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Miguel Cordon · · 1 min readAnt-backed Chinese vending machine firm mulls $500m IPO in Hong Kong
“Beijing Ubox, a Chinese intelligent vending machine maker, is weighing a Hong Kong initial public offering that could raise as much as US$500 million,” Bloomberg reported, citing people familiar with the matter.
Details:
- Sources said that he Ant Group-backed company is currently working with advisers on the potential listing, which could be pushed through later this year.
- Beijing Ubox is also considering a funding round prior to its public listing, but a decision on the size of the pre-IPO fundraise is yet to be made, according to the people.
Dive deeper:
- Meicai, a Chinese food and beverage startup, reportedly might shift its IPO from the US to Hong Kong. The change in plans follow Beijing’s clampdown on Chinese firms looking to list overseas.
- Logistics major Lalamove is also weighing a public offering in Hong Kong instead of a US$1 billion listing in the US, as it initially planned.
Editing by Collin Furtado and Arpit Nayak
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