Coowa Technology, a China-based robotics company, is preparing to file for a Hong Kong initial public offering within two to three months after quietly completing a financing round of more than US$600 million, according to people familiar with the matter.

Huatai Securities and Deutsche Bank are working on the listing, the people said.

They added that Coowa generated more than 1 billion yuan (US$148 million) in revenue in 2025, became operating-profit positive. The company deployed more than 10,000 robots across more than 50 cities and regions globally.

Hong Kong in 2023 established Chapter 18C as a listing path for specialist technology companies that cannot meet traditional revenue or profit tests.

Commercial applicants must show at least HK$250 million (US$31.9 million) in specialist-technology revenue in the latest audited year.

Recent demand in Hong Kong for AI hardware listings has been tested by Horizon Robotics, which raised about US$696 million in its 2024 IPO.

China’s robotics sector is also backed by national policy support, while one study projected the country’s service robotics market at US$5.87 billion in 2026.

🔗 Source: Cailianshe