Chinese industrial robot maker Shenzhen Inovance Technology submitted an initial public offering (IPO) application in Hong Kong on Tuesday, joining a wave of mainland tech firms seeking capital from international investors.

Founded in 2003, Inovance is seen as a cornerstone of China’s industrial automation sector. The company’s shares, listed on the Shenzhen Stock Exchange since 2010, closed at 61.36 yuan on Tuesday, giving it a market capitalisation of nearly 175.3 billion yuan (US$25.6 billion).

Positioning itself as a high-end equipment service provider, Inovance focuses on five layers of core technology: information, control, drive, execution and sensing, according to its website.

In January, Inovance announced its plan to issue shares in Hong Kong to advance its internationalisation strategy, enhance its global brand image and diversify its financing channels. It was reported in late March that the company had picked sponsors for the deal, expecting to raise as much as US$2 billion.

In its filing with the Hong Kong stock exchange, Inovance said that its revenue reached 45 billion yuan last year, an increase of 21.8 per cent from a year earlier, while its net profit grew nearly 18 per cent to 5.05 billion yuan.

In September, the company successfully spun off a subsidiary focused on electric-vehicle components. Inovance Automotive raised 3.6 billion yuan on the Shenzhen Stock Exchange to fund overseas expansion and development of electric drive systems.