Xiaomi-backed smart home appliance maker Dreame Technology is considering an IPO on the Hong Kong Stock Exchange in 2027. The company is reportedly looking to raise several hundred million US dollars through an initial public offering, but the size and timing of the offering have not yet been finalized.
According to public estimates, Dreame’s revenue in 2023 was 8 billion yuan (about 1.18 billion US dollars). The company’s founder said that revenue could exceed 10 billion yuan (1.48 billion US dollars).
Dreame joined the Xiaomi ecosystem in 2017, and Xiaomi Group was among the investors in the company’s Series C investment round.
In the first quarter of 2025, Dreame had an 11.3% market share in the global robot vacuum cleaner market by sales volume, placing it in third place in the market. Roborock and Ecovacs were in the top two.
Dreame's possible IPO could come amid a revival in the Hong Kong market in recent years, with more than $36 billion raised through IPOs in Hong Kong in 2025. However, the shares of newly listed companies have generally underperformed.
Experts say Dreame's possible listing also fits in with the trend of mainland Chinese companies turning to Hong Kong for access to capital markets.
