The maker of scenario-based, AI-empowered robots, mostly used in hotels, raised about $76 million, as it becomes the first maker of flexible, service-based robots to list in Hong Kong

Key Takeaways:

Yunji raised about $76 million in its Hong Kong IPO, with a majority of funds earmarked for R&D to expand its portfolio of AI-empowered robots and service agents

The company has garnered backing from a diverse group of major investors, including Alibaba Group, Lenovo Group, Tencent, and FountainVest Partners

Ever wonder who made that robot that assisted you with your check-in or delivered food to your room during your last hotel stay? The answer could quite possibly be Beijing Yunji Technology Co. Ltd. (2670.HK), which has quietly carved out a place as China's leading supplier of scenario-based robots providing a growing range of services in hotels, such as in-room service, on-demand item delivery, guest assistance and fulfilling service and maintenance requests.

Now, that same company is hoping investors will check in to its stock with its new Hong Kong listing on Thursday, welcoming them down a red carpet whose A-list of previous backers have included leading names such as Alibaba Group, Lenovo Group, Tencent, Qiming Venture Partners, Trip.com, and FountainVest Partners, among others.

The IPO makes Yunji the first to list in Hong Kong from an emerging generation of companies providing robots to perform services in venues like hotels, commercial buildings, healthcare facilities and factories. While Yunji is losing money, like many of its peers, it's being allowed to list under a two-year-old Hong Kong Stock Exchange rule allowing IPOs by "specialist technology" companies that would otherwise fail to meet the usual profitability requirements. Notably, it is the first listing under that rule, called Chapter 18C, this year.

Unlike traditional robots with limited mobility and mostly performing the same tasks on factory assembly lines, Yunji's products include both hardware and AI agents that can perceive external input, digest it and make decisions in more flexible environments. The company describes its robots as "limbs" of its intelligent agent, with its AI digital systems as the "brain."

Yunji says ...