Coowa operates more than 10,000 deployed units across 50 cities and regions worldwide, generating over 1 billion yuan in revenue in 2025. The company, founded in 2015, develops wheeled, wheel-legged, and humanoid-like robots for shared mobility, manufacturing, and property services. The timing and terms of the Hong Kong filing remain unconfirmed.
The IPO would signal investor appetite for China's robotics and embodied AI sector in Hong Kong's public markets, adding to a wave of technology listings there. For practitioners tracking cross-border capital flows and emerging technology valuations, the filing will test whether late-stage robotics companies can command premium multiples in Hong Kong amid broader geopolitical and regulatory uncertainty around Chinese tech listings.