Chinese intelligent vending machine maker Beijing Ubox Online Technology has filed for an initial public offering in Hong Kong.
It is the largest unmanned retail operator in China, with the largest vending machine network in the country, the Ant Group-backed firm said in the prospectus citing data from Frost & Sullivan.
Founded in 2011, the Beijing-based firm makes smart retail devices that incorporate technologies such as facial recognition and artificial intelligence, according to its website. It had more than 102,700 vending machines across 288 cities as of last year, the firm said.
This came as the state-owned automaker China FAW Group is considering acquiring a significant stake in the troubled ride-hailing giant Didi Global, paving the way for a Hong Kong listing. The Chinese carmaker has reached out to Didi's top executives and expressed its interest in becoming a major shareholder in the firm, said the people, who asked not to be identified as the information is private. FAW pledged to help Didi resolve issues related to data security, the people said.
