Dreame, the leading manufacturer of robot vacuums globally, is considering an initial public offering (IPO) in Hong Kong.

      **TL;DR** Dreame Technology, a leading global robot vacuum manufacturer, is contemplating an IPO in Hong Kong as early as next year. The company reported over 40 billion yuan in revenue for 2025 and was valued at $9.6 billion in a recent pre-IPO funding round.

      Dreame Technology, a Chinese producer of robotic vacuum cleaners, lawn mowers, and pool cleaners, is reportedly considering a Hong Kong initial public offering as soon as next year, as reported by Bloomberg. The company is collaborating with advisers and might raise several hundred million dollars through this process.

      This potential listing adds to the trend of Chinese tech firms opting for Hong Kong over US exchanges amid increasing geopolitical tensions. In the first quarter of 2026, Hong Kong's IPO market raised HK$109.9 billion, marking a 489% year-over-year increase.

      **From Xiaomi supplier to global leader**

      Founded in 2017 with 14 million yuan in angel funding from Xiaomi and Shunwei Capital, Dreame began as part of Xiaomi's group of investee companies, creating products under the Xiaomi brand. It has since developed beyond that partnership. IDC named Dreame the world's leading robot vacuum brand by sales and revenue in Q1 2026. The company holds the largest market share in 30 countries, including over 50% in ten of them, demonstrating particularly strong presences in Germany (42%), Belgium (62%), and Austria (49.6%).

      **The numbers behind the listing**

      Dreame reportedly achieved more than 40 billion yuan (around $5.5 billion) in revenue for 2025, maintaining an annual compound growth rate exceeding 100% for eight consecutive years. Nearly 80% of its total sales now come from international markets.

      In 2026, the company launched a pre-IPO funding round at a valuation of about 70 billion yuan ($9.6 billion), aiming to offer 5% to 10% of its equity. Its previous significant fundraising event was a 3.6 billion yuan ($530 million) Series C round in 2021, led by Huaxing Growth Capital and CPE Funds Management, with involvement from a unit of the struggling developer Country Garden.

      **The hypercar and the smartphone**

      Dreame is expanding beyond vacuums; it announced a subsidiary named Dreame Cars in August 2025 and introduced the Nebula 1, an electric sports car boasting four motors with 1,399 kilowatts, at CES in January 2026. The company claims it will be the "world's fastest car" upon its launch in 2027.

      This trend aligns with Xiaomi's foray into electric vehicles, where the smartphone manufacturer committed $10 billion to automotive development. Dreame has also unveiled its first smartphone, DreameSpace, which reportedly has garnered over 100 million yuan in overseas pre-sale orders.

      **The larger IPO trend**

      Chinese tech firms listed in Hong Kong at more than double the rate of the previous year in 2025, with 76 mainland companies joining the exchange compared to 30 in 2024. In January 2026, six Chinese AI and chip firms raised $3.6 billion in Hong Kong, and the AI startup MiniMax saw its stock price quadruple since its initial offering.

      The Hong Kong Stock Exchange initiated a Technology Enterprises Channel in May 2025 to expedite IPO approvals for specialized tech companies. Initially, Dreame considered a US listing, according to Bloomberg in 2024, but the rising US-China tensions have made Hong Kong a more feasible option for Chinese hardware companies with substantial mainland operations.

      **Current considerations**

      Although discussions are still ongoing, the details regarding the size, timing, and location of the listing could change. Dreame's ventures into electric vehicles and smartphones present significant execution risks, as the company lacks experience in these sectors. The Nebula 1 hypercar remains a concept without a confirmed production schedule or pricing.

      The reported 40 billion yuan revenue and 100% growth rate derive from Chinese media sources and have not been independently verified through public filings. One of Dreame's Series C investors, Country Garden, has defaulted on approximately $11 billion in offshore bonds, though there is no evidence that this impacts Dreame's operations. The broader trend of Chinese tech companies diversifying into unrelated product lines, from smartphones to humanoid robots, raises concerns about whether this strategy stretches management focus and resources too thin.