Benmo Dynamics, Founded by Li Zexiang's Student, Passes Hong Kong IPO Hearing
Li Zexiang's student startup army is about to produce another IPO. On September 17, the Hong Kong Stock Exchange disclosed that Benmo Dynamics (Beijing) Technology Co., Ltd. has passed its listing hearing.
Founder Zhang Di graduated from Beijing Institute of Technology and then went to Hong Kong University of Science and Technology to study robotics systems and control, under Li Zexiang. In 2020, Zhang Di founded Benmo Dynamics.
Benmo Dynamics positions itself as a robotics technology company with direct-drive technology as its core capability, primarily engaged in the sale of robot power modules in China, followed by robot sales. In 2025, out of the company's total revenue of 282 million yuan, power modules contributed about 97.4%, the vast majority being direct-drive modules for consumer products such as robot vacuum cleaners.
According to Frost & Sullivan, based on 2025 revenue, Benmo Dynamics ranks eighth in China's consumer robot power module industry with a 2.4% market share; it ranks first in China's consumer robot direct-drive power module industry with a 61.1% market share. In the robotics field, based on 2025 revenue, the company ranks fourth in China's wheel-legged robot industry with a 4.7% market share, and second in China's two-wheeled legged robot industry with an 18.6% market share.
In terms of product iteration, in 2020 it launched the M0601 and M0602 series of direct-drive power modules; in 2021 it launched the Xingtian robot, the world's first commercially launched direct-drive two-wheeled legged robot; in 2023 it launched the TITA robot, the world's first commercially launched eight-degree-of-freedom two-wheeled legged robot and a wheel-legged robot supporting dual-battery hot-swapping; in 2025 it launched the D1 robot, the world's first commercially launched fully modular two-wheeled legged robot; and in 2026 it began mass delivery of the P0610 series of embodied joint modules. The product line started with modules, gradually moved to complete robots, and the complete robots in turn validate the module capabilities.
Revenue is rising, but losses are also expanding. The prospectus shows that Benmo Dynamics' revenue in 2023, 2024, and 2025 was 17.54 million, 79.8 million, and 282 million yuan, respectively; annual losses were 75.59 million, 93.74 million, and 880 million yuan, respectively. In the first half of 2026, revenue was 200 million yuan and loss was 390 million yuan. Revenue grew from tens of millions to hundreds of millions, and losses expanded from tens of millions to hundreds of millions. Such a financial structure is not uncommon among robot component companies; scaled delivery requires upfront investment in production lines and R&D, and there is a time lag between revenue recognition and cost expenditure.
Li Zexiang's seed round has a return multiple of nearly 600 times. Benmo Dynamics received angel investment from Songshan Lake Robot Research Institute and Yunhe Investment in its early days. Li Zexiang invested in the seed round at a cost of only 0.05 yuan per share, when the company's post-investment valuation was only 5 million yuan. By the last round of financing before the IPO, the cost per share had risen to 9.97 yuan, and the valuation had risen to about 3.18 billion yuan, nearly 600 times higher. As of the latest practicable date, Zhang Di controls approximately 41.30% of the company's total issued share capital, Legend Capital holds 5.83%, and Li Zexiang holds a total of 3.39% through Songshan Lake Robot Research Institute and Yunhe Investment. From Li Zexiang's laboratory to the Hong Kong Stock Exchange hearing, Zhang Di took five years.
Benmo Dynamics' technical accumulation in direct-drive modules corresponds to the second half of the robotics industry, where competition has shifted from complete robots to core components. Its 61.1% market share in consumer robot direct-drive power modules indicates that it has established supply relationships in high-volume categories such as robot vacuum cleaners. The next thing to watch is whether the P0610 series of embodied joint modules can capture the incremental market of humanoid robots.