To The Moon

With US technology stocks experiencing a sharp sell-off and Hong Kong stocks opening under pressure, investors are looking for new opportunities beyond the crowded US AI trade.

Interestingly, Hong Kong’s IPO market is bringing two very different technology companies to investors: Guoxing Aerospace (06935), which aims to bring AI computing into space, and Amicro Technology (02065), which develops intelligent mobile robotics solutions and dedicated robot chips.

Both operate in industries with significant long-term growth potential. However, their business models, financial profiles and investment risks are quite different.

The question is whether either IPO offers an attractive opportunity at its proposed valuation.

1. Guoxing Aerospace (06935): Taking AI computing beyond Earth

Guoxing Aerospace is positioning itself at the intersection of commercial aerospace, satellite technology and artificial intelligence.

Its strategy is particularly interesting because it aims to move some computing capabilities into space rather than relying entirely on ground-based infrastructure.

The company has developed AI application satellites and AI computing satellites, with applications covering satellite-based computing, space intelligence and other digital solutions.

One important development is its AI satellite order book.

As of October 20, 2026, Guoxing had orders for 114 AI satellites awaiting delivery, with a combined contract value of approximately RMB3.48 billion.

This provides an indication of potential future business demand, although orders still need to be delivered and converted into recognised revenue.

Financial performance:

• 2023 revenue: RMB508 million.

• 2024 revenue: approximately RMB560 million.

• 2025 revenue: RMB703 million.

• 2025 net loss: RMB255.9 million.

• First-half 2026 revenue: RMB230 million, down approximately 6.3% year-on-year.

• First-half 2026 net loss: RMB150.8 million.

Revenue growth over the longer term is encouraging, but the company remains loss-making. The first-half revenue decline also deserves attention.

Its IPO offer price is HK$24.90–33.20, with an expected market capitalisation of approximately HK$15–20 billion.

The company plans to use the proceeds mainly for research and development, construction of its Shenzhen centre and strategic investments.

What makes it interesting?

Commercial space infrastructure could become an important part of the future AI ecosystem. Satellite-based computing, communications and data services offer potential applications beyond traditional terrestrial data centres.

However, the business requires substantial upfront investment, and satellite manufacturing, launches and commercial deployment involve considerable execution risks.

Its valuation also leaves little room for investors to ignore the current losses.

2. Amicro Technology (02065): Building the brains behind intelligent robots

Amicro Technology offers a different way to participate in the AI revolution.

Rather than developing large AI models or building data centres, it provides intelligent mobile robotics solutions, including navigation systems, perception technology, algorithms and dedicated AI chips.

Its technology is used in applications such as robotic vacuum cleaners, service robots and other intelligent mobile devices.

An interesting point is its position in the Chinese robotics market.

According to its prospectus, Amicro ranked third among intelligent mobile robotics solution providers by revenue in 2025, with approximately 4.2% market share.

It also ranked as China’s largest single-modal robotics solution provider.

This gives investors exposure to the robotics supply chain without having to invest directly in individual robot manufacturers.

Financial performance:

• 2023 revenue: RMB206 million.

• 2024 revenue: RMB285.8 million.

• 2025 revenue: RMB406.7 million.

• 2025 net loss: RMB155.1 million.

• Revenue increased approximately 42.3% in 2025.

The revenue growth is encouraging, but profitability remains a challenge.

In the first four months of 2026, revenue reached RMB129.7 million, compared with RMB86.1 million in the same period last year.

However, its loss also increased from RMB25.3 million to RMB66.7 million.

This suggests that rapid business expansion has not yet translated into better profitability.

Amicro plans to use approximately 70% of its IPO proceeds to strengthen its software, hardware and dedicated AI SoC capabilities, particularly in embodied intelligence, perception and motion control.

Its offer price is HK$9.27–11.58, implying a market capitalisation of approximately HK$4–5 billion.

What makes it interesting?

Robotics could become another major growth area as AI moves from software applications into physical devices.

The opportunity extends beyond humanoid robots. Robotic vacuum cleaners, service robots and industrial automation already have commercial applications.

Amicro’s existing customer relationships and technology platform give it exposure to this broader market.

However, competition, customer concentration, research and development costs and the ability to improve margins remain important risks.

3. Comparing the two IPOs

These companies represent two different investment propositions.

Guoxing Aerospace is a longer-term bet on commercial space infrastructure and satellite-based AI computing.

Amicro is a bet on the expansion of intelligent robotics and the semiconductor technology required to make robots more capable.

There are several differences worth considering:

• Business maturity: Amicro has an established robotics solutions business, while Guoxing is developing a relatively capital-intensive commercial space ecosystem.

• Revenue growth: Amicro recorded 42.3% revenue growth in 2025, compared with approximately 25% for Guoxing.

• Profitability: Both companies are loss-making, and neither has yet demonstrated sustainable profitability.

• Market opportunity: Guoxing targets the emerging space computing market, while Amicro participates in the broader robotics supply chain.

• Capital requirements: Satellite development and deployment can require substantial upfront capital. Amicro also needs continued investment in R&D and product development.

• Valuation: Amicro’s proposed market capitalisation is HK$4–5 billion, compared with HK$15–20 billion for Guoxing. However, the different business models mean that market capitalisation alone cannot determine which is cheaper.

4. Can Hong Kong IPOs benefit from the US technology sell-off?

I would be careful about assuming that money leaving US technology stocks will automatically flow into Hong Kong IPOs.

There may be some diversification interest, particularly in emerging technology sectors that are not directly exposed to the same US-listed companies.

However, both companies are still exposed to broader global risk appetite.

If investors become less willing to fund speculative growth companies, loss-making IPOs could also face valuation pressure.

In fact, the current market environment may make investors more selective about IPO pricing, cornerstone participation and the quality of underlying earnings.

A new listing is not automatically a safe haven simply because it is listed in Hong Kong.

5. Which IPO would I put on my watchlist?

My interest is in both, but for different reasons.

Amicro has a more tangible connection to existing commercial applications. Its revenue growth and position in the robotics supply chain make it an interesting company to monitor.

However, the deterioration in its first-four-month losses is a warning that revenue expansion alone is not enough.

Guoxing offers a more ambitious long-term opportunity. Its AI satellite order book is interesting, but investors need to consider the execution risks, capital requirements and relatively high proposed valuation.

If I had to distinguish their investment profiles:

• Amicro: Exposure to the growing robotics ecosystem, with a focus on commercialisation and eventual profitability.

• Guoxing: Higher-concept exposure to the emerging Space AI industry, with greater uncertainty around execution and returns.

I would pay particular attention to the final IPO pricing and subscription demand before making any decision.

My conclusion

The next generation of AI opportunities may not come exclusively from companies developing large language models or manufacturing GPUs.

Some of the opportunities could emerge from the infrastructure supporting AI in space, while others could come from bringing intelligence into physical machines.

Both Guoxing Aerospace and Amicro Technology offer exposure to these developing industries.

But an attractive industry does not automatically make an attractive IPO.

For me, the key questions are whether revenue growth can become sustainable, whether losses can narrow and whether the IPO valuation adequately reflects the risks.

I would rather miss the first-day excitement than subscribe purely because a company operates in a fashionable technology sector.

For discussion purposes only. Not financial advice.