en.Wedoany.com Reported - On June 22, Chinese embodied AI company Coowa was reported to be preparing for a Hong Kong IPO, planning to formally submit its listing application within the next two to three months. The company has previously completed a new financing round exceeding $600 million. Currently, publicly available financing information remains primarily from its 2022 round. If the listing process proceeds, it will become another significant capitalization milestone in the embodied AI sector.
Current information indicates that the IPO is still in the preparatory stage. Relevant sources show that Huatai Securities and Deutsche Bank are acting as joint sponsors to assist Coowa in advancing its listing, but no prospectus from Coowa has appeared in the publicly filed documents on the Hong Kong Stock Exchange. This means the company has not yet entered the formal public prospectus disclosure phase, and the final filing timeline, financing scale, valuation, and issuance arrangements remain uncertain.
Founded in 2015 and headquartered in Shanghai, Coowa initially focused on autonomous driving technology before gradually expanding into robotics and embodied AI. Its business targets physical AI applications in urban environments, covering product forms such as wheeled robots, wheel-legged robots, and humanoid-like robots. Application scenarios include shared mobility, manufacturing, property services, and urban operations.
Financing information shows that Coowa's latest funding round exceeded $600 million, with a post-investment valuation of over $3 billion. Its investor lineup includes institutions such as SoftBank Group, and the Wall Street Journal also mentioned the Asian Infrastructure Investment Bank as a supporter. For embodied AI companies, large-scale financing is typically used for robot hardware iteration, mass production and delivery, supply chain development, overseas market expansion, and algorithm platform R&D.
In terms of revenue, the STAR Market Daily reported that Coowa's 2025 revenue has exceeded RMB 1 billion. The Wall Street Journal also noted that its robots have been deployed in over 50 cities and regions globally, with cumulative deployments exceeding 10,000 units. If these figures are confirmed in the subsequent prospectus, they will serve as a key basis for external assessment of its commercialization capabilities, customer structure, and project replicability.
The push by embodied AI companies to enter the capital market reflects the robotics industry's transition from concept validation to the scale delivery phase. Unlike large model companies that primarily rely on software subscriptions and cloud services, embodied AI companies must simultaneously address issues related to algorithms, hardware, supply chains, manufacturing, delivery, operations, maintenance, and scenario adaptation. If Coowa lists in Hong Kong, investor focus will not only be on its technology label but also on revenue quality, gross profit margins, payment cycles, customer concentration, and actual robot utilization efficiency.
Currently, the pace of Chinese robotics companies going public is accelerating. Embodied AI companies such as Unitree Robotics, Zhongqing Robotics, Zhipingfang, and Xinghailu are all attracting market attention, while automotive and technology companies are also rapidly entering the robotics sector. The Hong Kong stock market's increased acceptance of hard tech and AI infrastructure companies has also opened a new financing window for embodied AI firms.
Whether Coowa will subsequently submit a Hong Kong IPO application remains to be seen, pending documents from the Hong Kong Stock Exchange and official company disclosures. If the filing proceeds, its prospectus will further reveal its financing history, equity structure, product revenue composition, customer projects, R&D investment, and profitability, serving as an important sample for observing the commercialization level of Chinese embodied AI unicorns.
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