On March 26, 2026, Guangzhou XAIRCRAFT Technology Co., Ltd. (referred to as 'XAIRCRAFT Technology'), headquartered in Guangzhou, Guangdong, submitted its prospectus to the Hong Kong Stock Exchange, planning to list on the Main Board of Hong Kong. This marks its renewed application following the expiration of its previous filing on September 25, 2025.
Link to XAG's prospectus:
https://www1.hkexnews.hk/app/sehk/2026/108336/documents/sehk26032603176_c.pdf
Main Business
XAG, founded in 2007, is a global leader in agricultural robotics. Its mission is to enhance agricultural production efficiency by deeply integrating advanced robotics, intelligent technologies, and new energy solutions. The company has developed a series of intelligent agricultural robots with high-precision operational capabilities, offering far superior efficiency and benefits compared to human labor and traditional agricultural machinery. It continuously addresses the agricultural labor shortage through 'robot replacement for humans.'
According to Frost & Sullivan, in 2024, XAG ranked second in the global agricultural robotics and agricultural unmanned aerial vehicle industries with market shares of 10.7% and 17.1%, respectively.
XAG's product portfolio includes agricultural unmanned aerial vehicles, agricultural unmanned ground vehicles, autonomous driving systems for agricultural machinery, and smart farm IoT products. These offerings systematically serve agricultural production, particularly in crop management, comprehensively enhancing the digitalization, precision, and intelligence of agricultural operations.
Agricultural unmanned aerial vehicles
XAG's agricultural robotics products, especially its agricultural unmanned aerial vehicles, have established globally leading competitive advantages in terms of advancement, stability, and cost-effectiveness, creating significant barriers to entry. With over a decade of deep engagement in agriculture, the company has built an interdependent and mutually beneficial agricultural robotics technology ecosystem comprising a pioneering essential product, multiple emerging applications, and a unified data system. By fully leveraging China's superior supply chain, XAG has mastered all core foundational technologies required for agricultural robotics, laying a solid foundation for business growth.
XAG's agricultural unmanned aerial vehicle products have consistently achieved several industry milestones. For instance, it was the first to introduce core technologies such as RTK precision navigation, fully autonomous flight, and intelligent centrifugal atomization into the agricultural unmanned aerial vehicle sector. This has resulted in advanced foundational core technologies, including autonomous driving, spatial digitization, AI, intelligent spraying and seeding, motor control, smart farm systems, industrial design, and IoT platform technologies.
XAG's flagship agricultural unmanned aerial vehicle for 2026, the P200, has a maximum payload of 149.9 kilograms and features functionalities such as route planning, precise spraying and broadcasting, autonomous obstacle avoidance, resumption from breakpoints, and data recording.
XAG has significantly reduced costs through R&D advancements over the past decade. The maximum payload capacity of its agricultural unmanned aerial vehicles has increased from approximately 6 kilograms to a maximum takeoff weight of 149.9 kilograms. Meanwhile, the price of its flagship agricultural unmanned aerial vehicle has decreased from CNY 200,000 to CNY 40,000, setting a comprehensive industry lead. This has substantially reduced the financial burden on users and effectively promoted agricultural unmanned aerial vehicles as essential tools in agricultural production.
Agricultural unmanned vehicle
XAG's agricultural unmanned vehicle is designed to complement agricultural unmanned aerial vehicles, addressing diverse farming needs in cash crop cultivation scenarios and adapting to various terrains. The vehicle is equipped with multiple functions, including precision pesticide spraying and agricultural material transportation.
Agricultural machinery autopilot system
XAG has developed an agricultural machinery autopilot system for tractors, rice transplanters, and harvesters, targeting key farming operations beyond crop management. Operators can use smartphones or tablet computers to control machinery along straight lines, curves, or diagonals, achieving precise seeding, transplanting, ditching, ridging, and harrowing. Alternatively, routes can be pre-planned, allowing the autopilot system to automatically operate machinery and execute tasks, enabling automated precision farming.
Smart farm IoT products
Recognizing irrigation as another labor-intensive yet high-demand operation in crop management, XAG leverages its technological expertise in robotics, artificial intelligence, and renewable energy to introduce smart electric valves. These valves not only enhance the precision and efficiency of irrigation but also alleviate labor shortages and reduce physical strain on users. Building on this innovation, XAG further launched injection fertilizer applicators, suitable for fields equipped with irrigation pipelines, enabling simultaneous water and fertilizer application. These products complement agricultural unmanned aerial vehicles primarily responsible for broadcasting operations in paddy fields, ensuring comprehensive robotic coverage across varying field conditions and application methods.
Shareholder Structure
The prospectus shows that prior to its listing in Hong Kong, the shareholder structure of XAG included the following:
Mr. Peng Bin directly holds 29.01% of shares and controls an additional 13.95% through an employee stock ownership platform, resulting in a total shareholding of approximately 42.97%, making him the controlling shareholder.
Mr. Gong Jiaqin holds 3.38% of shares.
Other shareholders include SoftBank, XAG Hong Kong, Baisan Investment, Innovation Works, Hillhouse, and others.
Directors and senior management
The board of directors of XAG will consist of six members, including:
Three executive directors:
Mr. Peng Bin (Founder, Chairman of the Board, and President);
Mr. Gong Jiaqin (Co-founder and Senior Vice President);
Ms. Tang Xiaomin (Vice President);
Three independent non-executive directors
Dr. Yang Minli (Distinguished Professor at the College of Engineering, China Agricultural University, and Deputy Director of the National Agricultural Mechanization Information Center);
Mr. Chen Yifen (Independent Director and Company Secretary for several listed companies in Hong Kong);
Ms. Yu Fangjin (Former partner at multiple law firms, and former Managing Director and Head of Legal Department at Future Financial).
In addition to the executive directors, senior executives include:
Ms. Huang Dan (Board Secretary, Vice President, Chief Financial Officer, and Joint Company Secretary).
Company performance
According to the prospectus, in 2023, 2024, and 2025, XAG’s revenues amounted to RMB 614 million, RMB 1.066 billion, and RMB 1.166 billion, respectively, with corresponding net profits of RMB -133 million, RMB 70 million, and RMB 124 million.
Intermediary team