Revenue fell by 2 billion yuan over two years, Topstar makes another bid for Hong Kong listing: betting on embodied intelligence through a drastic transformation - 36Kr

Topstar has refiled for a Hong Kong listing on July 20 after its first filing lapsed, seeking funds for R&D, embodied-intelligence products, and overseas expansion.

The industrial robotics maker has seen revenue fall from 4.55 billion yuan to 2.51 billion yuan over the past two years, while profit improved as its core business shrank.

Cash flow remains under pressure, with a 130 million yuan net operating outflow in Q1 2026 and receivables plus bills above 1.2 billion yuan.

Its humanoid and quadruped robots are still in testing, with no scaled commercial orders yet, underscoring the risks of the pivot.