From：Internet Info Agency 2026-09-03 09:18:56
On August 31, Zhejiang Jiag Intelligence Technology Co., Ltd. resubmitted its initial public offering (IPO) application to the Hong Kong Stock Exchange, with China International Capital Corporation Limited (CICC) and CITIC Securities acting as joint sponsors. The company had initially filed its application in January 2024, but refiled after its original submission lapsed due to expired documentation. Founded in 2016 and headquartered in Hangzhou, Jiag Intelligence was established by Professor Xiong Rong of Zhejiang University. Its core team largely originates from Zhejiang University’s robotics laboratory. The company specializes in providing industrial intelligent mobile robot solutions, offering products such as standard AMRs (Autonomous Mobile Robots) and forklift-type AMRs, along with fleet dispatch control and factory integration services. Based on 2025 revenue, Jiag Intelligence ranked sixth globally and fourth in China among industrial intelligent mobile robot companies, having served over 500 customers to date. From 2023 to 2025, the company reported continuous revenue growth, with 2025 revenue surging 131.2% year-over-year and gross margin improving from 19.7% to 29.7%. In the first half of 2026, revenue reached RMB 169 million, up 25.3% year-over-year, though the company has yet to achieve profitability, and its net losses have widened. New orders in 2025 grew by only 10.2% year-over-year; the significant revenue increase that year was primarily driven by deliveries from previously backlogged orders. As of June 30, 2026, the value of outstanding contracts saw only marginal growth. Operating under a project-based delivery model, the company recognizes revenue upon customer acceptance. Its concentrated customer base has led to high combined levels of accounts receivable and inventory, prolonged inventory aging, and an increase in days sales outstanding (DSO). Jiag Intelligence has launched its NERA series of embodied chassis and controllers, but this business segment remains in its early stages, contributing minimally to overall revenue. Its software offerings have not yet generated standalone subscription-based income. The company intends to list on the main board of the Hong Kong Stock Exchange as a Chapter 18C special-purpose technology company, requiring an approximate 62% increase in its valuation to meet the listing threshold.
