Hong Kong is once again in the global financial spotlight as two of its most prominent technology firms, HashKey Group and AgiBot, prepare for high-profile initial public offerings (IPOs) amid a surge in listings that has helped the city overtake even New York in IPO volume this year. The moves underscore Hong Kong's growing role as a hub for both digital assets and robotics innovation, while raising questions about the future of technology investment in the region.
On October 10, 2025, multiple sources revealed that HashKey Group, the operator of Hong Kong’s largest licensed crypto exchange, had confidentially filed for an IPO in the city. According to Bloomberg and Reuters, the company could raise as much as $500 million if the offering goes ahead as planned, potentially before the end of the year. The move comes at a time when HashKey is riding high, boasting a 24-hour trading volume near $117 million, according to CoinGecko data cited by Cointelegraph.
HashKey’s dominance in the local crypto market has not come without challenges. Earlier this year, Hong Kong’s Securities and Futures Commission (SFC) flagged 33 suspicious websites impersonating HashKey, bringing the total number of identified impersonators to 45. The company was quick to distance itself from these copycats, confirming it had no connection to any of the fraudulent sites. Such incidents highlight both the popularity and the risks associated with operating in the burgeoning digital asset space.
The exchange’s rise has been meteoric. In mid-January 2025, HashKey crossed the $1 billion valuation threshold, becoming a so-called unicorn after raising almost $100 million in a funding round at a pre-money valuation of over $1.2 billion. Just a month later, the company secured an additional $30 million from Chinese venture capital firm Gaorong Ventures, lifting its valuation to $1.5 billion. In September, HashKey launched a $500 million Digital Asset Treasury fund, with its CEO stating that disciplined crypto treasuries will “survive any market.” And in April, Hong Kong regulators approved HashKey to offer Ether (ETH) staking services for spot exchange-traded funds (ETFs), further expanding its suite of services.
According to Cointelegraph, Hong Kong has tightened its oversight of the crypto sector in recent months, introducing new custody rules that ban smart contracts in cold wallets and impose stricter security standards. The SFC has also warned that a new stablecoin framework could be fueling fraud risks, and local banks have faced pressure to steer clear of stablecoin and crypto initiatives. Despite these regulatory headwinds, HashKey appears undeterred, pushing forward with its IPO plans and new product launches.
But HashKey is not the only tech star eyeing Hong Kong’s public markets. AgiBot, a Shanghai-based maker of humanoid robots, is preparing for its own blockbuster IPO, targeting a valuation between HK$40 billion and HK$50 billion ($5.14 billion to $6.4 billion), according to Reuters. The company, which was founded in 2023 by former Huawei employees Deng Taihua and Peng Zhihui, has quickly gained prominence in China’s fast-evolving robotics sector. Its robots, including the Yuanzheng and Lingxi series, have been showcased at high-profile events, even catching the attention of Chinese President Xi Jinping during a visit to Shanghai earlier this year.
Sources told Reuters that AgiBot has appointed China International Capital Corp Ltd (CICC) and CITIC Securities to lead the Hong Kong listing, with Morgan Stanley joining the effort in recent weeks. The company is expected to issue 15%-25% of its shares in the IPO, with plans to file a preliminary prospectus early in 2026 and complete the listing by the third quarter of that year. As of March 2025, AgiBot was valued at approximately $2.07 billion, according to PitchBook.
AgiBot’s rapid ascent has been fueled by strategic partnerships and a high-profile roster of investors. In August, the company announced a partnership worth tens of millions of yuan with automotive parts maker Fulin Precision Engineering, deploying nearly 100 Yuanzheng robots at Fulin’s factories. That same month, AgiBot completed a strategic financing round with investors including LG Electronics and Mirae Asset. Other backers include tech giant Tencent, HongShan Capital Group, Chinese automaker BYD, and asset manager Hillhouse Investment, as detailed by Reuters and Qichacha.
The company’s robots are trained at its Shanghai facility to perform an array of tasks, from folding clothes and making coffee to washing toilets. AgiBot also produces data collection tools used for model training, which it sells externally. The company’s ambitions extend across manufacturing, logistics, and beyond, reflecting Beijing’s broader push to develop automation solutions to address its aging population and bolster its position in the global technology race, particularly as competition with the United States intensifies.
AgiBot’s planned IPO would make it one of a handful of humanoid robot companies to seek public funding, following in the footsteps of Ubtech Robotics, which became the first such company to list in Hong Kong in late 2023. Ubtech’s shares have soared 150% this year, far outpacing the Hang Seng Index’s 32% rise, according to Reuters. Rival Unitree Robotics is also targeting a major listing, aiming for a valuation of up to 50 billion yuan ($7 billion) on Shanghai’s STAR board.
The surge in technology IPOs comes as Hong Kong cements its status as a global capital-raising powerhouse. According to LSEG data reported by Reuters, more than 270 companies have filed for initial or second listings in the city as of October 10, 2025, raising nearly $24 billion so far this year—more than double the $11.3 billion raised in all of 2024. The influx of Chinese firms, particularly in high-growth sectors like robotics and crypto, has been a key driver of this boom.
Yet, challenges remain. Regulatory uncertainty, both in the crypto and robotics sectors, looms large. Hong Kong’s authorities have ramped up oversight, wary of fraud and market volatility. Meanwhile, Beijing’s evolving stance on digital assets and its push for technological self-reliance introduce further unpredictability. For investors, the promise of outsized returns is tempered by the risks inherent in these rapidly changing industries.
Still, the momentum is undeniable. As HashKey and AgiBot prepare to test investor appetite, their IPOs will serve as bellwethers for the strength and resilience of Hong Kong’s tech ecosystem. Whether these offerings will meet their lofty targets—or face the headwinds of regulation and global competition—remains to be seen. But for now, all eyes are on Hong Kong, where the future of finance and technology is being written in real time.
The coming months will reveal whether these bold bets pay off, but for now, Hong Kong’s IPO pipeline looks stronger than ever, with innovation and ambition driving the city’s next chapter.
