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Chinese humanoid robot maker AgiBot plans $6.4 billion Hong Kong IPO

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Chinese robotics firm AgiBot is preparing for a Hong Kong initial public offering (IPO) next year that could value the company between HK$40 billion and HK$50 billion ($5.14–$6.4 billion), according to multiple sources familiar with the matter. The move positions AgiBot as one of China’s most prominent humanoid robot startups entering public markets amid the country’s rapid push into automation and AI-driven robotics.

Backed by major investors including Tencent, HongShan Capital Group (HSG), LG Electronics, and BYD, AgiBot has hired CICC, CITIC Securities, and Morgan Stanley to manage the listing. The firm reportedly plans to issue 15–25% of its shares and aims to file a preliminary prospectus in early 2026, targeting a Q3 listing.

Founded in 2023 by former Huawei engineers Deng Taihua and Peng Zhihui, Shanghai-based AgiBot develops the Yuanzheng and Lingxi humanoid robot series, which perform complex manual tasks such as folding clothes, making coffee, and cleaning. The robots are designed for industrial and service applications in manufacturing and logistics, and the company also provides data collection tools for AI model training.

AgiBot’s rise has been accelerated by Chinese President Xi Jinping’s public endorsement, following his visit to its Shanghai facility earlier this year. The company recently partnered with Fulin Precision Engineering to deploy nearly 100 Yuanzheng robots in automotive part factories.

The IPO would follow that of Ubtech Robotics, the first humanoid robot firm to list in Hong Kong, whose shares have surged 150% this year. Rival Unitree Robotics is also seeking a $7 billion listing on Shanghai’s STAR Market.

Hong Kong has emerged as the world’s top IPO destination in 2025, with more than 270 listings raising $24 billion, largely from mainland Chinese companies. AgiBot’s debut would further solidify the city’s growing role as the hub for AI and robotics capital markets.

Chinese Robotics Startup Unitree Targets $7B IPO Valuation Amid Tech Push

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Chinese humanoid robotics firm Unitree Robotics is preparing for a landmark IPO on Shanghai’s STAR Market, seeking a valuation of up to 50 billion yuan ($7 billion), according to sources. The company, founded in 2016 by Wang Xingxing, has gained global attention with viral videos of robots walking, climbing, and carrying loads.

Unitree confirmed last week that IPO preparations are underway, with a formal application expected in Q4, though it disputed reports on the exact valuation. If successful, this would be one of China’s largest onshore tech listings in years, underscoring Beijing’s drive to fund domestic “unicorns” and bolster self-sufficiency in robotics and AI.

The potential listing comes after a funding round in June that included investments from Alibaba, Tencent, and Geely, boosting Unitree’s valuation to 12 billion yuan. Sources say the company is already profitable, with annual revenue above 1 billion yuan, and poised for rapid growth.

Unitree’s IPO plans coincide with China’s heavy investment in robotics and AI to counter U.S. tech rivalry and address an aging population. The humanoid robot industry enjoys strong government subsidies and policy support, making Unitree a likely beneficiary.

The company’s targeted valuation would mark a sharp jump from its last funding round, testing investor appetite for humanoid robotics — a field where China is positioning itself as a global leader.

Chinese Tech Firms Still Pursuing Nvidia Chips Despite Government Pressure

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Chinese tech giants including Alibaba (9988.HK) and ByteDance remain eager to secure Nvidia’s (NVDA.O) artificial intelligence chips despite regulators in Beijing discouraging such purchases, according to four sources familiar with procurement talks.

The companies are pressing for assurance that their orders for Nvidia’s H20 model—which regained U.S. approval for sale in China in July—are being processed. They are also closely tracking Nvidia’s development of a more advanced chip, tentatively called the B30A, based on its Blackwell architecture. Sources said the B30A could cost roughly twice as much as the H20’s current $10,000–$12,000 price tag but may deliver up to six times more power, making it an attractive option if cleared by Washington.

Both the H20 and B30A are downgraded versions of Nvidia’s global products, designed to comply with U.S. export restrictions. The issue of whether Chinese firms can access advanced chips remains a central flashpoint in the U.S.–China technology rivalry. While Washington has relaxed some curbs, U.S. President Donald Trump recently struck a deal requiring Nvidia to give 15% of its H20 revenue to the U.S. government.

China, meanwhile, is urging its companies to reduce reliance on U.S. chips. Regulators have summoned Tencent (0700.HK), ByteDance, and others to question their H20 purchases, citing potential information security risks. However, Beijing has not formally banned Nvidia products.

Strong demand persists due to limited domestic chip supply. Products from Huawei and Cambricon (688256.SS) remain constrained and, according to engineers at Chinese firms, perform less effectively than Nvidia’s. Nvidia itself acknowledged rising competition from local rivals but declined further comment.

Uncertainty over its China sales led Nvidia to issue a cautious forecast in August, excluding potential revenue from the world’s second-largest economy. The company’s shares have since fallen about 6%. CEO Jensen Huang has reassured Chinese customers about H20 availability and is reportedly preparing B30A samples for delivery to China as early as September. Nvidia is estimated to hold 600,000–700,000 H20 units in inventory and has asked TSMC to produce more.

Huang has previously said China could represent a $50 billion market for Nvidia if it maintains access to competitive products.