Chinese AI and Robotics Firms Accelerate IPO Plans

Baidu's AI chip unit Kunlunxin is preparing for a Shanghai STAR market listing with China International Capital Corporation as its advisor. Its Hong Kong IPO plans remain intact.

Meanwhile, robotics manufacturer RobotPhoenix is targeting a Hong Kong IPO to raise up to US$100 million. The company plans to offer 24.6 million shares at HK$30.50 (US$3.91) each. The Zhejiang Province-based company said in its prospectus that it plans to sell 24.6 million shares at HK$30.50 each. Founded in 2012, RobotPhoenix designs and manufactures industrial robots, ranking about fifth in China's market for light industrial robots used in consumer electronics, healthcare, automotive components and semiconductors.

In the AI foundation model space, StepFun has completed a shareholding restructuring for a prospective Hong Kong listing. Backed by the Hong Kong Investment Corp, StepFun is also finalizing a nearly US$2.5 billion funding round supported by major supply-chain investors.