Kaysen Technology (02729) IPO in progress: Smart Siasun Robot & Automation in the long and snowy track, the "leader" takes the lead.

As the core target in the intelligent on-site logistics track of the Hong Kong stock market, Kairuiti Technology (02729) is about to debut in the Hong Kong stock market, creating a buzz before its official listing. Currently, the company has entered the subscription phase, and within just three days, its public offering has been oversubscribed by 16.67 times. As a high-growth target with excellent quality in the 2026 Hong Kong main board IPO track, Kairuiti Technology has been in high demand since the subscription started. According to the public offering information, Kairuiti Technology will conduct its subscription from March 16th to March 19th, issuing 36.798 million shares at 200 shares per lot, with an entry fee of 4121.15 Hong Kong dollars. Based on the midpoint of the offering price range of 18.4 Hong Kong dollars per share, the estimated net proceeds are about 618 million Hong Kong dollars, and are expected to be listed on March 24th. It is worth noting that, as of March 18th, several securities firms have lent out over 1.2 billion Hong Kong dollars in margin financing for subscribers to Kairuiti Technology, reaching a relatively high level within the industry. By pricing the IPO above the industry average, on one hand, it demonstrates the company's confidence in future development, and on the other hand, it indicates that investment institutions have a positive outlook on its future development. At the same time, the company has left sufficient room for investor participation in the secondary market for future growth. Focusing on the on-site logistics track, Kairuiti Technology has established a solid business foundation with full-stack capabilities and a leading position in the industry. According to Frost & Sullivan data, based on the revenue in 2024, Kairuiti Technology ranks among the top five comprehensive intelligent on-site logistics companies in China. Kairuiti Technology has created a product matrix covering all scenarios, with multi-directional shuttle Siasun Robot & Automation (MSR), autonomous mobile Siasun Robot & Automation (AMR), and conveyor sorting Siasun Robot & Automation (CSR) as the main product lines, providing core functions such as access, sorting, and handling, covering the entire scope of on-site logistics business, and offering a one-stop on-site logistics intelligent solution for customers in different industries and of different scales. This has established a core product advantage of "full-scene coverage + customized adaptation". Among them, Kairuiti Technology's narrow-aisle fork-type mobile Siasun Robot & Automation (VFR) series is globally unique, known as the "versatile player" and "hexagonal warrior" in the industry, serving as a core competitive edge for the company, and laying a solid product foundation for expanding high-value customers and improving profitability. A high-quality, stable, and diverse customer structure is the core guarantee for companies to navigate industry cycles and achieve sustainable growth. Over the years, Kairuiti Technology has deeply cultivated the market, establishing a diversified and international customer base, which has become an important part of its core competitiveness. According to the prospectus, as of now, Kairuiti Technology's business has successfully expanded to 29 industries, covering 19 countries and regions worldwide, with a total of 861 customers, including automotive, pharmaceuticals, new energy, 3C electronics, e-commerce, and other high-growth segments. The revenue has grown steadily from 657 million yuan in 2022 to 721 million yuan in 2024, and approximately 552 million yuan in revenue in the first nine months of 2025, showing a stable growth momentum. In terms of international layout, Kairuiti Technology's overseas business has become an important second growth driver for the company. As of December 31, 2025, the company's overall pending orders amounted to 2.2 billion yuan, including 46 ongoing overseas projects with a total contract value of 685 million yuan. This not only reflects the competitiveness of the company's products and solutions in the global market but also opens up a broader global market space for the company. More importantly, with the company's continuous efforts in expanding new customers and breaking into emerging markets, the company's dependence on the top five customers is steadily decreasing. This change signifies the company's increasing market expansion capabilities, broader market recognition of its brand influence and product competitiveness, and a significant improvement in business development sustainability and risk resistance, laying a solid customer base for long-term development. The industry's dividends and policy support resonate, nurturing opportunities for long-term growth The long-term growth of a company depends not only on its core competitiveness but also on the development dividends of the sector it operates in. Currently, the global and Chinese intelligent onsite logistics industries are in a period of rapid development, with vast market space and strong policy support. From the perspective of market demand, as the global supply chain undergoes continuous upgrades in intelligence, and China's manufacturing industry shifts towards intelligent logistics automation and flexibility, the global and Chinese intelligent on-site logistics market is expanding continuously, with industry penetration entering a phase of rapid growth. According to Frost & Sullivan's forecast, by 2030, the global intelligent on-site logistics market is expected to reach 991.9 billion yuan, with a compound annual growth rate of 13.7%, and the Chinese intelligent on-site logistics industry market size is also projected to increase to 413.7 billion yuan. In recent years, whether it is the demand for intelligent logistics facilities brought about by the development of overseas manufacturing industries or the upgrade demand for on-site logistics automation, intelligence, and flexibility in the process of China's transformation to "Chinese intelligent manufacturing", the intelligent on-site logistics industry has been presented with massive market opportunities. According to a Huatai research report, companies with research and development, manufacturing, and channel advantages are expected to continue benefiting from AI empowerment and maintaining good profit capabilities. Excellent companies in the industry, on the one hand, have a reliable track record in new project delivery due to their extensive historical project experience; on the other hand, they are likely to continue developing new products based on industry pain points and iterating continuously in actual applications at enterprises and customer sites, accelerating the landing of new products and further enhancing user stickiness. In addition, Huatai believes that companies with overseas sales and delivery capabilities are likely to achieve higher profitability. Therefore, head enterprises with full-stack technical capabilities, full-scenario product layouts, and global service capabilities will have a priority advantage in benefiting from the industry's expansion brought about by increased market demand. The market share is likely to continue to concentrate on these leading enterprises, providing a long tail growth dividend for top companies like Kairuiti Technology, and creating an excellent external environment for building a strong business moat. From the perspective of policy support, the country is also intensifying support for intelligent robotics and smart supply chain industries, providing strong policy "tailwinds" for industry development. At this year's National Two Sessions, "intelligent robotics" was officially established as one of the six emerging pillar industries, becoming a strategic direction for national key support; meanwhile, "smart supply chain" has been mentioned multiple times in government work reports, indicating a shift from traditional logistics to digitization, intelligence, and collaboration in supply chain management. Coupled with the continuous efforts of all levels of government in policy support and funding, the intelligent on-site logistics industry has encountered unprecedented policy development opportunities, and as a leading company within the industry, Kairuiti Technology will deeply benefit from the policy dividend, ushering in a golden period of technological upgrades and market expansion. From an endogenous perspective, technological research and development capabilities are the core factors determining a company's long-term competitive strength. Since its establishment, Kairuiti Technology has regarded research and innovation as the core strategy for its development, establishing a solid technological barrier and research and development moat, which has been the key to its sustained leadership in the fiercely competitive market. Firstly, the company has an extremely competitive core founding team within the industry, providing solid talent support for the company's technological research and strategic layout. The founders of the company, Gu Chunguang and his wife Yang Yan, are alumni of Tsinghua University, with Ph.D. degrees from the Massachusetts Institute of Technology and Cornell University respectively, possessing a deep background in the supply chain industry and cutting-edge technological perspective. They can accurately grasp the industry's technological development trends and market demand changes, leading the company to continue to be at the forefront in technological iteration and market expansion, and laying a solid foundation for attracting high-end research and development talent and building a professional research and development team. Secondly, the company has made significant achievements in the construction of the research and development system and the layout of technological patents. As of now, the company owns 379 registered patents, forming a complete intellectual property protection system, providing a solid technical guarantee for the continuous iteration of its products and differentiation in competition, and building a technological moat that peers find difficult to replicate. It is worth mentioning that, in line with the trend of artificial intelligence development, Kairuiti Technology has established a dedicated Artificial Intelligence Research Institute, focusing on research in computational intelligence, visual intelligence, and embodied intelligence. The company is committed to implementing cutting-edge technology in the logistics field, driving the intelligent upgrade of products and innovative applications in various scenarios, achieving a deep fusion of advanced technology and industrial applications, making AI technology a core driving force for improving product performance and optimizing customer experience. In conclusion, Kairuiti Technology is in the golden track of intelligent on-site logistics, with a leading market position, a full-scenario product matrix, a diverse global customer structure, strong policy support, and a deep technological research and development barrier, constructing a comprehensive core competitiveness. This Hong Kong IPO will be an important milestone in the company's development process, leveraging the power of the capital market to further deepen technological research and development, expand global markets, consolidate its leading position in the industry, and continuously release long-term growth value in the global trend of supply chain intelligence, bringing substantial long-term returns to investors.