Dreame, the leading robot vacuum manufacturer globally, is considering an IPO in Hong Kong.

      **Summary:**

      Dreame Technology, a leading global manufacturer of robot vacuums, is exploring the possibility of an initial public offering (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 vacuums, lawn mowers, and pool cleaning devices, is reportedly considering a Hong Kong IPO, according to Bloomberg. They are collaborating with advisers and aim to raise several hundred million dollars.

      This potential listing reflects a trend of Chinese technology firms opting for Hong Kong listings instead of U.S. ones as geopolitical tensions mount. In the first quarter of 2026, Hong Kong's IPO market raised HK$109.9 billion, marking a 489% annual increase.

      **From Xiaomi Supplier to Global Leader**

      Established in 2017 with 14 million yuan in initial funding from Xiaomi and Shunwei Capital, Dreame began as an investor in Xiaomi’s ecosystem, producing products under the Xiaomi label, but has since become independent. IDC recently ranked Dreame as the world’s top robot vacuum brand in terms of sales and revenue for Q1 2026, holding significant market shares in 30 countries, including over 50% in ten nations, with notable shares in Germany (42%), Belgium (62%), and Austria (49.6%).

      **Listing Details**

      Dreame's revenue surpassed 40 billion yuan (around $5.5 billion) in 2025, achieving a compound annual growth rate over 100% for eight consecutive years. Nearly 80% of its sales now come from international markets.

      The company opened a pre-IPO funding round in 2026, aiming for a valuation around 70 billion yuan ($9.6 billion) while planning to release 5% to 10% of its equity. Its last major fundraising came in 2021, when it raised 3.6 billion yuan ($530 million) in a Series C round led by Huaxing Growth Capital and CPE Funds Management, with involvement from a unit of the beleaguered developer Country Garden.

      **Expansion into Other Markets**

      Dreame is expanding its product range beyond vacuums. In August 2025, it announced a subsidiary named Dreame Cars, unveiling the Nebula 1, an electric sports car with four motors generating 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 approach mirrors Xiaomi’s venture into the electric vehicle sector, where the smartphone manufacturer has pledged $10 billion for car development. Dreame also introduced its first smartphone, DreameSpace, which reportedly gained over 100 million yuan in overseas pre-sale orders.

      **Broader Industry Trends**

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

      To accelerate IPO approvals for tech firms, the Hong Kong Stock Exchange launched a Technology Enterprises Channel in May 2025. Previously, Bloomberg reported that Dreame had considered listing in the U.S. in 2024, but U.S.-China tensions deemed Hong Kong a more viable option for hardware firms with significant operations in mainland China.

      **Considerations for the Future**

      Discussions are still ongoing, and any decisions regarding the listing's size, timing, and location may shift. Dreame’s diversification into electric vehicles and smartphones comes with risks, as the company lacks experience in these areas. The Nebula 1 hypercar remains a concept with no confirmed production schedule or pricing.

      The revenue figure of 40 billion yuan and the 100% growth rate are derived from Chinese media reports and have not been independently verified through public filings. One of Dreame’s Series C investors, Country Garden, has defaulted on about $11 billion in offshore bonds, though there appears to be no impact on Dreame’s operations. The broader trend of Chinese tech companies entering unrelated markets has raised concerns about whether such strategies stretch management focus and resources too thin.