HKA Chinese robotics startup named X Square Robot has submitted a confidential application for an initial public offering (IPO) in Hong Kong, according to two unnamed sources. The company, based in Shenzhen, has enlisted Huatai Securities and Morgan Stanley as underwriters for the potential listing. Other domestic robot manufacturers such as AgiBot and Galbot have also filed confidential IPO applications, with AgiBot previously hiring Citic Securities, CICC, and Morgan Stanley. While X Square and Morgan Stanley have not commented on the matter, the Hong Kong Exchanges and Clearing (HKEX) typically does not provide comments on individual companies. The surge in IPO activity reflects a broader trend among Chinese robotics firms seeking capital, with Hong Kong’s IPO market reaching a five-year high in fundraising and number of listings in the first half of 2026. Additionally, Unitree Robotics, based in Hangzhou, is preparing for an IPO on Shanghai’s Star Market.
Bias read (Center): The article presents information about corporate activities related to IPO filings without overt ideological slant. It reports on financial developments within the technology sector without taking a clear stance on governmental policies or political implications. The framing remains neutral, citing
