China installs more industrial robots each year than the rest of the world combined, and it now pushes hard into service and humanoid robots to address labour shortages and drive self-reliance.
Amid this push, Shanghai-based Coowa is currently preparing to complete an initial public offering in Hong Kong. The company plans to file its application within the next few months, with Huatai Securities Co Ltd (OTCMKTS: HUATF) (FRA: 206G) (HKG: 6886) and Deutsche Bank AG (NYSE: DB) (FRA: DBK) serving as advisors for the deal.
Coowa raised more than US$600 million in its latest funding round, driving its valuation above US$3 billion. Investors of significance include the Asian Infrastructure Investment Bank and SoftBank Group Corp (TYO: 9984) (OTCMKTS: SFTBF).
Coowa makes wheeled, wheel-legged and humanoid-like robots for urban use. Founded in 2015, the company first focused on autonomous driving tech before it moved into robots for street cleaning, delivery and patrols.
To date, the firm has deployed more than 10,000 units throughout more than 50 cities and regions. Last year, it reported revenue above one billion yuan (approximately US$148 million) and achieved operating profitability. Coowa aims to ride the current wave of robust investor appetite for Chinese robotics and AI companies.
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Array of Chinese robotics specialists prep to go public
This anticipated Hong Kong listing adds to a growing list of Chinese robotics companies seeking access to capital from shareholders.
Ubtech Robotics Corp Ltd (OTCMKTS: UBTRF) (FRA: 7US) (HKG: 9880), developer of humanoid and educational robots, listed in Hong Kong in late 2023. It also currently trades on American and European exchanges.
Unitree Robotics, known for its quadruped and humanoid models, cleared key review stages for a Shanghai STAR Market IPO in 2026. Other companies in this wave include Deep Robotics, focused on legged robots for industrial and inspection tasks, and Leju Robotics, which works on humanoid platforms. Both of these have filed or advanced IPO applications.
Coowa sits at a different point on the spectrum. It focuses on high-volume deployments in municipal sanitation and urban services, where it reports solid revenue and a backlog of orders. This approach contrasts with several peers that concentrate on advanced humanoid prototypes. In the Chinese robotics sector, Coowa holds a notable position in smart sanitation vehicles.
China’s robotics industry continues to expand rapidly. The country accounts for 54 per cent of global industrial robot installations and holds an operational stock of about two million units. Government policy and private investment continue to support wider adoption in manufacturing, multiple services and urban applications.
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