UBTech, a maker of humanoid robots backed by Chinese technology group Tencent, is preparing an initial public offering in what would be a rare coup for China’s markets, which have struggled to attract large tech listings.
The seven-year-old robotics company was valued at $5bn when it raised $820m in May last year. It turned profitable last year, according to chief brand officer Michael Tam, and two months ago changed its corporate structure.
“The next step is to list,” he said. “We are preparing for the public markets . . . We have not made a decision yet but we are much more likely to raise money in the mainland market.”
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