Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

LATEST
SMIC Profits Soar to $138m in Second Quarter
Foldable Phone-Maker Plans Shenzhen IPO, Dispelling Rumors of U.S. Listing
Astra Inks Oxford Vaccine Production Deal with China’s Kangtai
Trending Story: Are Any New Graduates Really Worth 2 Million Yuan a Year? Netizens Discuss!
Trending in China: Popcorn or Cheaper Tickets - What Would Make You Return to the Cinema?
Tesla Challenger Xpeng Raises $400 Million Before Planned U.S. IPO
CATL Announces it Will Supply Batteries for Mercedes-Benz New Electric Sedan
TikTok Sees No Slowdown in Global Popularity Despite Indian Ban and U.S. Threats
Baidu Search, Sina Weibo on ‘Secret List’ of Chinese Apps Banned in India’s Latest Purge
Trending in China: Choosing a College Major - For Love or Money?
Evergrande Health Forges Ahead With Six New Electric Vehicles
Trending in China: How Cute Rabbit Ears Are On the Frontline in Fight Between Delivery Firms
Chinese Company Files Lawsuit Against Apple’s Siri for Patent Infringement Worth Billions
China Home to Six of the World’s Top 10 Unicorns, Hurun Report Says
Trending in China: Can Music Streamers Help Users’ Depression?
Core Parts of China’s Beidou Satellite System ‘100% Made in China’
Trending in China: Xiaomi CEO’s Shows How Best To Harness China’s Social Media Humor for Serious Business
Apple Takes Down Over 30,000 Apps from China Store Amid Government Crackdown
Chinese Chipmaker SMIC to Establish Joint Venture for Wafer Production
Microsoft Said Plan to Acquire TikTok Will Continue
Xiaomi-Backed Smart Home Cleaner Maker Raises $641 Million in Shanghai IPO

By Ding Yi / Feb 22, 2020 03:07 AM / Business & Tech

Photo: VCG

Photo: VCG

Shares of Beijing Roborock Technology, backed by smartphone giant Xiaomi, skyrocketed in its trading debut on Shanghai’s Nasdaq-style high-tech board Friday as its market cap surged past 33 billion yuan ($4.7 billion).

Roborock Technology closed at 500.1 yuan per share on Friday, up 84.5% from its IPO price of 271.1 yuan. It raised around 4.5 billion yuan ($641 million) in the IPO by offering 16.7 million shares.

Founded in 2014, the Beijing-based startup designs and sells intelligent home cleaners and other cleaning appliances. It received an investment from Xiaomi that year and launched its first product, Mi Home Robotic Vacuum Cleaner, in 2016. The company said that it will use the IPO proceeds to develop next-generation robotic home cleaners and a data analysis platform.

Xiaomi owns 24.7% of Roborock through its associated companies Tianjin Jinmi Investment Partnership and Shunwei Capital, according to Roborock’s prospectus.

In the first half of 2019, Roborock generated revenue of 2.1 billion yuan.


Share this article
Open WeChat and scan the QR code