BEIJING, July 24 : Chinese humanoid robot maker AgiBot has initiated the Hong Kong IPO process, state media outlet Securities Times reported on Friday.Reuters had first reported AgiBot's listing plans, valuation target and appointed banks in October.

Leading robot maker plans a Hong Kong IPO targeting a valuation of HK$40-50 billion, with Citic, CICC, and Morgan Stanley as sponsors.

The Shanghai-based humanoid robot maker becomes the first among a new crop of Chinese embodied-AI companies to formally disclose listing plans