Direct Drive Tech Limited

Robotics · Hardware · China Tech

IPO

Direct Drive Tech raises $138M in HKEX IPO as first direct-drive robot stock

Its actuators eliminate the reducer gearbox that dominates robot motors, giving investors a bet on the supply chain instead of humanoid platforms.

• Direct Drive Tech priced its Hong Kong IPO at HK$21.60 per share, offering 50 million H-shares to raise roughly HK$1.08 billion (US$138 million) ahead of a September 29 Main Board listing under Chapter 18C.
• Founded in 2020, the company builds direct-drive actuator modules and wheeled-legged robots that replace the reducer gearbox found in most robot motors, and holds a 61.1% share of China's consumer robotic direct-drive actuator market.
• Its D1 robot, launched in October 2025, is described as the world's first commercially introduced fully modular dual-wheel-legged robot, following earlier platforms Xingtian and TITA.
• Revenue grew from RMB17.5 million in 2023 to RMB282 million in 2025, a three-year CAGR of about 300.8%, while adjusted net loss margin narrowed from 349.1% to 15.4% over the same period.
• Two state-backed cornerstone investors, including JSC International, agreed to subscribe a combined HK$472 million (about US$60.2 million) of the offering.
• The listing lands amid a crowded 2026 Hong Kong robotics IPO pipeline that includes Mech-Mind Robotics, AgiBot's planned mega-filing and LimX Dynamics, with capital increasingly flowing into the actuator layer beneath humanoid platforms.
• As the first pure-play direct-drive actuator maker to go public, its market debut will test whether investors value robotics' underlying 'muscle and joints' suppliers as highly as flashier humanoid front-ends.