Ant Group-backed smart vending machine start-up Ubox seeks Hong Kong IPO after failing to list in A-shares market

  • Beijing Ubox Online Technology Corp had been working for more than four years to list on the A-shares market, but withdrew its IPO application last year
  • The company recorded over US$204 million in total losses over the past two years, which it blamed on the coronavirus pandemic

Beijing Ubox Online Technology Corp, a smart vending machine operator backed by Ant Group, filed a draft prospectus for an initial public offering in Hong Kong. Photo: Handout

A smart vending machine operator backed by Chinese fintech giant Ant Group has filed a draft prospectus for an initial public offering in Hong Kong after it failed to list on the mainland’s A-shares market.

According to the prospectus, 16.68 per cent of Beijing Ubox Online Technology Corp, which recorded over US$204 million in total losses in 2020 and 2021, is owned by Shanghai Yunxin Venture Capital, a wholly owned subsidiary of Ant Group. Ant is an affiliate of Alibaba Group Holding, owner of the South China Morning Post.

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