A Chinese robot maker backed by Japan’s SoftBank Group is preparing to join the rush of technology companies heading for the Hong Kong stock market. Coowa, a Shanghai-based maker of artificial-intelligence-powered robots, plans to file for an initial public offering in Hong Kong within the next two to three months, according to a report that surfaced this week. The company has lined up Huatai Securities and Deutsche Bank to advise on the deal, which would value Coowa at more than $3 billion.

That valuation follows Coowa’s most recent fundraising round, in which it pulled in more than $600 million. Besides SoftBank, its backers include the Asian Infrastructure Investment Bank, a Beijing-based development lender. The Wall Street Journal first reported the listing plans, citing people familiar with the matter; Coowa has not formally confirmed the offering, and the size and timing could still change.

Founded in 2015, Coowa builds robots designed to work in cities. Its lineup includes wheeled machines, “wheel-legged” robots that roll and step, and humanoid-style models. Unlike the dancing humanoids that have grabbed headlines this year, Coowa’s robots are built for practical jobs — moving goods, handling tasks in factories, and helping run apartment buildings and shared-mobility services.

The company has real-world deployments to show investors, which sets it apart from rivals still demonstrating prototypes. Coowa says its robots now operate in more than 50 cities and regions around the world, with total deployments topping 10,000 units. It reported revenue of more than 1 billion yuan, about $148 million, in 2025 — a meaningful number in an industry where many competitors have barely started selling.

Coowa is far from alone. A wave of Chinese robotics companies is racing to list in Hong Kong while investor enthusiasm is running high. Sector leader Unitree is pursuing its own multibillion-dollar listing, humanoid maker EngineAI has filed confidentially, and Agibot is preparing an offering. UBTech, the first humanoid robot maker to go public in Hong Kong back in 2023, has seen its shares climb sharply this year.

Hong Kong has become the world’s busiest market for new share sales in 2026, fueled by a flood of Chinese technology firms. Companies have raised well over $20 billion in the city this year, far more than in the same period a year ago. After years in the doldrums, Hong Kong is once again the destination of choice for big Chinese listings — especially in fields like robots, chips, and self-driving cars that Beijing has named as national priorities.

There is a bigger force behind the boom. China is betting heavily on robots to tackle a shrinking, aging workforce and to keep its factories competitive. The government has made “embodied AI” — software that lets machines sense and act in the physical world — a centerpiece of its economic plans. For investors, that government backing is part of the appeal, suggesting a long stretch of demand and support ahead.

But there is a catch hanging over the whole sector. Supply is racing ahead of proven demand. China builds the vast majority of the world’s humanoid and service robots, yet surveys show many buyers are not yet satisfied with what the machines can actually do. With well over 100 robot companies chasing the same customers and the same investor money, analysts expect a shakeout — and not every company rushing to list today will survive it.

For ordinary readers, Coowa’s listing is another sign of how fast robots are moving out of the lab and into daily life — patrolling buildings, hauling boxes, and working alongside people in stores and warehouses. It is also a marker in the broader US-China technology race. As Japanese money like SoftBank’s pours into Chinese robotics, the question of who leads the next wave of automation is increasingly being decided in Asia.

If Coowa files on schedule, it could be trading publicly before the end of the year. Whether investors reward it with the $3 billion price tag it is seeking will depend on how its growing list of real-world deployments stacks up against the hype surrounding flashier rivals. For now, one of China’s quieter robot makers is stepping into the spotlight — betting that practical machines, not viral videos, are what public markets will pay for.

JBizNews Desk

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