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Benmo Technology Up Over 50% Since Listing; Profitability and Price-Cut Concerns Remain Unresolved
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Benmo Technology listed on the Main Board of the Hong Kong Stock Exchange on September 29 at an issue price of HK$21.6, rising 7.41% to HK$23.2 on its first day and closing at HK$32.5 on October 14, a cumulative gain of over 50%. Rhodium Finance Research Institute published an article analyzing its listing performance, acknowledging its direct-drive motor technology while pointing out concerns, and arguing that the second half—proving a turnaround to profitability—has just begun. According to the prospectus data, the company's 2025 revenue was approximately RMB 282 million, of which 97.4% came from power modules. Rhodium Finance Research Institute stated that from 2023 to 2025 and the first half of 2026, the company's losses continued to widen, reaching RMB 75.585 million, RMB 93.735 million, RMB 881 million and RMB 391 million respectively; over the same period, the average selling price of robot direct-drive power modules fell from RMB 77 to RMB 32, and the price-cut pressure is worth noting.
Report timeline
- Benmo Technology shares up over 50% since listing; profitability pressure and price-cut concerns remain unresolved
Benmo Technology listed on the Hong Kong Stock Exchange Main Board on September 29, rising 7.41% to HK$23.2 that day and closing at HK$32.5 on October 14, up more than 50% from its HK$21.6 IPO price. The article reviews the technical advantages of its two direct-drive motor series, M6 and M15, and prospectus data: 2025 revenue of 282 million yuan, 97.4% from power modules. It also notes four pressures, including widening losses and the average selling price of direct-drive power modules falling from 77 yuan to 32 yuan, and argues that the second half, in which the company must prove it can turn a profit, has only just begun.
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