Gasgoo Munich- On the evening of August 26, Leaderdrive (688017.SH), China's leading harmonic reducer manufacturer, announced that its board has approved a proposal to issue H shares and list on the Main Board of the Hong Kong Stock Exchange. The listing is still subject to shareholder approval and requires the green light from regulators including the China Securities Regulatory Commission and the HKEX. The company plans to move forward at the opportune moment within the validity period of the shareholder resolution.
The filing indicates that the H-share listing aims to deepen Leaderdrive's global strategic layout, elevate its international brand image, diversify financing channels, and further strengthen its core competitiveness.
As the domestic leader in the harmonic reducer industry, Leaderdrive specializes in the R&D, production, and sales of precision transmission devices, with harmonic reducers as its core offering. In this sector, Leaderdrive was the first in China to achieve industrial production and large-scale application. It currently holds a global market share of approximately 15%, ranking second worldwide and first domestically, thereby breaking the long-term monopoly of Japan's Harmonic Drive Systems.
Image Source: Leaderdrive
Leaderdrive's product line has expanded from harmonic reducers to include planetary roller screws, electromechanical actuators, precision miniature hydraulic actuators, and intelligent automation equipment. Downstream applications cover high-end manufacturing sectors such as industrial robots, humanoid robots, CNC machine tools, automobiles, medical devices, semiconductor equipment, and new energy machinery.
According to the 2026 interim results disclosed in the announcement, Leaderdrive generated revenue of 349 million yuan in the first half of the year, a 38.64% increase year-on-year. Net profit attributable to shareholders stood at 70.11 million yuan, up 31.25%, while net profit excluding non-recurring items reached 58.17 million yuan, a 36.92% jump. Basic earnings per share were 0.3824 yuan.
Leaderdrive attributed the first-half performance growth primarily to increased market share in the industrial robotics sector and a substantial expansion in the embodied intelligence robotics business.
Industry analysis shows that harmonic reducers account for about 30% to 35% of the cost of a humanoid robot, making them essential core components for light-load joints such as wrists, elbows, and fingers.
By product, revenue from harmonic reducers and metal components came to 288 million yuan, accounting for 82.67% of the total with a gross margin of 32.79%. Electromechanical products contributed 54.74 million yuan, or 15.70%, emerging as a secondary growth curve.
As humanoid robots transition from prototypes to mass production, Leaderdrive's decision to launch an H-share offering at this juncture is designed to connect with international capital to support capacity expansion and R&D investment, while also facilitating deeper cooperation with top-tier global clients.
Leaderdrive previously listed on the STAR Market in 2020. If this Hong Kong listing proceeds smoothly, the company is set to become the first in the domestic harmonic reducer sector to achieve a dual A-share and H-share listing.
