Chinese humanoid robot maker AgiBot is preparing a Hong Kong initial public offering that targets a valuation of HK$40 billion to HK$50 billion — roughly US$5.1 billion to US$6.4 billion — with China International Capital Corp, CITIC Securities and Morgan Stanley lined up as joint sponsors, according to Reuters citing people with knowledge of the plan.
The listing plan and its sponsors
The Shanghai-based company appointed CICC and CITIC earlier in the year to run its Hong Kong flotation and added Morgan Stanley in recent weeks. AgiBot is expected to file a preliminary prospectus in early 2026, with a public listing pencilled in for the third quarter of the year. Sources indicated the deal would sell 15% to 25% of the enlarged share base, potentially raising more than US$1 billion at the upper end of the pricing range.
A US$6.4bn benchmark for the humanoid class
The target valuation is roughly triple AgiBot's US$2.07 billion post-money mark from March 2026 (per PitchBook), reflecting how quickly the humanoid trade has repriced. Backers already include Tencent, HongShan Capital, LG Electronics, Mirae Asset, BYD and Hillhouse Investment, and the company said in August it had signed a factory-deployment deal worth tens of millions of yuan with automotive supplier Fulin Precision Engineering for close to 100 Yuanzheng robots.
Where AgiBot sits in China's humanoid IPO stampede
The AgiBot deal joins a widening pipeline of Chinese humanoid public offerings. Rival Unitree Robotics is targeting a valuation of up to CNY 50 billion on Shanghai's STAR Market, autonomous driving startup Momenta already listed on the HKEX at a US$9 billion cap, and UBTech continues to expand its consumer humanoid business. AgiBot itself has stepped up product cadence, unveiling its A3 stage humanoid at IFA Berlin last week and rolling out its 15,000th general-purpose robot in June.
Hong Kong has surpassed the NYSE this year on combined IPO and secondary listing volume, with more than 270 filings and nearly US$24 billion raised — the runway AgiBot is banking on for its own debut.
Reporting based on coverage from Reuters, The Standard and AgiBot.