both delivery and cleaning robots, but hospitals, subways, and parks have entirely different needs.
UD Robotics: The IPO Story of the "First Stock of All-Scenario Commercial Service Robots", Can it Withstand Scrutiny? | Analysis of the Prospectus A single base that is technically feasible, but commercially means that sales, service, and channels all need to follow the scenario, resulting in a manifold increase in management complexity.
UD Robotics: Can the "First Stock of All-Scenario Commercial Service Robots" Story Behind its IPO Hold Up? | Analysis of the Prospectus Moreover, while the capital market is willing to give a premium to the "all-scenario" narrative, customers may not necessarily buy into it.
UD Robotics: The IPO Story of the "First Stock of All-Scenario Commercial Service Robots", Is It Tenable? | Analysis of the Prospectus Customers only ask three questions: Is it easy to use, is it stable, and is it worth the value.
UD Robotics: The IPO Story of the "First Stock of All-Scenario Commercial Service Robots", Can it Withstand Scrutiny? | Analysis of the Prospectus Chaoguang AI Insight: A "Pragmatist" Example in the Robot IPO Wave
UD Robotics: The IPO Story of the "First Stock of All-Scenario Commercial Service Robots", Is It Tenable? | Analysis of the Prospectus The significance of UD Robotics' IPO should be viewed in the context of the robot IPO wave.
Udi Robotics: Can the "First Stock of All-Scenario Commercial Service Robots" IPO Story Hold Up? | Analysis of the Prospectus According to Wind data, more than 50 companies with robotics as their main business are currently applying for an IPO in Hong Kong. Companies such as Geek+, Huaian Robotics, ASTON, LD Robotics, SGRobot, and Lolong Robotics have already gone public, while around 10 companies, including Haiyu Innovation, Kuaicang Intelligent, and Stand Robotics, are waiting in line to submit their applications.
UD Robotics: The IPO Story of the "First Stock of All-Scenario Commercial Service Robots", Can it Hold Up? | Analysis of the Prospectus In this channel, most pioneers talk about the future of humanoid and embodied intelligence, but UD Robotics has taken a different approach: with continuously increasing revenue, decreasing losses, and decreasing cash consumption, it is knocking on the door with a single set of accounts.
UD Robotics: The IPO Story of the "First Stock of All-Scenario Commercial Service Robots", Can it Hold Up? | Analysis of the Prospectus For the more than 50 companies in line, this shift in itself is a reminder.
UD Robotics: The IPO Story of the "First Stock of All-Scenario Commercial Service Robots", Can it Withstand Scrutiny? | Analysis of the Prospectus When capital shifts from listening to stories to looking at numbers, the ledger becomes the new passport.
Udi Robotics: The IPO Story of "The First Stock of All-Scenario Commercial Service Robots", Is It Tenable? | Analysis of the Prospectus Meanwhile, Udi's financial books are not without concerns.
Udi Robotics: Can the "First Stock of All-Scenario Commercial Service Robots" Story Hold Up to Scrutiny? | IPO Story Behind the Prospectus The biggest risk is customer concentration.
Udi Robotics: Can the "First Stock of All-Scenario Commercial Service Robots" Story Hold Up to Scrutiny? | Analysis of the Prospectus The revenue proportion from the top five clients increased from 71.3% in 2023 to 83.2% in the first quarter of 2026. Alibaba-affiliated entities hold a total of 14.3% stake, with Ele.me operator Lazada and Cloud Fund among the investors; hotel giants such as Huazhu, Home Inn, and Green Hotel are both clients and shareholders. The question of how many orders come from market competition and how many rely on the shareholders' ecosystem will be asked every quarter after listing.
UD Robotics: The IPO Story of the "First Stock of All-Scenario Commercial Service Robots", Can it Withstand Scrutiny? | Analysis of the Prospectus Another variable is the signal strength of the cornerstone investors.
Udi Robotics: Can the "First Stock of All-Scenario Commercial Service Robots" Story Stand Up to Scrutiny? | IPO Prospectus Breakdown SenseTime and a subsidiary of 58.com have been appointed as cornerstone investors, with the AI company and local life platform showing their support, echoing the presence of Ele.me and CloudAlpha Capital on the shareholder list. However, the two cornerstone investors have collectively subscribed to only approximately $3 million, compared to the fundraising scale of HK$650 million to HK$880 million, with symbolic significance outweighing financial support.
UD Robotics: The IPO Story of the "First Stock of All-Scenario Commercial Service Robots", Can it Withstand Scrutiny? | Analysis of the Prospectus The true test will come after the lock-up period ends, when the secondary market weighs in on these financials.
UD Robotics: The IPO Story of the "First Stock of All-Scenario Commercial Service Robots", Can it Withstand Scrutiny? | Analysis of the Prospectus The prospectus of UD Robotics has left a mirror for the commercial service robot track: "all-scenario" is both a label and a burden, and the "account book" is both confidence and pressure.
UD Robotics: The IPO Story of the "First Stock of All-Scenario Commercial Service Robots", Is It Tenable? | Analysis of the Prospectus The balance between revenue structure transformation, cash flow management, and scenario implementation will determine who can stay at the table in the next round.
UD Robotics: The IPO Story of the "First Stock of All-Scenario Commercial Service Robots", Can it Withstand Scrutiny? | Analysis of the Prospectus The listing on September 9 will provide the first answer to its pricing.
UD Robotics: The IPO Story of the "First Stock of All-Scenario Commercial Service Robots", Is It Tenable? | Analysis of the Prospectus
UD Robotics: The IPO Story of the "First Stock of All-Scenario Commercial Service Robots", Can it Withstand Scrutiny? | Analysis of the Prospectus 1. Direct IPO: "Alibaba-Backed, Another Commercial Service Robot Rushes to IPO"
Udi Robotics: The IPO Story of "The First Stock of All-Scenario Commercial Service Robots", Is It Tenable? | Analysis of the Prospectus 2, Qbit.ai "Veteran of Xiaolingtong Returns, This Time to Take Robots to IPO"
UD Robotics: The IPO Story of the "First Stock of All-Scenario Commercial Service Robots", Is It Tenable? | Analysis of the Prospectus 3, Zhi Dong Xi: "Alibaba-Backed Wuxi Robotics Company Rushes to Hong Kong IPO"
UD Robotics: The IPO Story of the "First Stock of All-Scenario Commercial Service Robots", Is It Tenable? | Analysis of the Prospectus 4, Sina Finance: "Net Loss Decreases for Three Consecutive Years, Monthly Burn Rate Drops by 40%: UD Robotics Goes Public in Hong Kong, Unveils 'Sustainable Operations' Ledger"
Udi Robotics: The IPO Story of the "First Stock of All-Scenario Commercial Service Robots", Is It Tenable? | Analysis of the Prospectus 5, Caixin: "Hotel Robot Cloudtrace Rises 26% on First Day of Hong Kong Stock Market Listing"