Chinese robotics startup AI Squared Robotics is considering an initial public offering in Hong Kong and is in talks with advisers, with next year discussed as a possible timing. The Shenzhen-based company, founded in early 2023, has seen its valuation rise to about $3 billion after raising about 5 billion yuan in June. The company has not officially confirmed an application but completed a corporate restructuring in April.

The United States has effectively blocked new imports and sales of foreign-made advanced robots by halting new certifications, slowing Chinese robotics firms’ push into the U.S. market. The Federal Communications Commission added advanced robotic devices to its covered list, citing supply-chain vulnerabilities and cybersecurity threats, while previously certified models are unaffected for now. China protested, calling it protectionism. Analysts said the timing may benefit U.S. firms such as Tesla, Figure and Boston Dynamics.