Embodied AI startup Coowa is preparing for a Hong Kong initial public offering after quietly raising more than $600 million in a recent funding round, according to people familiar with the matter.

The company is expected to file its Hong Kong IPO application within the next two to three months. Huatai Securities⁠ and Deutsche Bank⁠ are serving as joint sponsors for the planned listing, according to the sources.

Coowa generated more than 1 billion yuan (US$147 million) in revenue in 2025.