Key Takeaways:
Coowa Technology, a SoftBank-backed robotics startup, plans to file for a Hong Kong IPO within two to three months after raising over $600 million in new funding.
"The company's revenue trajectory and investor backing reflect strong demand for embodied AI solutions," a person familiar with the matter said, asking not to be named discussing private information.
The Hefei-based company, known as 酷哇科技, generated over 10 billion yuan ($1.4 billion) in revenue in 2025. Huatai Securities and Deutsche Bank are serving as joint sponsors for the listing, according to the person. The fundraising round, completed quietly, brings Coowa's total disclosed backing to well over $600 million, with SoftBank Group among its existing investors.
The listing would add to a pipeline of Chinese AI and robotics companies seeking Hong Kong listings as the city pushes to revive its IPO market. Hong Kong's Financial Secretary Paul Chan recently said regulators are evaluating plans to allow mainland retail investors to subscribe to Hong Kong IPOs, a move that could broaden the investor base for new listings.
Coowa develops autonomous driving and robotics technologies for urban sanitation, logistics and other commercial applications. The company's push to go public comes as Beijing tightens scrutiny of offshore capital flows, shifting activity into regulated channels such as Hong Kong's stock exchange.
The IPO plans also coincide with a broader recovery in Hong Kong's equity capital markets. Three Chinese firms earlier this month disclosed plans to raise a combined $270 million through Hong Kong listings, signaling improving appetite for new issues after a prolonged downturn.
The listing would give Coowa an enterprise value likely exceeding $3 billion based on its latest funding round, putting it in competition with listed robotics peers. Investors will watch for the filing prospectus in the coming months for pricing details and cornerstone investor commitments.
This article is for informational purposes only and does not constitute investment advice.
