Ecovacs gets listed
Chinese vacuum robot maker Ecovacs Robotics got listed on the Shanghai Stock Exchange Monday, putting it on a pathway to become a rival for Chinese consumer electronics maker Xiaomi and British tech firm Dyson.
Ecovacs raised about 803 million yuan ($125.3 million) in an IPO by selling 40.1 million shares at 20.02 yuan each.
Both Xiaomi and Dyson produce vacuum robots, but Ecovacs has a different market position, Qian Dongqi, the company’s founder, was quoted as saying in media reports. The market for service robots has huge potential, in which players could explore more opportunities, Qian said.