Chinese robot developer CloudMinds Technology Inc is weighing options to go public in Hong Kong while General Motors-backed Momenta is considering an initial public offering in either Hong Kong or the US, according to media reports.
CloudMinds mulls HK IPO
Chinese robot developer CloudMinds Technology Inc is weighing options to go public in Hong Kong and seeking to raise as much as $500 million, per a Bloomberg report on Tuesday, citing people familiar with the matter.
Although the deliberations remain preliminary, the firm is working with China International Capital and Haitong International Securities Group to prepare for the share sale, with the listing to happen in 2023, per the report.
Founded in 2015, CloudMinds has delivered a portfolio of novel intelligent service robots such as Cloud Ginger and Ginger Lite that are used in industries across retail, realty, education, healthcare, public service, and smart city.
Most recently, the Shanghai-based firm raised over $1 billion yuan ($153 million) in a Series B+ round of financing in April 2021, led by Shanghai Chengtou Group and Guosheng Group, which are investment arms of the Shanghai local government.
Momenta targets to raise up to $1b in IPO
General Motors-backed Momenta, which provides autonomous driving solutions, is reportedly considering an initial public offering in either Hong Kong or the US. The firm is seeking to raise up to $1 billion in the offering. The news was first reported by the International Financing Review.
Previously, Momenta pocketed over $500 million in an extended Series C round in November 2021. The round saw the participation of existing investors namely US automaker General Motors, Singapore’s state investor Temasek, German automotive giant Bosch, Japan’s Toyota, Chinese state-backed SAIC Motor and Jack Ma’s Yunfeng Capital.
Over 100 new listings are predicted targeting to raise about HK$200 billion ($25.5 billion) in 2023, which is in stark contrast with the 89 listings in 2022, according to data from PricewaterhouseCoopers (PwC) and the city’s stock exchange.
