Benmo Tech lists on HKEX, shares rally despite continued losses

Benmo Tech (本末科技), a Chinese maker of direct-drive robot joint modules, listed on the Hong Kong Stock Exchange on September 29, 2025. As of October 10, its shares had risen steadily, giving it a market capitalization of about HK$11.53 billion and a price-to-sales ratio of nearly 30. The company holds the top position in China's consumer robot direct-drive power module market, with a 61.1% share in 2025. It remains unprofitable: its adjusted net loss narrowed to RMB 43.25 million in 2025 from RMB 61.22 million in 2023. Benmo has promoted itself with an embodied AI narrative, but observers note its actual embodied AI capabilities remain thin, with the valuation resting mainly on its module business.

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