Beijing Ubox Online Technology, a vending machine maker and operator, is making another bid to list in Hong Kong.
Ubox has resubmitted its application for a main board listing on the HKEX, with Goldman Sachs, China Securities and Huatai International as sponsors. This comes after previous filings in December and May last year.
Ubox, has been operating vending machines since 2011 and, according to the prospectus, holds a 7.4-percent market share across 157 mainland cities.
Retail operations supply 70 percent of revenue, but its point network has reduced from 200,000 points to 60,000 with losses of 1.7 billion yuan (US$230 million) in H1.
However, Ubox is aiming for recovery with projected profitability in 2024. And the IPO sponsors are big names. Ubox has previously received funding from Ant Group and Primavera Capital. Yunxin Venture Capital, a wholly-owned subsidiary of Ant Group, is the second-largest shareholder, with a 16.7-percent stake.
