Smart machine maker eyes US$500m IPO in HK

Beijing Ubox Technology & Trade, a Chinese intelligent vending machine maker, is weighing a Hong Kong initial public offering that could raise as much as US$500 million (HK$3.9 billion), Bloomberg reported.

The company, which counts Ant Group among its backers, is working with advisers on the prospective listing and is considering going public as soon as later this year, the people familiar with the matter said.

Ubox is also considering a pre-IPO funding round, though a final decision on the size hasn't been made, the people said. The company is currently valued at about US$1 billion.

The Beijing-based firm products smart retail devices that leverage technologies including artificial intelligence and facial recognition, its website showed.

Meanwhile, Chinese bike-sharing giant Hello has formally scrapped plans for a US initial public offering, becoming one of the first big casualties of Beijing's crackdown on overseas listings.

The company requested a withdrawal of its registration for a US share sale, saying it no longer wanted to conduct the offering at this time, according to a filing. Hello, which is backed by Chinese tech mogul Jack Ma's Ant Group, did not provide further details.

In other news, Shui On Land (0272) is said to spin off its commercial property management arm to list in Hong Kong as soon as next year, with an aim to raise about US$500 million.

Separately, I-Mab is progressing with its dual listing plans on Shanghai's Nasdaq-style exchange as the drug developer seeks to expand its investor base. The company, which is traded in New York, aims to complete the Shanghai offering next year. It did not specify a fundraising target.