Robotics firm Direct Drive Tech raises $140M in Hong Kong IPO
What's the deal? benmo power (beijing) technology, listing as Direct Drive Tech, raised US$130.5M in its Hong Kong initial public offering. Shares begin trading on The Stock Exchange of Hong KongDealroom has a profile for this one. Try Dealroom → on Tuesday, September 29, 2026, under stock code 6731 at US$2.61 apiece.
The details: The company sold 50 million H Shares. After deducting listing expenses of US$11.8M, net proceeds come to roughly US$118.8M.
Why the buzz? The Hong Kong public offering was oversubscribed 208.56 times. That retail demand triggered a claw-back, lifting the public tranche from an initial 5% of the offering to a final 20%, or 10 million shares.
Why now? Direct Drive Tech is listing as a Specialist Technology Company under Chapter 18C of the exchange's Listing Rules — a framework designed to draw pre-profit and early-stage tech firms to Hong Kong. The company will not exercise its over-allotment option.
Who's backing it? Investors include hk technology innovation, jsc international, orient asset management (hong kong) limited, rockets capital advisor, and shenghai sp.
The signal: The scale of oversubscription points to renewed appetite for hard-tech listings in Hong Kong, particularly those routed through Chapter 18C. A retail bid that forced a fourfold expansion of the public tranche suggests investors are willing to chase specialist technology names — a test case for the pipeline of similar firms still weighing a public debut.
Read more: minichart.com.sg
Image credit: jurvetson
