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Chinese robotics startup X Square Robot has filed a confidential IPO application in Hong Kong, sources reveal. The Shenzhen-based firm has enlisted Huatai Securities and Morgan Stanley as co-sponsors. Other local robot makers, including AgiBot and Galbot, have also filed confidentially for Hong Kong listings. However, the companies and their respective sponsors have not responded to requests for comment.
The Hong Kong Exchanges and Clearing (HKEX) also declined to comment on the matter. This surge in IPO attempts is occurring as Hong Kong's IPO market reached a five-year high in June 2026, with total funds raised and the number of listings both exceeding previous records. Among the domestic robotic companies vying for an IPO this year is Unitree Robotics, which has initiated price consultations for a Shanghai Star Market float, intending to sell 40.45 million shares or 10% of its expanded share capital.
Other humanoid developers, Deep Robotics and Leju Robotics, are anticipated to follow suit after their IPO applications were approved by the Shanghai and Shenzhen stock exchanges, respectively. The IPO rush is taking place amid increased geopolitical challenges, including a recent US ban on imports of new foreign-made robots, which is seen as a reaction to China's rapid advancements in the sector.
The ban applies to advanced robotic devices, including humanoids, quadrupeds, and connected mobile machines such as robot vacuum cleaners.
Written by urgent.news from SCMP Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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