Chinese humanoid robot developer Ubtech Robotics plans to raise HKD3.1 billion ($398.7 million) through a new share placement in Hong Kong to fund ongoing investments, the company said.

Ubtech will issue 31.5 million new shares at HKD98.80 ($12.7) each, representing a discount of roughly 11.4% to Tuesday's closing price of HKD111.50. The placement will increase the company’s total share capital to 503 million shares from 472 million, according to the Shenzhen-based firm.

Since its Hong Kong listing two years ago, Ubtech has completed five share placements, raising a cumulative HKD4.4 billion ($565.9 million).