Gasgoo Munich-Shenzhen Dobot Technology Co., Ltd. (hereinafter "Dobot") is set to face an IPO review by the Shenzhen Stock Exchange on July 22, according to Gasgoo. Marking the first "H-share to A-share" transition in the Greater Bay Area since Shenzhen's comprehensive reform pilot, Dobot's journey from application to review took just 86 days.On the same day as the review, the company issued a voluntary clarification to address an equity incentive dispute involving a former employee, identified only as Song.The clarification centers on three key points:First, Song's background and the origin of his holdings. Dobot was founded in 2015 by six individuals, including Liu Peichao; Song was neither a founding shareholder nor a co-founder, having officially joined only in October 2017. His equity stems entirely from an employee incentive plan approved by shareholders in 2018, with all necessary transfer and registration procedures completed. The holdings are compliant, with no issues regarding capital contribution defects or proxy holding.Second, the timeline of the dispute. Under the incentive plan rules, the controlling shareholder—or a designated third party—has the right to repurchase shares upon an employee's departure. After Song resigned in March 2021, Dobot exercised this right in accordance with regulations. In late 2022, as the company restructured its equity platform for a new round of incentives, it attempted multiple times to coordinate with Song on necessary registration changes, but he refused to cooperate.Third, the current legal status. Dobot filed a civil lawsuit regarding the dispute in November 2023, but the court dismissed it, ruling that the matter fell under arbitration jurisdiction. As of the signing date for the A-share prospectus, there are no pending lawsuits or arbitrations between Dobot, its controlling shareholder, and Song.Dobot stated that Song has not sought to resolve the issue through legal channels in the five years since his departure. Instead, he has filed reports at critical junctures in the listing process, attempting to derail the IPO. The company insists this is an internal matter within the employee stock ownership platform and will not affect the stability of its equity structure or control. Nor will it have a material adverse impact on operations, business development, or financial condition.Image Credit: Dobot RobotPublic filings show Dobot focuses on the R&D, production, and sales of collaborative robots and embodied intelligence robots. Its products are widely used in sectors such as automotive, 3C electronics, new energy, and industrial manufacturing.Leveraging the industrial client base and engineering capabilities built through its collaborative robot business, Dobot is pivoting quickly into embodied intelligence. The company has developed its own embodied large models and built a full product matrix covering humanoid, multi-legged, and dual-arm robots. It is among the first Chinese companies to enter mass production of humanoid robots and one of the few global pioneers achieving large-scale deployment across industrial, commercial, and educational scenarios.Dobot listed on the main board of the Hong Kong Stock Exchange in December 2024, earning the title of the city's first collaborative robot listing. In its return to the A-share market, the company plans to raise roughly 1.2 billion yuan. Funds will be channeled primarily into three areas: R&D and industrialization of multi-legged robots, advancement of humanoid robot technology, and marketing capabilities. The remainder will bolster working capital, all aimed at advancing the commercialization of embodied intelligence.According to CIC, Dobot ranked first globally in collaborative robot sales in 2025. Financially, revenue climbed from 287 million yuan in 2023 to 375 million yuan in 2024 and 493 million yuan in 2025, representing a compound annual growth rate of 31.13%. For the first half of 2026, the company forecasts revenue between 300 million and 330 million yuan, implying year-over-year growth of over 90%.Due to sustained R&D investment, Dobot remains in a period of phased losses, though management projects the company will turn a full-year profit by 2028.
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