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

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

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