SwitchBot files for Hong Kong IPO to power next-gen smart home innovation

SwitchBot, a leading smart home device manufacturer, filed for an initial public offering (IPO) recently, taking a significant step toward scaling its operations and accelerating innovation in robotic smart homes.

What’s next for SwitchBot?

If approved, SwitchBot will be listed on the Hong Kong Exchanges, unlocking new opportunities for investment. With fresh capital, the company aims to solidify its “market-leading position,” outlining four strategic priorities: expanding R&D, strengthening market share, growing its user base – particularly among corporate and institutional clients – and pursuing targeted acquisitions and investments.

In short, consumers can expect SwitchBot to roll out more feature-rich devices and potentially absorb smaller companies that offer unique products, filling out the SwitchBot ecosystem.

AI and robotics are set to take center stage for the company. Both technologies feature prominently in SwitchBot’s IPO filings, signaling a shift toward more advanced automation. The firm’s vision extends far beyond its original “finger bot,” with the IPO documentation referencing plans for advanced robotics powered by AI.

In addition to its recently launched AI hub, SwitchBot plans to release a vision-language-action (VLA) model-based household service robot by late 2025. These robots will handle chores and serve as cost-efficient AI companions, including robotic arms designed for practical home applications. SwitchBot has already started making inroads into the robot cleaner market, with products such as the K10+ Pro Combo.

A rising star with 3.1 million users

SwitchBot's IPO filing also revealed impressive business metrics across revenue, market share, and user growth.

The company’s revenue grew by over 122% from 2022 to 2024, rising from 274.6 million yuan ($38.24 million) to 609.9 million yuan. Gross profit more than tripled during the same period, increasing from 94.1 million yuan to 315.6 million yuan.

Japan and Europe remain SwitchBot’s largest markets. In 2024, Japan accounted for 57.7% of total sales – down from 62.3% in 2023 – as European sales grew to 21.4%.

SwitchBot has also achieved significant milestones in user adoption. The company reports over 3.1 million registered users on its app, with more than 9.1 million connected devices worldwide, reflecting a rapidly expanding user base and widespread integration of its smart home solutions.

As SwitchBot looks to expand and strengthen its position, its support for openness like Matter and Home Assistant will be key to reaching more users and ensuring seamless integration in both household and commercial applications. The IPO will definitely boost the firm toward these goals.

(Source: HKEX)