Chinese humanoid robot maker AgiBot plans to launch an initial public offering in Hong Kong next year, eyeing a valuation of HK$40 billion to HK$50 billion ($5.14 billion to $6.4 billion), sources with knowledge of the matter said.
AgiBot’s listing plans, backed by investors such as Tencent and HongShan Capital Group (HSG), comes as Beijing steps up efforts to develop automation to address its aging population and bolster its position in robotics amid escalating technological competition with the United States.
The Shanghai-based company appointed China International Capital Corp Ltd (CICC) and CITIC Securities earlier this year to lead its Hong Kong listing, the sources said.
Morgan Stanley has joined the effort in recent weeks, two of the sources added.
According to PitchBook, it reached a valuation of $2.07 billion as of March. The company is expected to issue 15%-25% of its shares, one of the sources said.
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AgiBot plans to file a preliminary prospectus early next year, two of the sources said, with one adding that the firm aims for a public listing by the third quarter of 2026.