Ubtech Robotics announces $880m share placement

Humanoid robot maker Ubtech Robotics (9880) has announced plans to place new shares at a discount of over 8 percent to raise HK$880 million, as more tech giants are tapping into the sector.

The Shenzhen-based company proposed on Thursday to place more than 10.15 million new shares at HK$90 each, 8.54 percent cheaper than their closing price of HK$98.40 on February 19.

The new shares will represent around 2.3 percent of the expanded issued share capital.

Fintech firm Ant Group, an affiliate of Alibaba (9988), is reportedly hiring engineers and opening new posts related to humanoid robot development.

With the placement plan announcement, Ubtech’s shares once leapt by 8.7 percent to HK$107.30, before retreating to HK$96.2 during the early trade hours.

THEMIS QI