Tus-Rise Submits Hong Kong Main Board Listing Application; Receivables Pressure Continues

According to HKEX filings released on July 20, Guangdong Tus-Rise Technology Co., Ltd. (300607.SZ) submitted its Hong Kong main board listing application with Huatai International as sole sponsor. The prospectus shows funds will target robot technology R&D, sales network expansion, strategic acquisitions, and working capital. In Q1 2026, industrial robot and automation systems revenue accounted for 59.9% of total revenue with 33.5% gross margin, signaling successful business transformation.

By 2025, Tus-Rise ranked 10th among all industrial robot solution providers and 4th among domestic suppliers in mainland China with 0.7% market share, according to Frost & Sullivan. However, receivables pressure persists: customer concentration reached 59.5% by Q1 2026 (from 36.9% in 2023), with the largest customer representing 49.1%. Average receivables turnover averaged 202 days in recent periods, creating working capital strain.