(Yicai) Nov. 25 -- Ubtech Robotics plans to raise HKD3.1 billion (USD398.7 million) through a new share placement in Hong Kong so as to fund investment, according to the major Chinese developer of humanoid robots.

Ubtech will issue 31.5 million new shares at HKD98.80 (USD12.7) apiece, a discount of about 11.4 percent on yesterday’s closing price of HKD111.50, the Shenzhen-based firm announced this morning. The issuance will expand its share capital to 503 million from 472 million.

Since Ubtech listed in Hong Kong two years ago, the company has completed five new share placements, raising a total of HKD4.4 billion (USD565.9 million).

Ubtech’s shares [HKG: 9880] closed 0.8 percent lower at HKD110.60 (USD14.22) each today, though the stock has still more than doubled in value since the end of last year.

Seventy-five percent of the net proceeds from the raise will be used over the next two years to invest in or acquire high-potential businesses in the robotics industrial chain, or to establish joint ventures with relevant industries. Ubtech has not yet identified any acquisition targets, it added.

Fifteen percent will go to business operations, including general corporate purposes, domestic and overseas investment, and facilities construction or renovation, it said. The rest will be used to repay loans from financial institutions.

Ubtech also announced today that it has secured a CNY264 million (USD37.2 million) order for humanoid robots from the city of Fangchenggang in Guangxi Zhuang Autonomous Region, breaking the previous Chinese record of CNY250 million for a single order.

The order is for Ubtech’s industrial android Walker S2, which will be used for tasks such as passenger management at border crossings, sentry patrols, logistics, commercial services, and factory inspections. Ubtech expects to deliver the robots next month.

Ubtech also disclosed that total orders for Walker-series robots have reached CNY1.1 billion (USD155 million) so far this year.

Editor: Tom Litting