Xiaomi-backed robot vacuum brand Roborock is said to consider Hong Kong listing

[HONG KONG] Robot vacuum maker Beijing Roborock Technology is weighing a share sale in Hong Kong this year to raise as much as US$500 million, according to sources familiar with the matter.

Considerations are at an early stage and banks have not been mandated yet, the sources said, asking not to be identified because the plans are private.

Roborock did not respond to requests for comment.

Founded in 2014 and backed by Xiaomi, Roborock was listed in Shanghai in 2020. Its shares, like markets broadly, slid in early April as US President Donald Trump unveiled his tariff plans, and they are now down 14 per cent year-to-date.

Hong Kong’s Hang Seng Index has fared better than most, rising almost 10 per cent this year, despite an early April slide. The Shanghai Composite Index is down about 2 per cent.

KPMG has forecast that second listings by companies already trading in mainland China could raise about US$15 billion in Hong Kong this year. One of the most anticipated is a share sale by battery maker Contemporary Amperex Technology Co Limited.

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In September, Midea Group pulled in US$4.6 billion in Hong Kong’s biggest offering since 2021.

Roborock’s 2024 net income was about two billion yuan (S$361 million), with revenue of nearly 12 billion yuan. The company says its vacuum cleaners are available in over 40 countries, including the US, France, Germany and Spain. BLOOMBERG