Youdi Robotics, founded by former UTStarcom CEO Lu Ying, has passed the Hong Kong Stock Exchange hearing and is set to list. The company focuses on service robots and AI vision models, with 2025 revenue of RMB 318 million but cumulative losses exceeding RMB 500 million. The IPO draws attention due to backing from Alibaba and SenseTime, and its shift from hardware sales to AI services and operations.
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From UTStarcom to commercial service robots, UDI Robot heads to the Hong Kong Stock Exchange with 114,600 units sold and cumulative losses of 544 million yuan. Can it use AI vision and RaaS model to tell a more attractive capital story than hardware?
UDI Robot's story begins with the decline of telecom giant UTStarcom. In 2013, former UTStarcom CEO Lu Ying led some employees to establish UDI Robot, with the core team almost entirely from UTStarcom: Gu Zhenjiang served as UTStarcom's product director, Xia Ge was responsible for algorithms and system architecture, and Liu Wei worked at UTStarcom for 9 years. They transitioned from communication equipment to service robots, seemingly a cross-industry move, but actually sharing underlying capabilities in software-hardware integration, supply chain management, and system deployment.
The company passed the Hong Kong Stock Exchange main board listing hearing on August 24, 2026, via the 18C special technology channel—designed for 'hard tech, short-term unprofitable' companies. As of the end of March 2026, UDI had sold over 114,600 robots cumulatively, with over 15,000 units in operation daily, executing over 360,000 delivery commands. According to Frost & Sullivan data, in 2025 UDI was the third-largest commercial service robot company in China with an 8.9% market share, and fifth globally with a 4.1% share.
This article is based on Qubit's report on UDI Robot's prospectus. All financial data, sales figures, and shareholder information are from the prospectus disclosure, with Qubit performing calculations and interpretations. Some data (such as market share) comes from Frost & Sullivan, which is third-party data. The 'paper wealth' mentioned is a calculation based on valuation, not officially confirmed.
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