Ecovacs Robotics Co Ltd, a Chinese IDG Capital-backed robot vacuum maker, has filed with China Securities Regulatory Commission to list on the Shanghai Stock Exchange, the China Money Network (CMN) reported.
Based in Jiangsu province, Ecovacs claims to be China’s top robot home appliances maker with a 65 per cent market share, and currently has over 5,000 employees with corporate offices in Canton Ohio, Dusseldorf Germany, Tokyo Japan and Suzhou city in China.
Founded in 1998 by Chinese entrepreneur Qian Dongqi, Ecovacs was initially an electronics manufacturer making vacuums for Philips, Panasonic and Electrolux as an original equipment manufacturer (OEM).
Qian decided in 2000 that his company needed to move up the value chain with its own technology edge. CMN noted Ecovacs once tried to take apart a vacuum made by British company Dyson Ltd and make one similar product based on self-developed patents.
Later on in 2013, IDG Capital invested an undisclosed sum in Ecovacs in exchange of a 10 per cent stake in the company. It was reduced to 9.12 per cent as Ecovacs conducted a shareholder restructuring after it decided to list locally, instead of in the US as initially planned.
To complete an IPO in China may take several years after a company files a prospectus since there are currently over 800 companies in the pipeline waiting to be permitted to complete their listings.
Ecovacs since 2004 has continued to invest in research and development focusing on robot vacuums and robot home appliances after Qian saw iRobot’s popular robot cleaners.
Ecovacs now sells its products in over 30 countries including robot floor cleaner, robot window cleaner, mobile air cleaner and humidifier, as well as home entertainment and security robots.