Uzum Plans Pre-IPO Round in Hong Kong

Tashkent, Uzbekistan (UzDaily.com) — Uzbekistan’s first tech unicorn, Uzum, plans to conduct its final pre-initial public offering (pre-IPO) funding round in 2026 in Hong Kong, following a US$70 million investment from Chinese tech giant Tencent Holdings several months ago, the South China Morning Post reports.

Uzum co-founder Nikolay Seleznev stated on Tuesday that Tencent’s investment in August strengthened the company’s plans to go public in 2027, with potential listings in Hong Kong, London, Abu Dhabi, or the Nasdaq in the United States.

According to Seleznev, Tencent’s investment increased Uzum’s valuation to US$1.5 billion and opened opportunities for the Chinese company to enter Central Asia’s digital economy.

Previously, in 2024, Uzum achieved unicorn status by raising US$114 million through a combination of Series A equity financing and debt financing.

Founded in 2022, Uzum operates e-commerce, fintech, and banking services for individuals as well as small and medium-sized businesses in Uzbekistan, a landlocked country integrated into China’s Belt and Road Initiative trade network.

“With Tencent’s participation in the latest funding round, I realized the enormous potential of Southeast Asia and its investors,” Seleznev noted. “We see huge opportunities here. Uzbekistan’s IT and fintech market is now recognized among the world’s largest tech companies.”

He added that it is still too early to determine the exact amount Uzum intends to raise in the pre-IPO round in 2026.

Seleznev also serves as the company’s Director of Strategy and Business Development.

The planned Hong Kong funding round will be the company’s final capital-raising initiative in this financial hub. In 2025, Hong Kong became the leading global listing venue, rising from fifth place the previous year. During the first nine months, 66 companies raised US$23.27 billion on the Hong Kong Main Board, according to the London Stock Exchange Group.

In September, Chinese Zijin Mining’s subsidiary, Zijin Gold International, raised US$3.21 billion in the year’s second-largest IPO in Hong Kong and earlier acquired a project in Kazakhstan for US$1.2 billion. In August, tungsten mining company Jiaxin International Resources completed a historic dual listing on the Hong Kong and Kazakhstan stock exchanges.

Uzum operates Uzum Market, Uzbekistan’s largest digital trading platform, as well as Uzum Tezkor (express delivery) and Uzum Bank (lending, transfers, and ATMs). The company owns its own banking system and infrastructure for transaction processing and payouts.

“Five years ago, London was the only option for listing,” Seleznev said. “Now other opportunities have emerged, including Hong Kong and Nasdaq.”

He emphasized that Tencent’s investment demonstrates strong interest in Uzbekistan’s investment opportunities, with the country seen as a promising market for Chinese companies due to ongoing reforms and the opening of the economy to new investments.

Registered in Abu Dhabi, Uzum continues to strengthen its position in the digital services market, creating a platform for e-commerce, banking, and financial services while providing infrastructure to support the growth of the country’s IT ecosystem.