(Yicai Global) Feb. 2 -- UBTech Robotics, a developer of humanoid robots backed by Chinese tech giant Tencent Holdings, has filed for an initial public offering on the Hong Kong Stock Exchange.

When the Shenzhen-based company released the prospectus to the public on Jan. 31, it redacted information on how much it plans to raise through the listing.

The proceeds of the IPO will go on boosting UBTech’s research and development, potential acquisitions or expansion, upgrading R&D labs and its Shenzhen center, expand global sales channels, and pay off bank loans, the prospectus showed.

Founded in 2012, UBTech initially planned to go public in the Chinese mainland, with China International Capital Corporation as tutor. CICC re-signed the deal with UBTech’s shareholder Minsheng Securities in 2020, but in January 2021, it withdrew, and the listing collapsed.

As of Jan. 22, UBTech founder Zhou Jian owned 26.2 percent of the firm and indirectly controlled about 3.7 percent of its issued share capital through his role as general partner of Shenzhen Sanciyuan. Tencent was the second-largest shareholder, with share capital of 6.5 percent.

UBTech reported a net loss of CNY778 million (USD115.9 million) and revenue of CNY529 million in the first nine months of last year. Its net losses were CNY918 million and CNY707 million in 2021 and 2020, respectively, while revenue was CNY817 million and CNY740 million.

As of last September, UBTech had sold more than half a million robot products in the past three years. Its main products are Star Wars stormtrooper robot toys and educational robots.

Editor: Futura Costaglione