Beijing-based CloudMinds, an operator of cloud-based systems for intelligent robots, has filed to raise up to $500 million in an initial public offering (IPO) on the New York Stock Exchange, joining a slew of Chinese tech companies seeking funding abroad despite efforts from the government to attract domestic listings.

Why it matters: CloudMinds says it is the first in the world to commercialize a cloud-based robotics system in a rapidly growing market.

Developments in cloud and robotics are critical to smart manufacturing, an important part of China’s initiative to become a global leader by 2025 in core technologies.

The government is implementing financial reforms—of which its new STAR Market Nasdaq-style technology bourse in Shanghai is the centerpiece—in an effort to lure tech companies to list domestically and push forward this initiative.

The US remains an attractive IPO destination for Chinese companies because of its maturity and liquidity relative to domestic capital markets, which have tightened as the country’s economy slows.

CloudMinds joins China Starbucks challenger Luckin Coffee and cosmetic surgery platform So-Young in US IPOs this year.

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