SoftBank-backed Coowa is preparing to seek a Hong Kong listing after raising more than $600 million in its latest funding round, the Wall Street Journal reported, citing people familiar with the matter.
The move is expected to turn one of China’s most closely watched urban robotics companies into a public-market test case.
The Shanghai-based company has deployed more than 10,000 robots across more than 50 cities and regions, generated more than 1 billion yuan in revenue in 2025, and is now valued at more than $3 billion.
Robots on the rise: What Coowa does
Founded in 2015, Coowa began with autonomous driving technology before moving deeper into physical AI: machines that can sense, move and work in real-world environments.
Its product line spans wheeled robots, wheel-legged systems and humanoid-like machines.
Unlike robotics start-ups that are still built around prototypes, Coowa has focused on urban use cases, including shared mobility, manufacturing, and property services.
That deployment record is central to the IPO story, as more than 10,000 robots in operation gives Coowa a commercial base that many younger humanoid firms do not yet have.
Alongside SoftBank Group, its backers include the Asian Infrastructure Investment Bank, giving the business institutional credibility as robotics fundraising becomes more selective.
Hong Kong’s IPO moment
Coowa’s planned listing comes as Hong Kong enjoys one of its strongest IPO windows in years, powered by Chinese technology, artificial intelligence and advanced manufacturing names.
Goldman Sachs has forecast about $60 billion in Hong Kong IPO fundraising in 2026, almost double last year’s level, according to a report carried by Moomoo.
PwC has projected HK$320 billion to HK$350 billion in fundraising this year, helped by high-end manufacturing and technology companies.
The shift is visible. Kharon analysis found that more than 85% of Chinese AI-related companies that went public in 2026 had chosen Hong Kong.
Hong Kong IPOs and second listings have raised $21.5 billion so far this year, more than double the same period in 2025.
Huatai Securities and Deutsche Bank are advising Coowa on the listing, according to the Wall Street Journal.
The $3 billion question: Can robots find buyers beyond the hype?
The harder question is whether investors will reward Coowa as a robotics platform or treat it as another beneficiary of the AI trade.
Robotics IPOs are drawing attention, but scrutiny is rising.
Omdia chief analyst Lian Jye Su told CNBC that “embodied intelligence actually hinges on the convergence of AI and robotics,” a reminder that winners need software, data, safety systems and repeatable deployment models, not just eye-catching machines.
Competition is intense as Ethan Qi, associate director at Counterpoint Research, told Rest of World that there are more than 100 humanoid companies in China, and that the number is likely to fall to a few dozen as consolidation follows the first batch of IPOs.
At more than $3 billion, Coowa must show revenue growth can keep pace with expectations.
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