According to reports, Galaxy Universal has selected multiple investment banks to assist in its IPO in Hong Kong, seeking a valuation of up to $4 billion

According to sources cited by Bloomberg, mainland embodied robot manufacturer "Galaxy General Robotics" is considering an IPO in Hong Kong next year. Insiders indicate that the company has selected CITIC Securities, Huatai Securities, and UBS Group to handle the stock issuance. They noted that the company may submit an application to the Hong Kong Stock Exchange as early as next quarter, emphasizing that discussions are still ongoing and details may change.

One insider stated that the company may seek a valuation of $3 billion to $4 billion in the IPO.

In a statement, Galaxy Robotics responded that the information is inaccurate, and the company's equity restructuring is aimed at meeting subsequent normal financing needs and attracting new investors from the primary market.

In a round of financing in June this year, Galaxy Robotics received support from institutions such as Chinese battery manufacturer CATL, raising approximately 1.1 billion yuan (about $156 million). The valuation at that time was around $2 billion.

Earlier this week, some mainland media reported on its potential IPO plans, which were subsequently denied