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

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 . Shanghai Yunxin is the second-largest shareholder of Beijing Ubox, behind…