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Hangzhou-based Unitree’s latest financing initiative would value the company between 10 billion yuan and 15 billion yuan (US$1.4 billion and US$2.1 billion), Chinese digital media outlet Sohu Tech reported on Friday, citing sources.
That would follow Unitree’s restructuring last week, when it changed from a limited liability company into a joint stock limited firm, according to Chinese corporate database Tianyancha.
A joint stock limited structure lets a company issue and transfer shares, allowing it to raise more capital as it scales up its operations. This move appears to put the firm another step closer to going public on mainland China’s stock exchanges.
In a letter to business partners, Unitree said the conversion into a joint stock limited company was done to address the firm’s “development needs”, according to a report by the state-owned financial newspaper Securities Times.
Unitree did not immediately respond to a request for comment on Friday about its latest effort to generate new investment.
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