Chinese robotics start-up X Square Robot has confidentially filed for an initial public offering (IPO) in Hong Kong, according to two sources familiar with the matter. The Shenzhen-based company has appointed Huatai Securities and Morgan Stanley as sponsors for the prospective listing.

X Square Robot joins a growing number of domestic robot makers pursuing IPOs in Hong Kong, including AgiBot and Galbot, which have also filed confidentially. Last month, the South China Morning Post reported that AgiBot had engaged Citic Securities, China International Capital Corporation (CICC), and Morgan Stanley as joint sponsors.

The Hong Kong Exchanges and Clearing (HKEX) declined to comment on individual companies. The surge in IPO filings coincides with Hong Kong’s IPO market hitting a five-year high in the first half of 2026, raising HK$210 billion (US$26.8 billion) — a 92 percent increase in funds raised and nearly double the number of new listings compared to the previous year, according to PwC Hong Kong.

This wave of listings occurs despite new US trade restrictions affecting Chinese technology firms. Additionally, Unitree Robotics, based in Hangzhou, is also preparing for an IPO on Shanghai’s Star Market, planning to sell 40.45 million shares, representing 10 percent of its enlarged share capital.

X Square and Morgan Stanley declined to comment on the IPO filing, while other companies and securities firms did not respond to requests for comment.

Sources