Hairou Innovation's IPO in Hong Kong exceeds 5 billion yuan, with redemption liabilities looming overhead

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GPLP Rhino Finance News: Recently, Shenzhen Hifuture Intelligent Technology Group Co., Ltd. (hereinafter “Hifuture”) submitted a listing application to the Hong Kong Stock Exchange, with Goldman Sachs and CITIC Securities serving as joint sponsors.

Hifuture’s main business is the R&D, sales, and related services of ACR warehouse storage robots. Its core product, the HaiPick system, enables intelligent picking and handling of warehouse goods. According to a report by Zhixin Consulting, based on 2024 revenue and shipment volume, Hifuture’s global market share exceeds 30%. Its business has already covered more than 40 countries and regions, and it has cumulatively served over 800 customers.

In terms of performance, the prospectus shows that in the first three quarters of 2023, 2024, and 2025, Hifuture’s revenue was RMB 807 million, RMB 1.36 billion, and RMB 1.26B, respectively. Its net losses were as high as RMB 1.01B, RMB 1.26B, and RMB 589 million, respectively—its cumulative losses over less than three years totaled RMB 2.85 billion.

In addition to ongoing losses, Hifuture also has redemption liabilities amounting to several tens of billions of yuan. Because multiple rounds of financing included investors’ redemption rights and other special terms, under international accounting standards, these preferred shares are accounted for as financial liabilities.

As of the end of September 2025, Hifuture’s redemption liabilities reached RMB 3.96B, accounting for more than 62% of current liabilities. After completing the Pre-IPO round of financing in January 2026, this figure further rose to RMB 5.07B. Just the interest generated by this liability each year exceeds RMB 200 million, continuously eroding profits. More importantly, if Hifuture voluntarily withdraws its listing application, if the IPO is rejected, or if it fails to complete the listing within 18 months, investors’ redemption rights will automatically be restored, and Hifuture may face substantial cash buyback pressure.