UBTech raises HK$3.1 billion for supply-chain deals a week after its Walker S2 humanoid enters mass delivery

UBTech Robotics, the Shenzhen humanoid maker listed in Hong Kong, agreed on 25 November 2025 to sell 31,468,000 new H shares at HK$98.80 each, according to its filing with the Hong Kong stock exchange. The placing brings in gross proceeds of about HK$3,109.04 million, the largest of the three share sales the company carried out that year, and it sends three quarters of the net money toward buying or investing in companies along UBTech's own supply chain.

The price was 11.39% below the HK$111.50 close on the last trading day before the agreement and 18.56% below the five-day average close of HK$121.32. UBTech put net proceeds at about HK$3,055.71 million. It said 75% would be used to invest in or acquire potential upstream or downstream targets in its business value chain, 15% would fund operations and development, including working capital and project construction, and 10% would repay credit facilities. The new shares equal 6.67% of the existing issued share capital and 6.25% of the enlarged capital. Guotai Junan Securities (Hong Kong), CLSA and TradeGo Markets were the placing agents, and completion was due within five business days.

The raise followed an operational milestone. In a release dated 17 November 2025, UBTech said the Walker S2, its full-size industrial humanoid, had entered mass production and delivery, with a first batch of several hundred units heading to frontline industrial sites. The company said orders for the Walker series since the start of 2025 had passed RMB800 million, about US$112 million. The two largest it named were a RMB250 million contract signed in September, the biggest of the year, and a RMB159 million order for a data collection centre in Zigong.

UBTech set out a production path in the same release: 500 units delivered within 2025, annual capacity of 5,000 units in 2026 and 10,000 units in 2027. It listed BYD, Dongfeng Liuzhou Motor, Geely Auto, FAW-Volkswagen Qingdao, Audi FAW, BAIC New Energy, Foxconn and SF Express among the companies where the Walker S series has worked in car plants, smart factories, logistics and data collection centres.

The annual results UBTech filed on 31 March 2026 show how the year closed. The company sold 1,079 full-size humanoid units in 2025, a figure that covers all of its full-size models rather than the Walker S2 alone, and booked about RMB820.6 million of revenue from full-size humanoid products and services. Group revenue rose 53.3% to RMB2,001.0 million and the net loss narrowed to RMB789.8 million from RMB1,159.9 million. The filing said annualised capacity had passed 6,000 units and that the placing completed in December had raised RMB2,777.369 million.

Founded in 2012 and listed on the Hong Kong Main Board in December 2023, UBTech built its business on education, consumer and service robots before turning to full-size humanoids for factories. It has leaned on the equity market to pay for that shift. In 2025 it also placed 10,155,099 H shares at HK$90.00 in February and 30,155,450 H shares at HK$82.00 in July, filings show. With the November deal, gross proceeds from the three placings come to about HK$6.5 billion. The November price was 20.5% above the July price.

The Walker S2 is built for continuous shift work. According to UBTech's product page, the robot swaps its own battery in about three minutes and runs a dual-battery system that can switch between two packs and one, so it does not have to leave the line to charge. It carries a payload of 15 kg, reaches from floor level to 1.8 metres, and its waist rotates through plus or minus 162 degrees and pitches through 125 degrees. For depth perception it uses a passive binocular RGB camera pair with learned stereo depth estimation rather than lidar. Task planning runs on UBTech's BrainNet 2.0 framework and a Co-Agent system that the company says handles intention understanding, tool use and anomaly detection, and coordinates groups of robots on a line.

The use of proceeds sets UBTech apart from its closest Hong Kong-listed peer. Dobot, the Shenzhen cobot maker, placed 16,660,000 H shares at HK$46.80 on 6 November 2025 for gross proceeds of about HK$779.7 million at a 10.3% discount, and assigned 40% of the net money to research and product innovation and 20% to investment, acquisition and alliances. UBTech's 75% allocation to value-chain deals is the clearest signal yet that a Chinese humanoid maker intends to own parts of its supply base. On the mainland it competes for the same car-plant and logistics pilots with Unitree, AgiBot and XPeng, while Tesla, Figure and Agility Robotics lead the field in the United States.

The order book carries a caveat. A material part of what UBTech disclosed is tied to data collection centres, facilities where humanoids generate training data, rather than to robots doing paid production work on a customer's line. The RMB159 million Zigong contract alone is close to a fifth of the RMB800 million total. Such projects help fill a factory, but they say less about whether a carmaker will buy a second and third batch. Order value also differs from revenue: deliveries, acceptance and payment can lag a signing by quarters.

The placing itself carries costs for existing holders. A discount of more than 11% to the last close and 18.56% to the five-day average, a third dilutive sale inside ten months and a large blank-cheque allocation for acquisitions leave investors relying on management to find targets at sensible prices. UBTech did not name any target in the filing.