Xiaomi-backed Roborock Starts Trading with Highest Issue Price on New Tech Board
Roborock Technology, a Chinese robotic vacuum cleaner manufacturer affiliated with Xiaomi, starts trading today on China’s new tech board, the Shanghai STAR Market, with a strong opening performance.
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As the first company in the Xiaomi ecosystem to be listed on the new tech board, Roborock has become the most expensive stock on the board. Roborock’s share price climbed up 82.58% to 495 yuan, with a market capitalization of 33 billion yuan by the time market closed for lunch break.
According to its prospectus, Roborock issued a total of 66.6667 million shares with an offering price of 271.12 yuan, among which 15.5339 million shares are under unlimited sale conditions in the initial stage of listing and start trading today on the Shanghai Stock Exchange.
The Xiaomi-backed companyexpects their annual operating revenue to reach from 3.80 to 4.18 billion yuan in 2019, which would mean a year-over-year growth of 24.38% – 36.82%, according to its 2019 performance forecast. The net profit attributable to shareholders of its parent company is expected to be around 700 to 820 million yuan, rising over 120% year-over-year.
Founded in 2014, Roborock focuses on the design, development, production and sales of robotic cleaning appliances. It currently has three robot vacuum cleaners on sale, Roborock S6, Roborock S5 and Robocock S5 Max. With an emphasis on technology innovation, the robot vacuum maker has obtained over 60 patents and copyrights. More than 50% of the company’s employees are involved in R&D.