X Square Robot files confidential Hong Kong IPO with Huatai, Morgan Stanley
Synopsis
X Square Robot has quietly filed for a Hong Kong IPO backed by Huatai Securities and Morgan Stanley, joining AgiBot and Galbot in a confidential listing rush — all while Hong Kong's IPO market hits a five-year high of HK$210 billion raised in the first half of 2026.
Key Takeaways
X Square Robot , headquartered in Shenzhen , has filed confidentially for an IPO on HKEX , according to two sources familiar with the matter.
Huatai Securities and Morgan Stanley have been appointed as joint sponsors for the prospective float.
Fellow Chinese robotics firms AgiBot and Galbot have also submitted confidential Hong Kong IPO filings.
Hong Kong 's IPO market raised HK$210 billion (US$26.8 billion) in the first half of 2026 , up 92 per cent year-on-year, with listings nearly doubling to 87 , per PwC Hong Kong .
Unitree Robotics of Hangzhou is separately pursuing a Shanghai Star Market listing, planning to sell 40.45 million shares or 10 per cent of its enlarged capital.
X Square Robot, a Shenzhen-based humanoid robotics start-up, has submitted a confidential initial public offering (IPO) application to Hong Kong Exchanges and Clearing (HKEX), according to two sources familiar with the matter. The filing adds the company to a rapidly expanding cohort of Chinese robot makers racing to tap public markets in 2026, even as new US trade restrictions weigh on the sector.
Sponsors and structure
X Square Robot has appointed Huatai Securities and Morgan Stanley as joint sponsors for the prospective float, one of the sources said. Both X Square and Morgan Stanley declined to comment, and HKEX said it does not comment on individual companies.
The competitive backdrop
The filing does not stand alone. AgiBot and Galbot have also submitted confidential Hong Kong IPO applications, according to the second source. AgiBot has engaged Citic Securities, China International Capital Corporation (CICC), and Morgan Stanley as its joint sponsors, according to earlier reports. The parallel filings underscore how Chinese robotics firms are converging on Hong Kong as their preferred listing venue.
Why it matters
Hong Kong's IPO market recorded a five-year high in the first half of 2026, with total funds raised reaching HK$210 billion (US$26.8 billion) — a 92 per cent increase year-on-year, according to PwC Hong Kong. The number of new listings nearly doubled to 87 over the same period, making the city an increasingly attractive destination for technology and deep-tech issuers seeking international capital.
Market reaction
The robotics IPO wave is being spearheaded by Unitree Robotics, the Hangzhou-based company that began price consultations on Wednesday for a flotation on Shanghai's Star Market. Unitree plans to sell 40.45 million shares, representing 10 per cent of its enlarged share capital. The dual-track activity — listings in both Hong Kong and Shanghai — signals that Chinese robotics firms are pursuing every available capital channel simultaneously.
What's next
Confidential filings typically precede formal listing applications by several months, meaning X Square Robot's public debut, if approved, could materialise in late 2026 or early 2027. With AgiBot, Galbot, and Unitree Robotics all in various stages of the listing process, the next key milestone to watch is whether HKEX accelerates its review pipeline to accommodate the surge in deep-tech applications — and how US trade restrictions ultimately shape investor appetite for the sector.
Point of View
AgiBot, and Galbot reveal a calculated window of opportunity: Chinese robotics firms are front-running the risk that tightening US trade restrictions could eventually constrain their access to Western capital markets or component supply chains. Hong Kong's resurgent IPO market — up 92 per cent in H1 2026 — is functioning as a pressure valve, channelling deep-tech capital flows that might otherwise have gone to Nasdaq or the New York Stock Exchange. What mainstream coverage underweights is the sponsor overlap: Morgan Stanley appears on both the X Square and AgiBot mandates, suggesting Wall Street banks are actively competing for a piece of China's robotics capex cycle even as geopolitical friction intensifies. The real test will come at the pricing stage, when institutional investors must weigh sector growth against supply-chain and regulatory exposure.
NationPress
6 Aug 2026
Frequently Asked Questions
What is X Square Robot and where is it based?
X Square Robot is a Chinese robotics start-up headquartered in Shenzhen . The company develops humanoid and industrial robots and has now filed confidentially for a public listing on HKEX in 2026 .
Which banks are sponsoring X Square Robot's Hong Kong IPO?
Huatai Securities and Morgan Stanley are the joint sponsors for X Square Robot 's prospective Hong Kong IPO , according to one source familiar with the matter. Both X Square and Morgan Stanley declined to comment on the filing.
Why are so many Chinese robotics companies filing for Hong Kong IPOs in 2026?
Hong Kong 's IPO market hit a five-year high in the first half of 2026 , raising HK$210 billion (US$26.8 billion) — up 92 per cent year-on-year, per PwC Hong Kong . Chinese robotics firms including AgiBot , Galbot , and X Square Robot are capitalising on strong investor appetite while navigating new US trade restrictions that complicate access to other capital markets.
What is Unitree Robotics doing differently from X Square Robot?
Unitree Robotics , based in Hangzhou , is pursuing a listing on Shanghai 's Star Market rather than Hong Kong , and began price consultations on Wednesday . The company plans to sell 40.45 million shares , equating to 10 per cent of its enlarged share capital, in what would be a domestic A-share offering.
How does the X Square Robot IPO affect investors and the broader robotics sector?
The wave of robotics IPOs signals that the sector is entering a capital-intensive scaling phase, with multiple firms seeking simultaneous public listings. Investors gain exposure to China's humanoid robot buildout, but face risks from US trade restrictions and geopolitical uncertainty that could affect valuations at the pricing stage.
