Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

LATEST
Huawei Copies Korean Rivals by with Manufacturing Own Display Driver Integrated Chips
JOYY’s Livestreaming Revenue Up 40% in Second Quarter of 2020
Trending in China: ‘Mukbangs’ Under Fire in China Amid High Level Food Waste Campaign
Trending in China: How Will the Chinese Diaspora Survive a WeChat Ban In U.S.?
Online Platform JD.com Buys into Bricks and Mortar Convenience Store Chain
China Unicom Profits Rise in First Half, Stock Soars
ByteDance in Talks with Indian Conglomerate Over TikTok Amid Layoff Fears
Alibaba’s Zhang Yong Tops 2020 Forbes China Best CEOs List
Trending: Family Feud Raises Big Questions Over Succession in China’s Multi-Million “Family” Businesses
Shanghai-Listed Foxconn Internet’s Cloud Service Sales Up 4% in First Half of 2020
U.S.-Listed Chinese Companies Nio and Huya Have Something to Cheer About
Apple Edges Huawei Out of No. 1 in Quarterly Tablet Shipments
Chinese Finance Platform Lufax Files for U.S. IPO of up to $3 Billion
China Mainland Leads U.S. in Fortune Global 500 Companies But Trails in Profitability
Trending in China: Tencent – Fighting Youth Unemployment or Enemy of Older Workers?
Tencent Pushes for Merger That Would Create $10 Billion Chinese Twitch
Tencent Music to Establish Joint Venture with Universal Music
Trending: How U.S.-China Relations Are Causing Netizens to Read the Small Print as Rumors Fly
Qualcomm Lobbies U.S. to Resume Chip Sales to Huawei
Trending in China: Excited About Returning to College Campuses? Not So Quick With Covid-19 Controls
Robot Maker Eyes $500 Million New York Listing

By Yang Ge / Jul 15, 2019 06:02 PM / Business & Tech

Photo: VCG

Photo: VCG

Robots are one of the many high-tech flavors of the day in China, and at least one player in the field is trying to sell its vision of automation to New York stock investors.

The company, CloudMinds, isn’t thinking small either, asking for a tidy $500 million in its prospectus filed with the U.S. securities regulator at the end of last week. Unlike many in the field, the company is trying to build a business on not just robots, but a brain living out there in the cloud that can operate many robots simultaneously.

It may sound slightly airy and sci-fi, but CloudMinds’ bottom line is far more down to earth and squarely planted in the red. It posted a net loss of nearly $60 million in this year’s first quarter, which was double the figure a year ago. Its first-quarter revenue also didn’t look too sharp, falling by more than half to $12 million.

If it raises the full $500 million, CloudMinds’ listing would become one of the biggest by a Chinese tech firm in the U.S. so far this year. Others of similar scale include video streaming site Douyu, which recently re-launched its stalled IPO with a boosted fund-raising target of around $1 billion. High-tech coffee purveyor Luckin also raised a hefty sum of more than $500 million in May. 

Related: Exclusive: Investors Take a Deep Sip of China’s Luckin Coffee

Share this article
Open WeChat and scan the QR code