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Image source: Company official website
AsianFin -- SwitchBot, a fast-growing Chinese smart home and embodied AI robotics company, has officially filed for an IPO on the Hong Kong Stock Exchange, positioning itself as the world's first publicly listed "AI embodied robotics stock."
Founded in 2015 by Li Zhichen and Pan Yang—both alumni of the Harbin Institute of Technology—SwitchBot began as Woan Technology in Shenzhen. Li, who completed his master's in electronics at Nanyang Technological University in just one year, left a role at a Singapore-based tech firm to pursue his entrepreneurial ambitions back home.
The company's first product, the retrofit SwitchBot device, allowed remote control of home appliances without the need for complex installations.
At a time when the smart home market was still dominated by remote-control sockets, SwitchBot launched the world's first commercial "finger robot" in 2017. The SwitchBot Bot mimics a human finger's pressing motion, enabling legacy appliances to function in a smart environment. "We tested 97% of the switches on the market," said co-founder Pan Yang, noting the company's precision in engineering down to 0.1 mm of actuation accuracy.
SwitchBot's 2018 pivot to international markets was catalyzed by investments from Professor Li Zexiang—often dubbed the "godfather of DJI"—and Gao Bingqiang, co-founder of XbotPark. That year, the company secured Pre-A and A round financing and launched on Amazon, setting the stage for its global expansion.
In 2020, the company launched the SwitchBot Curtain, transforming the motorized curtain category. The device featured a magnetic, tool-free installation and retailed for under USD 70, addressing pain points in cost and complexity. "We redesigned the drive module using bionic, flexible transmission to reduce noise below 30 dB," said Pan Yang.
Today, users like Sato, a Tokyo office worker, wake to their SwitchBot Curtains automatically opening via scheduled commands, integrated seamlessly with coffee machines and air purifiers through the SwitchBot app.
"Our generation of entrepreneurs must be global from the beginning," said CEO Li Zhichen. The strategy has paid off. Japan is now SwitchBot's largest overseas market, accounting for 57.7% of revenue, followed by Europe (21.4%) and North America (15.9%). In 2024, over 95% of the company's total revenue came from international markets.
SwitchBot completed several funding rounds over the past few years. In 2021 alone, the company raised more than RMB 128 million (USD 17.6 million), including investments from Source Code Capital, Yintai Capital, and Hillhouse Capital. In March 2022, it secured a Series B+ round worth RMB 200 million (USD 27.5 million) from backers like Fortune Capital and SDIC Innovation.
By May 2025, Brizan Ventures added another RMB 70 million (USD 9.6 million), pushing SwitchBot's valuation to RMB 4.05 billion (USD 555 million). Founder Li Zhichen, now 34, has amassed a fortune of over RMB 850 million (USD 116.5 million).
SwitchBot's IPO prospectus outlines three primary uses for the proceeds: enhancing R&D to advance embodied AI robotics systems, expanding global sales and branding, and boosting working capital to fuel long-term growth.
Robotics IPO Wave Hits Hong Kong
SwitchBot's IPO comes amid a flurry of listings in Hong Kong from China's robotics sector. Between June 4 and June 8, three robotics firms—industrial robotics firm Estun, robotic vacuum leader Roborock, and SwitchBot—all filed for IPOs on the HKEX. Earlier filings included visual robotics specialist LeMotion, controller system firm SEER, and Yunji Technology, which leads in hotel service robots.
Several A-share listed firms are also eyeing dual listings. Zhaowei Mechanical & Electrical, a core player in humanoid robotics components, Fibocom, and Sanhua Intelligent Controls—all with growing international operations—are planning Hong Kong IPOs to accelerate global ambitions.
Industry insiders attribute this wave to both stricter A-share listing criteria and the more flexible, innovation-focused environment in Hong Kong. While China's ChiNext board now requires companies to post RMB 100 million (USD 13.7 million) in profits over two years, the HKEX allows pre-profit tech firms to list, provided they show strong growth potential.
"The Hong Kong market provides easier access to funding for robotics firms in heavy R&D stages," said Fan Congming, founder of the Shenzhen Artificial Intelligence Industry Association.
Liu Chenming, Chief Strategy Analyst at GF Securities, added that a Hong Kong listing also facilitates deeper global integration, helping robotics firms attract international customers, partners, and investors while building global brand awareness.
As China's intelligent manufacturing sector continues its push for global leadership, Hong Kong is emerging as a key launchpad for robotics companies like SwitchBot aiming to scale their technologies worldwide.
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