Ldrobot Lists on Hong Kong Stock Exchange, HyT Capital Bets Heavily on Robot Perception Infrastructure Over Seven Years
On May 11, Shenzhen Ldrobot Co., Ltd. (1236.HK), a core player in intelligent robot visual perception on the Hong Kong stock market, officially listed on the Hong Kong Stock Exchange. It opened 102% higher on the first day at HKD 53.5 per share, with an opening market capitalization of approximately HKD 17.8 billion. With its leading position in the global visual perception market and the strong momentum of its second growth curve in robotic lawnmowers, Ldrobot generated tremendous market enthusiasm. The Hong Kong public offering received over 6,700 times oversubscription, making it one of the most high-profile new listings in Hong Kong's hard tech sector in 2026.
As an early investor and long-term major shareholder of Ldrobot, HyT Capital led its Series A round in 2019 and made three additional investments over the following two years, becoming a core institutional shareholder of Ldrobot. HyT Capital has accompanied the company through its industrial transformation journey — from visual perception core components and AI spatial perception algorithms, to robotic lawnmower products and overseas market expansion.
(From left to right: Sun Yelin, Founding Partner of HyT Capital; Zhou Wei, Chairman of Ldrobot; Yang Huajun, Founding Partner of HyT Capital)
Ldrobot: From Visual Perception to Full-Chain Global Expansion — A Growth Equation
Ldrobot has been deeply engaged in the robot visual perception sector, building its core technological moat through DTOF LiDAR, quad-matrix vision, 3D structured light, and fully self-developed SLAM algorithms. Its products are widely applied across multiple intelligent robot scenarios, including sweeping, mowing, service, inspection, and logistics. In 2025, the installed base of intelligent robots equipped with the company's visual perception technology exceeded 9 million units, and DTOF LiDAR shipments surpassed 4 million units, firmly ranking first in the industry. The company has successfully completed the transition from technology R&D to industrial large-scale deployment. Its partners include seven of the top ten global home service robot companies and all of the top five global commercial service robot leaders. Its underlying technologies have achieved multi-scenario, multi-customer system reuse, and its industrial deployment capabilities have gained global market recognition.
Beyond its core perception business, which provides a solid foundation, Ldrobot has opened a new track in finished product manufacturing, identifying intelligent robotic lawnmowers as its second growth curve breakthrough. In 2024, the first-generation product entered mass production. In 2025, the second-generation product, integrating AI large models, was launched. Full-year lawnmower revenue reached RMB 136.9 million, accounting for 18.3% of total revenue, demonstrating strong growth momentum. Global expansion has also accelerated. The company now collaborates with over 300 partners, covering more than 50 countries and regions. In 2025, overseas revenue reached RMB 137.5 million, accounting for 18.4% of total revenue, charting a path of globalization for Chinese smart hardware — from core component exports to going global with its own brand of complete systems.
HyT Capital: Continuously Seeking Globalized Models of Chinese Intelligent Technology
Seven years ago, long before embodied intelligence became an industry buzzword, HyT Capital had already begun to lay out its investments in the robotics sector. Ldrobot's focus on visual perception is exactly the core infrastructure that connects embodied intelligence to the physical world. Based on this judgment, HyT Capital has stayed committed to long-term partnership, making continuous follow-on investments and witnessing Ldrobot's evolution from a tech startup to a global leader in intelligent robot visual perception.
According to CIC Consulting data, the global intelligent robot visual perception market is expected to reach RMB 70.2 billion by 2029. Based on 2024 revenue statistics, Ldrobot is the world's largest intelligent robotics company focused on visual perception. The company's product sales surged from 3.52 million units in 2023 to 12.5 million units in 2025, with growth momentum continuing to release. The robotic lawnmower finished product business and overseas markets are growing simultaneously, with full spillover effects in technology, products, and globalization capabilities.
Ldrobot's successful listing demonstrates a path of entering the industry chain with core underlying technologies, achieving mass production through engineering capabilities, rapidly iterating products by leveraging China's supply chain advantages, and then expanding global growth opportunities through finished product branding — all while validating its business model in real scenarios, with real customers, and through real delivery. This showcases the hard-core strength of China's intelligent manufacturing.
HyT Capital has always believed that embodied intelligence has the potential to become the next industry to be deeply reshaped by Chinese companies. Going forward, HyT Capital will continue to seek and support more Chinese technology companies that possess technical depth, engineering capabilities, global potential, and long-term compounding value — across areas including AI infrastructure, embodied intelligence, semiconductors, AI Agents, and next-generation intelligent applications — accompanying them as they transition from China's supply chain to global industry chains, and from local innovation to world-class competition.
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