Shenzhen-based startup X Square Robot has confidentially filed for a Hong Kong IPO, joining peers AgiBot and Galbot in seeking capital. This surge comes as Hong Kong's IPO market hits a five-year high, raising HK$210 billion in the first half of 2026. Meanwhile, the US has banned advanced foreign robot imports, challenging Chinese firms that dominated over 80% of the 2025 global humanoid market.
X Square Robot IPO
- ▪Shenzhen-based Chinese startup X Square Robot has filed confidentially for an initial public offering in Hong Kong.
- ▪X Square Robot recently demonstrated a robot model capable of performing household tasks such as cleaning, folding laundry, and handling fragile objects.
- ▪X Square Robot has selected Huatai Securities and Morgan Stanley as sponsors for its prospective Hong Kong stock market listing.
US foreign robot ban
- ▪The United States import ban on foreign-made robots extends to everyday consumer devices such as robot vacuums.
- ▪The United States government announced a ban on importing advanced foreign-made robots, including humanoid, quadruped, and connected machines.
Chinese robotics market dominance
- ▪Multiple Chinese robotics developers, including Unitree, Deep Robotics, and Leju Robotics, are pursuing domestic stock listings in Shanghai or Shenzhen.
- ▪Chinese companies accounted for over 80% of humanoid robots installed globally in 2025, according to Counterpoint Research.
Hong Kong robotics IPOs
- ▪Chinese robotics startups AgiBot and Galbot have also submitted confidential filings for initial public offerings in Hong Kong.
- ▪The Hong Kong IPO market raised 210 billion Hong Kong dollars across 87 listings in the first half of 2026, marking a five-year high.
- ▪AgiBot hired Citic Securities, China International Capital Corporation, and Morgan Stanley as joint sponsors for its prospective Hong Kong listing.
French investor access
- ▪French retail investors can access the Hong Kong stock exchange through brokers such as Trade Republic, Interactive Brokers, or DEGIRO.
- ▪Mainland Chinese stock exchanges in Shanghai and Shenzhen remain inaccessible to individual retail investors from France.
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