As Hong Kong’s technology landscape enters a new phase with new benchmarks emerging, the strength of Chinese technology is drawing growing attention from global investors. On December 9, the Hong Kong Stock Exchange (HKEX) made a major announcement regarding the inaugural constituents of the HKEX Tech 100 Index. UBTECH Robotics (Stock Code: 09880.HK)—widely recognized as the first publicly listed humanoid robotics company—was successfully selected for inclusion.
The HKEX Tech 100 Index: An Official Recognition of Technological Strength
The HKEX Tech 100 Index is far more than a conventional ranking; it employs R&D expenditure ratios, innovation capabilities, and industry representativeness as its core selection criteria. Constituent stocks must satisfy rigorous conditions—such as maintaining an R&D expenditure ratio of at least 3% for the past two consecutive years and an average daily turnover exceeding HK$20 million—and must also be eligible under the Stock Connect scheme, thereby providing direct access to both mainland Chinese and international capital markets. UBTECH’s inclusion represents an authoritative recognition from the capital market of the company’s technological capabilities.
As one of the very few enterprises globally to have mastered full-stack technology for humanoid robots, UBTECH has built an extensive patent portfolio through independent R&D—covering areas such as servo joints and motion control algorithms. The multi-robot collaborative training and 24/7 continuous operation verification successfully completed by its Walker series robots in automotive factories exemplify precisely the lab-to-production-line transformation capability that the Tech 100 Index values most highly.
For a company, inclusion in the index means increased visibility among investors and greater access to institutional capital.E Fund Management has already received approval to launch an ETF tracking this index; this could potentially bring increased institutional attention and capital inflows to UBTECH but also attract greater attention from international investors and encourage deeper research into the humanoid robotics sector, thereby opening up room for a potential valuation re-rating.
Orders Serve as a Market Test of Technological Value
The rigorous screening process of an index ultimately requires tangible market results for substantiation. UBTECH’s recent flurry of substantial orders serves as the strongest validation of this requirement. A commercial order worth more than RMB 50 million, disclosed on December 10, centers on the delivery of Walker S2 robots, the world's first industrial humanoid robot capable of autonomous battery swapping. This order encompasses not only hardware supply but also the opening of underlying interfaces, enabling partners to achieve deep integration between large AI models and robotic platforms—an approach to technological integration that addresses critical requirements in industrial applications.
This order is by no means an isolated case. In November alone, UBTECH secured a series of major projects, including a RMB 143 million project for a humanoid robot data collection and training center in Jiujiang; a RMB 264 million project for border ports in Guangxi; and a RMB 159 million project for a data collection center in Zigong. These achievements indirectly validate that the company's products have successfully passed industrial-grade reliability verification—precisely the "technological commercialization capability" that the "HKEX Tech 100 Index" values most highly.
Dual Index Inclusion Highlights Sectoral Value
From its inclusion in the MSCI China Index in November to its entry into the HKEX Tech 100 Index in December, this dual capital-market endorsement—achieved within the span of just one month—has further solidified UBTECH's corporate value.
There are vivid precedents demonstrating the catalytic effect that inclusion in such authoritative indices has on a company's trading volume. Just last month, immediately following UBTECH's inclusion in the MSCI China Index, the stock's after-hours trading turnover surged to nearly HKD 1.6 billion within a mere few minutes.
The cumulative trading volume for the entire day exceeded HKD 3.1 billion—a threefold increase compared to the previous day—generating a significant boost in trading activity. Its inclusion in the HKEX Tech 100 Index will undoubtedly replicate—and potentially even amplify—this effect; institutional investors, such as index funds and quantitative funds, will subsequently follow suit with their allocations, generating a sustained and stable inflow of capital into the stock and further boosting trading activity.
Establishing a Value Benchmark for Humanoid Robotics
UBTECH's selection for the HKEX Tech 100 Index carries significance that extends far beyond the scope of the company's own corporate development; it establishes a clear standard for value assessment across the entire humanoid robotics sector. Previously, the industry was rife with products that prioritized technical showmanship over practical utility.
However, the rationale behind the HKEX Tech 100 Index's decision to select UBTECH is crystal clear: the focus is squarely on hard-tech enterprises—technology-driven companies with mass-production capabilities and the ability to address real industrial challenges.
From a market perspective, this selection conveys not merely an endorsement of a single enterprise, but—more significantly—a clear signal that the Hong Kong stock market is incorporating humanoid robots from the professional humanoid robot manufacturers into its core portfolio of technology assets. This signal establishes addressing practical needs and possessing commercialization capabilities as the core value anchors for this sector, thereby instilling robust, long-term confidence in the sustainable development of the entire industry.
