Dobot's ChiNext IPO Application Accepted, Marking First 'H-Share to Shenzhen A-Share' Case Under New Policy

First Case Under New Policy: Dobot Knocks on ChiNext's Door

On April 27, the Shenzhen Stock Exchange (SZSE) officially disclosed that the ChiNext IPO application of Shenzhen Dobot Technology Co., Ltd. ("Dobot") has been accepted. Notably, Dobot was already listed on the Hong Kong Stock Exchange (HKEX) in December 2024. Its application to the SZSE's ChiNext board marks the birth of the first "H-share to Shenzhen A-share" case since the new policy was introduced.

This milestone development stems from the "Opinions on Further Advancing the Shenzhen Comprehensive Reform Pilot to Deepen Reform and Innovation and Expand Opening-Up," issued on June 10, 2025, by the General Office of the CPC Central Committee and the General Office of the State Council. The document explicitly permits Greater Bay Area enterprises listed on the HKEX to also list on the SZSE in accordance with policy regulations, opening an entirely new cross-market financing channel for technology companies in the region.

Dobot: An AI Pioneer in the Collaborative Robotics Space

Founded in 2015 and headquartered in Shenzhen, Dobot is one of China's leading companies in the collaborative robotics sector. The company focuses on the R&D, manufacturing, and sales of intelligent collaborative robots, with products widely deployed across industrial manufacturing, healthcare, commercial services, education, and scientific research.

In recent years, as AI technology has become deeply integrated with the robotics industry, collaborative robots have emerged as a critical vehicle for the real-world deployment of "embodied intelligence." Dobot has continuously increased its R&D investment in this trend, incorporating large language models, computer vision, and force-control sensing into its product portfolio, driving collaborative robots toward greater intelligence and flexibility.

Following its HKEX listing in December 2024, Dobot has gained initial recognition in the capital markets. Its further application for a ChiNext listing reflects the company's emphasis on the A-share market's financing capabilities and valuation framework, as well as the high level of activity in the collaborative robotics sector amid the current AI industry wave.

Policy Dividends Unleashed: The 'H-Share to Shenzhen A-Share' Channel Takes Shape

Market analysts note that Dobot's "return to A-shares" carries significant demonstrative value. Previously, although the "A+H" dual-listing model had precedents in the capital markets, most cases were concentrated between Shanghai and Hong Kong. The new policy's explicit inclusion of the SZSE as an option for cross-market listing by Greater Bay Area enterprises represents yet another major breakthrough in capital market institutional innovation.

From a policy perspective, this arrangement conveys at least three key signals:

• Deepening Greater Bay Area financial interconnectivity: Providing more flexible and diversified financing channels for Greater Bay Area tech companies, enhancing the attractiveness and competitiveness of regional capital markets.
• Supporting hard-tech enterprise development: ChiNext is positioned around "three innovations and four new elements," with frontier fields such as collaborative robotics and embodied intelligence being key areas of support.
• Improving cross-market institutional infrastructure: As the inaugural case, Dobot's review process and practical experience will provide a referenceable pathway template for subsequent enterprises.

Industry Outlook: More Greater Bay Area AI Companies May Follow Suit

As Dobot's "return to A-shares" progresses, the "H-share to Shenzhen A-share" channel is expected to see additional demonstration cases, further exploring and refining the specific practical pathways of this channel. Industry insiders anticipate that during this policy window, more Greater Bay Area AI and hard-tech companies already listed in Hong Kong may consider filing applications to capture the A-share market's valuation premium and broader investor base.

Currently, the global collaborative robotics market is in a phase of rapid growth, with AI-empowered smart manufacturing demand continuing to expand. If Dobot successfully achieves an "A+H" dual listing, it will not only broaden its own funding sources but also inject stronger capital momentum into the entire collaborative robotics and embodied intelligence industry chain.

For the capital markets, the realization of this landmark event signifies that the synergistic effects between the Shenzhen and Hong Kong capital markets are transitioning from policy text to substantive operation, and a new landscape for the Greater Bay Area's technology-finance ecosystem is rapidly taking shape.