Jiazhitech Files Again: RMB 266 Million Revenue Against HKD 4 Billion 18C Listing Valuation

Intelligent mobile robot company Jiazhitech filed its prospectus with the Hong Kong Stock Exchange again on August 31, taking the 18C specialist technology route, which requires a minimum offering market capitalization of no less than HKD 4 billion. The company had 2025 revenue of RMB 266 million and a loss of RMB 99.73 million, with growth in newly signed orders slowing sharply; as of June 30, 2026, redeemable financial liabilities reached RMB 1.074 billion while total assets were only RMB 771 million. The article compares Geek+ at a price-to-sales ratio of about 2.5x and considers a high-valuation offering difficult.