Chinese maker of robot-vacuum sensors launches Hong Kong IPO, und

Shenzhen Camsense Technologies has opened a Hong Kong initial public offering aimed at raising about HK$680 million, or US$86.7 million, while facing uncertainty from a recent US import ban affecting foreign-made vacuum robots.

IPO backed by BYD

The company, described as a maker of spatial sensors for robotic vacuum cleaners, is pursuing the listing in Hong Kong with backing from carmaker BYD.

Camsense plans to sell 11.58 million shares at HK$58.85 each, according to a stock exchange filing on Tuesday.

The shares are scheduled to start trading on September 30.

The fundraising target was also described as about US$87 million in the listing plan.

US ban and company response

The IPO is moving ahead despite headwinds from Washington’s recent import ban on foreign-made vacuum robots.

In late July, the US Federal Communications Commission added foreign-produced “advanced robotic devices”, including robotic vacuum cleaners, to its so-called Covered List.

The move blocks new models from obtaining the equipment authorisation required for US import and sale.

Camsense co-founder Zhou Kun said the impact of the ban was limited in the company’s current assessment.

“The export and procurement for our existing client products remain normal, with potential disruption limited to new product development schedules,” Zhou said.

“We have maintained close communication with clients.

Currently, our research and development progress and order intake remain unaffected.”

The company’s position, as stated by Zhou, is that existing client products are still moving through export and procurement channels, while any possible disruption is tied to new product development schedules rather than current orders.

That context matters for the listing because the US restrictions apply to new models seeking authorisation for import and sale, while Camsense says its research and development progress and order intake have not been affected.

Source: South China Morning Post