Robot Developer OnRobot Faces Allegations Ahead of IPO
Chinese robot developer OnRobot has publicly denied allegations of shareholder irregularities surfaced online. The accusations emerged as the company is nearing its planned listing on the Shenzhen Stock Exchange.
Chinese robotics firm OnRobot has strongly refuted claims made online regarding its share structure and IPO prospectus, according to a statement released on July 17. The company stated that the allegations, which surfaced shortly before its planned stock exchange listing, are false and misleading.
The allegations were reportedly made by an individual claiming to be a co-founder and former executive of OnRobot. The accuser alleges significant discrepancies in the reported share ownership within the company's IPO application documents, claiming that their rightful stake was misrepresented. The accuser further stated that the prospectus contains "false statements throughout and deliberately conceals an equity ownership dispute worth hundreds of millions."
OnRobot, currently undergoing the process for listing on the Shenzhen Stock Exchange's ChiNext board, asserts that its business operations are normal and that preparations for the listing are proceeding as scheduled. The company's listing review is slated for July 22.
Founded in 2015, OnRobot specializes in the research, development, and application of intelligent robots, with a particular focus on intelligent robotic arms and other smart hardware products. The company is in the final stages of its application to list on the ChiNext market.