Deep Robotics, a Hangzhou-based maker of quadruped and humanoid robots, has taken the first formal step towards a mainland stock market listing, becoming the latest Chinese start-up to join a year-end rush into capital markets.
The company had entered its initial public offering (IPO) “guidance” phase, according to information published by the China Securities Regulatory Commission on Wednesday, December 24. The preparatory work was scheduled to be completed by June next year.
The move made Deep Robotics the second “embodied intelligence” company after Unitree Robotics to begin the A-share IPO guidance process.
Advertisement
It was also the third of the so-called Hangzhou “six little dragons” – a group of prominent local tech firms – to pursue a listing, following Manycore Tech and Unitree Robotics. Unitree completed its domestic IPO guidance on November 10, after a process that lasted about four months.
Deep Robotics has been building momentum ahead of its listing push. Two weeks ago, it closed a funding round of more than 500 million yuan (US$69 million), which it said would be used to accelerate breakthroughs in core embodied intelligence technologies and to expand industrial adoption.
Advertisement
Strategic investors in the round included funds affiliated with state-owned telecommunication giants China Telecom and China Unicom.