Meituan-backed AI robotics firm plans a HK IPO to raise US$200m

Meituan-backed (3690) Mech-Mind Robotics Technologies is planning an initial public offering in Hong Kong to raise about US$200 million (HK$1.56 billion), according to Bloomberg.

The report said the artificial intelligence robotics firm is talking with advisers and has filed confidentially for a share sale.

According to its website, the group was founded in 2016 and is dedicated to developing embodied intelligent robots. Its clients and partners include Bank of China (3988), Toyota, Siemens and Intel.

In addition to Meituan, the group has secured multi-round funding from prominent investors including HongShan Capital Group, formerly known as Sequoia Capital China.

To date, the company has raised a cumulative total of over 2 billion yuan (HK$2.19 billion).