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Coco Feng

Ben Jiang

Chinese start-up X Square Robot has filed confidentially for an initial public offering (IPO) in Hong Kong, according to two sources familiar with the matter, joining a growing wave of domestic robot makers flocking to capital markets, despite new US trade restrictions.
The Shenzhen-based firm has tapped Huatai Securities and Morgan Stanley as sponsors for the prospective float, one of the sources said.
Besides X Square, AgiBot and Galbot have also filed confidentially for Hong Kong IPOs, the second person said. The South China Morning Post reported last month that AgiBot had hired Citic Securities, China International Capital Corporation (CICC) and Morgan Stanley as joint sponsors.
X Square and Morgan Stanley declined to comment, while the other companies and securities firms did not respond to requests for comment. The Hong Kong Exchanges and Clearing (HKEX) said it does not comment on individual companies.
The flurry of listing attempts comes as Hong Kong’s IPO market hit a five-year high in terms of both total funds raised and the number of listings in the first six months of 2026, during which the IPOs raised HK$210 billion (US$26.8 billion). This was up 92 per cent, while the number of new listings almost doubled to 87 from a year earlier, according to PwC Hong Kong.

An expanding list of Chinese robotic makers is pursuing an IPO this year, spearheaded by Unitree Robotics, which began price consultations on Wednesday for a flotation on Shanghai’s Star Market. The Hangzhou-based company plans to sell 40.45 million shares, or 10 per cent of its enlarged share capital.
Meanwhile, Deep Robotics and Leju Robotics, are set to join the next wave of listed humanoid developers after their IPO applications were accepted by the Shanghai and Shenzhen stock exchanges, respectively.
The fundraising blitz coincides with heightened geopolitical headwinds.
Last week, the US government announced an effective ban on imports of new, foreign-made robots, a move widely seen as a response to China’s rapid advances in the sector.
The ban would apply to new “advanced robotic devices” made in several countries, including China, covering humanoids, quadrupeds and a broad class of connected mobile machines – including robot vacuum cleaners.
Chinese companies accounted for more than 80 per cent of the humanoid robots installed globally last year, according to a report by Counterpoint Research.


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The start-up joins a growing list of domestic robot makers in China raising capital


The start-up joins a growing list of domestic robot makers in China raising capital.


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

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}The start-up joins a growing list of domestic robot makers in China raising capital

The start-up joins a growing list of domestic robot makers in China raising capital