China’s X Square Robot submits confidential filing for Hong Kong IPO, sources say

Chinese robotics firm X Square Robot has confidentially submitted paperwork for an initial public offering (IPO) in Hong Kong, sources reveal. The Shenzhen-based company has enlisted Huatai Securities and Morgan Stanley as its IPO sponsors, joining a surge of domestic robot manufacturers heading to the capital markets, despite recent US trade restrictions.

AgiBot and Galbot are among other companies that have also filed confidentially for Hong Kong IPOs, according to a second source. However, neither X Square Robot nor the other companies and securities firms have responded to requests for comment. Hong Kong Exchanges and Clearing (HKEX) also declined to provide a statement. The IPO market in Hong Kong is experiencing a five-year high, with a total of HK$210 billion (US$26.8 billion) raised in the first half of 2026, a 92 percent increase.

The number of new listings has nearly doubled to 87 from the previous year, as per PwC Hong Kong. Unitree Robotics, a leading Chinese robotic maker, has initiated price consultations for a Shanghai Star Market flotation, intending to sell 40.45 million shares, representing 10 percent of its enlarged share capital. Deep Robotics and Leju Robotics, both from Shenzhen, are also set to join the next wave of listed humanoid developers, with their IPO applications approved by the Shanghai and Shenzhen stock exchanges, respectively.

The wave of IPO attempts is occurring amid heightened geopolitical challenges. Last week, the US government imposed a ban on imports of new foreign-made robots, a measure widely considered a response to China's rapid advancements in the sector. Chinese companies hold more than 80 percent of the global humanoid robot installations, according to a report by Counterpoint Research.