Ecovacs launches its IPO on the Shanghai Stock Exchange

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Qian Dongqi, Ecovacs’ founder and chairman of the board of directors.

Ecovacs Robotics has launched its Initial Public Offering (IPO) of 40.1 million shares on the Shanghai Stock Exchange (10% of total post-IPO equity).The Ecovacs Group, founded in 1998 by the Chinese entrepreneur Qian Dongqi, expanded its activities in 2006 with the foundation of Ecovacs Robotics, which designs smart robots for the household cleaning. In less than 20 years, Ecovacs grew globally to provide smart robotic solutions to the consumers in more than 40 markets around the world. The IPO proceeds will be used to support the company’s plans for the construction of 4,000,000 robots and an Internet ecosystem for robots, as well as sales and marketing operations. Upon the completion of these projects, Ecovacs intends to further improve the efficiency of its large-scale production, improve the intelligence level of its products and increase its market share in the foreign markets.

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