Robotics Firm UBTech Files for Hong Kong IPO
UBTech Robotics Corp. Ltd., a loss-making developer of artificial intelligence-powered humanoid robots, has filed for a Hong Kong IPO in a renewed effort to seek more funding to finance its expansion amid growing investor interest in AI technologies. The firm had previously explored listing in the Chinese mainland, though it’s unclear why the offering didn’t proceed.
In an IPO prospectus submitted to the Hong Kong Stock Exchange on Tuesday, the Shenzhen-based company, whose investors include Tencent Holdings Ltd., said that the proceeds will be used to boost its R&D capabilities, fund potential acquisitions and investments, and expand its global sales channels. No timetable for the eventual listing was shared nor were there details on the size of its share offering.
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