Roborock of China Considers Hong Kong IPO This Year to Raise $500 Million

Already Listed on the Shanghai Stock Exchange
Aims to Raise Up to $500 Million
"At an Early Stage of Review"

Roborock S9 MaxV Slim. Roborock

According to a report by Bloomberg News on April 28 (local time), citing sources, Chinese popular robot vacuum cleaner company Roborock is considering an initial public offering on the Hong Kong Stock Exchange this year to raise up to $500 million (approximately 719.8 billion KRW).

Sources told the media that "the review is in its early stages and no banks have been officially appointed yet." However, Bloomberg noted that the sources requested anonymity because the plans are confidential.

Roborock was founded in 2014, with early investment from Chinese information technology (IT) company Xiaomi. At the time, Roborock jointly developed and launched the 'Mijia' brand robot vacuum cleaner with Xiaomi, and later grew into a specialized robot vacuum company by releasing its own branded products. Xiaomi remains one of Roborock's major shareholders, holding a 9.8% stake.

Roborock was listed on the Shanghai Stock Exchange in 2020, and its share price has declined by 14% compared to the beginning of this year.

China Daily, a state-run Chinese media outlet, cited Euromonitor International in reporting that Roborock became the world's best-selling smart vacuum cleaner brand in global sales in 2023. Roborock's net profit in 2024 reached approximately 2 billion yuan (394.6 billion KRW), and its sales amounted to about 12 billion yuan (2.3677 trillion KRW).

Meanwhile, Roborock is currently undergoing a preliminary inspection by the Personal Information Protection Commission of Korea regarding the collection, use, and management of personal data. The inspection covers several robot vacuum companies selling products in Korea, and the commission plans to check for any violations of the Personal Information Protection Act when robot vacuums utilize Internet of Things (IoT) technology.