Jiaxing's third IPO of the year! Tsinghua-affiliated entrepreneur couple team up to develop logistics robots, early investors see returns of over 200 times

The “IPO Full Review” section focuses on companies making their initial public offerings, reporting on entrepreneurs’ startup experiences and success stories, analyzing business models and operational performance, and revealing how various capital forces like VC and CVC are investing in these companies.

Author | Feng Rumei

Editor | Guan Ju

Image Source | HKEX

On March 24, Zhejiang Kailuoshi Technology Group Co., Ltd. (hereafter “Kailuoshi,” stock code: 02729.HK) officially listed on the Hong Kong Stock Exchange, becoming the first stock in Hong Kong to specialize in full-stack intelligent on-site logistics robots.

Kailuoshi issued 36.798 million H-shares at HKD 16.66 per share, raising approximately HKD 613 million, with a post-IPO market value of about HKD 7.13 billion. The opening market cap was around HKD 13.8 billion (about RMB 12.1 billion). As of press time, Kailuoshi traded at HKD 31.5 per share, nearly doubling, with a gain of close to 90%.

Based on 2024 revenue, the company has become the fifth-largest integrated smart on-site logistics solution provider in China, with a market share of 1.6%. It also ranks first in the niche segment of ultra-narrow aisle autonomous mobile robots (VNA AMR), with a shipment share of 19.3%.

According to the prospectus, Kailuoshi’s revenue in 2024 reached RMB 721 million, a 30.8% year-over-year increase, and in the first nine months of 2025, it achieved RMB 552 million, up 60.3% year-over-year. By the end of 2024, the company had completed 1,530 projects, serving 779 clients across 28 sub-industries including new energy, automotive, pharmaceuticals, and e-commerce, with operations spanning 16 countries and regions worldwide.

Key clients include SF Holding, CATL, BYD, Bosideng, among others, with SF Holding also being the company’s largest external institutional shareholder.

Founded in 2014 by the married couple Gu Chunguang and Yang Yan, both graduates of Tsinghua University and members of the Tsinghua Entrepreneurs Association.

Post-listing, Gu Chunguang, Yang Yan, and their concerted parties control approximately 27.26% of voting rights, making them the largest shareholder group and the actual controllers of the company. Gu Chunguang personally holds 5.3% of shares. Based on the HKD 13.8 billion opening market cap, Gu Chunguang’s net worth exceeds RMB 600 million.

Other external shareholders include SF Holding with 12.89%, China International Capital Corporation (CICC) with 9.28%, China Merchants Group (via China Merchants Advanced Technology with 5.92% and Wuxi Industrial Development with 1.31%) holding 7.23%, Wuyuefeng Capital with 5.3%, Yuanhe Chongyuan with 4.10%, Jiuzhoutong Medical with 3.65%, Cornerstone Capital with 2.62%, Nanhu State-owned Holding with 1.94%, Mali Venture Capital with 1.81%, and Datai Fund with 1.15%.

Based on the HKD 13.8 billion market cap, the return multiples for these investors are approximately 9.43x, 4.7x, 4.1x, 9.54x, 7.22x, 16.66x, 3.18x, 3.37x, 204.81x, and 3.69x respectively.

Notably, as of November 30, 2025, Kailuoshi still holds approximately RMB 2.3 billion worth of pending delivery orders. These orders are expected to be gradually fulfilled over the next three years, potentially becoming a key support for the company to turn losses into profits.

Of the funds raised in this IPO, Kailuoshi plans to allocate about 45% to R&D investments, continuously upgrading intelligent logistics equipment and core software systems to strengthen technological and product competitiveness; about 25% to expand production capacity and improve manufacturing and delivery capabilities; about 20% to develop domestic and international markets, expanding customer coverage and brand influence; and the remaining approximately 10% to operational funds to ensure daily operations and sustainable business growth.

Doctor couple team up for logistics

In 1989, Gu Chunguang entered Tsinghua University’s Mechanical Engineering Department. After earning his Bachelor’s degree in 1993, he went on to pursue a Ph.D. at MIT, focusing on robotics and automation.

Image Source: Kailuoshi

Before returning to China, Gu Chunguang worked as a consultant at i2 Technologies, a supply chain management software company in the U.S. In 2005, he was sent back to Beijing to develop the Chinese market, responsible for consulting in the automotive and steel industries.

In March of the same year, Gu Chunguang joined McKinsey’s Shanghai office as a senior consultant, providing strategic advice to Fortune 500 companies. As a high-paid executive, he traveled daily in five-star hotels and business class, seemingly enjoying a glamorous life. But in Yang Yan’s recollections, Gu Chunguang always felt that consulting was too far from real industry and wanted to do something practical.

Yang Yan also graduated from Tsinghua University and holds a Ph.D. in Electrical Engineering from Cornell University in the U.S. She previously worked at Aware, Infineon China, and Lingte Communications. The two met through alumni networks, and their shared academic background made their career paths more aligned.

After three years at McKinsey, Gu Chunguang chose to resign and joined a private enterprise—Jiuzhoutong Pharmaceutical Group as CTO. The transition from multinational to private company was significant. Yang Yan describes, “Private companies have stricter cost controls, but joining Jiuzhoutong was his first step toward realizing his industrial dreams.”

During his nine years at Jiuzhoutong, Gu Chunguang’s “industry training ground” was established.

When he first joined Jiuzhoutong, he faced the challenge of relocating Beijing’s old and new warehouses—industry practice required a one-week suspension of operations, causing at least RMB 70 million in losses. Gu Chunguang’s team designed an unprecedented “pharmaceutical relocation software,” successfully enabling normal shipments during the move, with only RMB 20,000 in losses on RMB 200 million worth of drugs, which industry insiders thought impossible.

Jiuzhoutong’s chairman Liu Baolin highly appreciated Gu Chunguang’s abilities and invited him to join the company. After this successful relocation, his reputation grew even more. This became one of Gu Chunguang’s key achievements at Jiuzhoutong.

This experience allowed Gu Chunguang to accumulate both hardware and software expertise, and to see the pain points of traditional warehouses—high reliance on manual labor and low efficiency—and the real needs of the logistics industry. But later, due to strategic adjustments, he chose to leave.

He also mentioned in interviews: “In labor-intensive logistics, automation is an inevitable trend. In this long race, we need to develop a highly competitive core technology.”

Coinciding with Amazon’s 2012 acquisition of Kiva Systems, a global wave of logistics robot startups was triggered. Gu Chunguang’s keen market insight revealed the enormous potential of logistics robots.

In 2014, known as the “Year of China’s Logistics Mobile Robots,” Gu Chunguang and Yang Yan founded Kailuoshi in Wuxi. Initially, Gu held 70% of the shares, Yang 30%, focusing on the independent R&D of four-way shuttle vehicles (MSR).

Gu Chunguang served as CTO, leading hardware and software development. Yang Yan managed strategy and industry cooperation, becoming an important partner on his entrepreneurial journey.

In the early days, the company faced technical route differentiation pressures. Gu personally led testing of shuttle vehicles over 1 million times, analyzing wear parts and continuously optimizing designs, ultimately reaching international standards.

In the first year, Kailuoshi developed its first-generation four-way shuttle vehicle, which was mass-produced at its Wuxi factory the following year, becoming China’s first four-way shuttle vehicle for storage bins.

In its founding year, Kailuoshi completed RMB 22 million in Series A funding, with investors including Jiaxing Jiumai Investment (wholly owned by Yang Yan), Datai Capital, Mali Venture Capital, and Cezheng Capital.

By the end of 2016, Kailuoshi moved its headquarters to the Science and Technology City in Nanhu District, Jiaxing. Local government provided factory space and rent reductions, and the Zhejiang Tsinghua Yangtze River Delta Research Institute’s alumni ecosystem helped accelerate its growth.

In 2017, Kailuoshi received an exclusive RMB 67.5 million Series B investment from Wuyuefeng Capital.

It’s worth noting that, besides the founders being Tsinghua alumni, other key investors such as Li Quansheng of Datai Capital, Li Feng, Wu Ping, and Pan Jianyue of Wuyuefeng Capital are also Tsinghua alumni; Mali Venture Capital’s predecessor was Tsinghua Science Park Venture Capital, affiliated with Tsinghua University Group. These Tsinghua-connected investors have participated in subsequent rounds and have accompanied Kailuoshi’s growth.

In 2017, Kailuoshi also acquired Hubei Jiuzhoutong Pharmaceutical’s automated pharmaceutical logistics company, Jiuzhoutongda Technology, completing a “technology + industry” deep integration. The acquisition was done via equity swap, making Jiuzhoutong Pharmaceutical, listed on the Shanghai Stock Exchange, a shareholder.

During this period, Kailuoshi established a connection with its future key shareholder—SF Holding. Gu Chunguang recalls: “Our first contact with SF was at the end of 2016. They were looking for intelligent solutions to improve warehouse space utilization, and our four-way shuttle technology fit their needs perfectly.”

At that time, SF faced increasing warehousing pressure. Kailuoshi’s solution could increase warehouse space utilization from 30-40% to over 70%, reducing labor costs by 40%. This core benefit impressed SF, leading to initial project cooperation. Later, SF became a shareholder through its subsidiary, Suzhou Huidao Investment Fund.

SF not only provided funding but also became Kailuoshi’s “product manager” and “natural testing ground.” Gu Chunguang said: “Their warehousing scenarios are extremely complex—from pharmaceuticals cold chain to e-commerce hot items, from large to small goods. Our technology kept iterating and upgrading in SF’s warehouses.”

The most notable example was in 2019, when Kailuoshi partnered with SF to deploy the first overseas large-scale postal sorting center in Novosibirsk, Russia. This project marked Kailuoshi’s first step into the global market. The same year, the Moscow branch was established, kicking off international expansion.

In the 2018 Series C funding round, SF Holdings invested an additional RMB 120 million. Other investors included Yuanhe Chongyuan, Fanguang Investment, Xucun Investment, among others.

Products sold in over a dozen countries, annual revenue RMB 721 million

Kailuoshi’s unique strength lies in its core philosophy: “Scenario First, Technology-Based.”

As one of the few global companies mastering full-stack robotics technology, Kailuoshi’s product line includes four-way shuttle vehicles (MSR), autonomous mobile robots (AMR), conveyor sorting robots (CSR), and full-stack WMS/WCS/RCS software systems, covering all three major scenarios: storage, handling, and sorting.

The four-way shuttle vehicle is its technological moat. Compared to traditional flat warehouses, it can increase storage space utilization by over 50%, reduce energy consumption by 30%, and has clear advantages in storage-dense scenarios like pharmaceuticals and e-commerce. In simulated peak shopping scenarios, the shuttle vehicle combined with AMR and conveyor systems can process over 2,000 orders per hour, far exceeding traditional manual warehouses’ 200-300 orders per hour.

By 2025, Kailuoshi also launched the VFR series, a globally unique ultra-narrow aisle forklift based on AMR chassis. It narrows aisle width to 1650mm, increasing pallet storage density by 30% over traditional driverless forklifts. The “Erlang Shen” CS series is equipped with dual 3D cameras and laser radar for 3D visual recognition, with a lifting height of up to 4700mm.

From 2022 to 2024, Kailuoshi invested over RMB 240 million in R&D. By September 2025, it held 153 domestic patents and 11 foreign patents, participated in drafting 6 national and industry standards. Its PTR-CC series narrow-aisle high-lift intelligent handling robots was awarded as China’s first set of equipment in 2024.

In market expansion, Kailuoshi initially leveraged Jiuzhoutong’s resources to deepen its presence in the pharmaceutical industry, then gradually expanded into e-commerce, apparel, automotive, and other sectors with urgent automation needs. Now, it has entered higher-barrier, faster-growth fields like new energy and semiconductors.

In the new energy sector, Kailuoshi has provided intelligent manufacturing solutions for CATL, BYD, and other companies. For lithium battery production, it developed fireproof stackers with automatic fire extinguishing functions.

In the semiconductor industry, which demands extremely strict production environments, Kailuoshi developed an automated material handling system (AMHS) composed of airborne automated guided vehicles (OHT), clean storage systems (STK), and more, solving critical “bottleneck” technical issues in domestic semiconductor logistics.

After establishing a foothold in the domestic market, Kailuoshi set its sights overseas.

Its international journey began in 2019 with the cooperation on the Russian postal sorting center project with SF. This project helped Kailuoshi accumulate overseas project experience and verify product adaptability across different climates and scenarios.

Since then, Kailuoshi has accelerated its global expansion, planning key regions including Russia, Southeast Asia, Japan, Korea, the Middle East, Europe, and North America. Currently, its business covers 16 countries and regions worldwide.

Regional revenue share chart source: Prospectus

Kailuoshi’s overseas strategy emphasizes localization and high-end cooperation.

In early 2022, Kailuoshi partnered with SSI SCHAEFER, one of the top three global logistics system integrators, signing a project in Dubai to build a smart logistics center for luxury goods retailer Brands for Less (BFL).

Additionally, the company has established subsidiaries in Moscow and Hamburg, responsible for market expansion and customer service in Russia and Europe; and set up an R&D company in Austria, focusing on autonomous robot platforms and high-end logistics equipment like intelligent shuttle vehicles—truly implementing “dual localization” in R&D and market presence.

Emerging markets are becoming growth highlights. Industry data shows Southeast Asia and the Middle East are the fastest-growing regions for smart logistics robots, with market sizes projected to reach RMB 11.9 billion and RMB 19.6 billion respectively by 2030, with compound annual growth rates exceeding 25% and 23%.

The rise of e-commerce penetration, supply chain restructuring, and local policy support are driving these two regions to become new blue oceans for smart logistics. Kailuoshi’s strategic deployment in these areas is timely.

Financially, Kailuoshi’s 2024 revenue reached RMB 721 million, and in the first nine months of 2025, it already achieved RMB 552 million, a 60.3% YoY increase, indicating strong business expansion.

Notably, from January to September 2025, it also generated RMB 42.64 million in revenue from the catering industry, accounting for 7.7%, forming a diversified customer base across 28 industries. Customer structure has also improved: the top five clients’ revenue share decreased from 48.0% in 2022 to 27.4% in the first nine months of 2025, reducing customer dependency risks.

Losses are narrowing. During the first nine months of 2024 and 2025, net losses decreased from RMB 141 million to RMB 135 million, and adjusted net losses from RMB 46.4 million to RMB 13.8 million in the same period.

Competitive but with promising growth

The Chinese logistics robot sector is in a golden period of rapid growth. According to Frost & Sullivan, the market size is expected to reach RMB 413.7 billion by 2030, with a CAGR of over 15% from 2025 to 2030.

This sector attracts nearly 400 companies competing fiercely, with many innovators emerging rapidly, intensifying industry “involution.” Previously, a technological lead could last about two years; now, the window has shrunk to roughly six months.

The industry landscape is now clearer. Besides Kailuoshi, key players include Geek+ (Geekplus), Hikvision Robotics, KuaiCang, HAI Robotics, and Stander Robotics.

The competition focus has shifted from “hardware battles” to “ecosystem building,” with companies moving from “price wars” to “technology-driven” strategies—driving service transformation through AI, developing modular and scalable solutions, and meeting new demands like flexible small-scenario integration.

Internationalization is also essential. As domestic competition intensifies, overseas markets become more critical. However, the path abroad is challenging; currently, only a few Chinese companies have the capability for system integration overseas. Most can only serve as supporting suppliers for global giants, lacking market initiative.

Industry consolidation is imminent. Some analysts believe that leading companies in various segments are rushing to go public, which may intensify the “Matthew effect.” Listed companies, backed by capital, will further invest in R&D, scenario expansion, and global deployment, accelerating industry reshuffling and淘汰 of small and mid-sized firms lacking core competitiveness.

Before Kailuoshi, Geek+ went public on HKEX in July 2025 as the world’s first AMR warehouse robot company. Stander Robotics filed for a secondary listing on HKEX on January 4, 2026. KuaiCang also submitted a confidential listing application in September 2025, both aiming to list in 2026.

However, going public is not the end but the start of a new race. For Kailuoshi, balancing expansion and profitability remains a key challenge for future growth.

This article is an original contribution from Chuangyebang. Unauthorized reproduction is prohibited; otherwise, Chuangyebang reserves the right to pursue legal action. For reprints or inquiries, please contact editor@cyzone.cn.