Xia Zhijin, Managing Partner at Vertex Ventures
AsianFin -- After a decade of quiet perseverance, warehouse robotics firm Geek+ has finally stepped into the spotlight.
On Wedneday, the Beijing-based company debuted on the Hong Kong Stock Exchange under the ticker 02590.HK, in what marks the largest robotics IPO in Hong Kong this year and the world’s first public listing for an autonomous mobile robot (AMR) company.
Priced at HK$16.80 per share, Geek+ is valued at over 21 billion yuan ($2.9 billion), a milestone that positions it as the highest-revenue robotics firm listed in Hong Kong to date.
Founded in 2015, Geek+ develops AI-powered robots designed to automate warehouse logistics. The company posted more than 2.4 billion yuan in revenue last year, outpacing peers and validating its early bet on international expansion. Clients include a roster of Fortune Global 500 firms, and the company operates across China, Japan, Europe, and the U.S.
Founder, Chairman, and CEO Yong Zheng is a Tsinghua University graduate with stints at ABB and New Horizon Capital. He is one of the few robotics entrepreneurs with deep cross-functional experience spanning engineering, management, and investment.
"From day one, Geek+ was built with a global mindset," said Xia Zhijin, Managing Partner at Vertex Ventures and a non-executive director of Geek+. Vertex, backed by Singapore's Temasek, was one of Geek+’s earliest investors and has supported the firm through multiple funding rounds.
Xia credits Zheng and his founding team’s "exceptional learning ability" and early conviction in going global as key reasons for Geek+’s long-term success. When Vertex first invested in 2017, the robotics sector was considered a niche, with few Chinese VCs showing interest.
"At that time, most of the capital was chasing internet startups. Robotics wasn’t hot," Xia said. "But we believed robots would eventually boost human productivity by orders of magnitude."
Xia also led early investments in Unitree Robotics and Horizon Robotics, both of which have since become standout players in AI hardware and automation.
With its strong financials and global customer base, Xia believes Geek+ is well-positioned to perform post-IPO. "Hong Kong has become increasingly welcoming to high-tech listings," he said, noting a broader investor appetite for AI and automation plays.
Geek+ boasts gross margins near 40% and has maintained a leading market share in AMR solutions for six consecutive years. Its robots are widely used in logistics centers and smart factories worldwide.
Still, Xia urges caution amid the current hype. "The robotics and embodied intelligence sectors are overheated. Many overestimate short-term gains and underestimate long-term impact," he said.
He draws parallels to the autonomous driving boom of the past decade: high expectations, a wave of entrants, and eventually, consolidation. "Not all robotics startups will survive," he said. "But those who make it will reshape how industries operate."
Xia anticipates that at least five major robotics hardware players will emerge in China, each specializing in vertical domains. He believes the sector's endgame is akin to a new industrial revolution: machines liberating humans from repetitive tasks, enabling more creative, high-value work.
Looking ahead, Xia is bullish on AI Agents and productivity tools as the next breakout category. "If a startup can move fast and deliver real value, capital and users will follow. The race has just begun," he said.
As for Geek+, its new status as a public company may be just the beginning of a longer journey. "Ten years ago, no one believed a Chinese AMR company could lead globally. Today, Geek+ is setting the benchmark."
