Shenzhen Camsense Technologies, a maker of spatial sensors for robotic vacuum cleaners, launched a Hong Kong initial public offering (IPO) that aims to raise about HK$680 million (US$86.7 million), despite headwinds from Washington’s recent import ban on foreign-made vacuum robots.
“The export and procurement for our existing client products remain normal, with potential disruption limited to new product development schedules,” Camsense co-founder Zhou Kun said about the ban’s impact. “We have maintained close communication with clients. Currently, our research and development progress and order intake remain unaffected.”
In late July, the US Federal Communications Commission (FCC) added foreign-produced “advanced robotic devices”, including robotic vacuum cleaners, to its so-called Covered List, blocking new models from obtaining the equipment authorisation required for US import and sale.
Camsense plans to sell 11.58 million shares at HK$58.85 each, according to a stock exchange filing on Tuesday. The shares are scheduled to start trading on September 30.