Uzbekistan-based Uzum has been seeking a final pre-IPO funding round in Hong Kong next year, following its USD 70 million investment from Tencent Holdings.
Tencent's investment in August strengthened the company’s goal to go public in 2027, with a potential listing in Hong Kong, London, Abu Dhabi, or the US. These funds rose Uzum’s valuation to USD 1.5 billion, opening the door for the Chinese tech giant to enter Central Asia’s digital markets.
Uzum’s IPO plans
This follows Uzum’s ascent to unicorn in 2024, when it raised USD 114 million from both a Series A funding round and debt financing. Uzum offers ecommerce, fintech, and banking solutions for SMEs and individuals in Uzbekistan, a country that forms part of China’s Belt and Road Initiative trade network.
Leveraging the funds from Tencent, the company sees the potential in Southeast Asia and its investor base, as well as in the technology and fintech market of Uzbekistan, which is being recognised by tech companies around the world. However, the company is yet to determine how much it wants to raise in its pre-IPO funding coming up in 2026.
Hong Kong is a significant market when it comes to listings this year, jumping from fifth place last year to first place now. 66 companies raised USD 23.27 billion on the main board of the region’s stock exchange during the first nine months of 2025, according to data from the London Stock Exchange Group. The second largest IPO in Hong Kong was Zijin Gold International, a wholly owned unit of China's Zijin Mining, which raised USD 3.21 billion. Additionally, in August, Jiaxin International Resources, a Tungsten miner, debuted on both the Hong Kong and Kazakh stock exchanges, in a unique dual listing.
Uzum is currently registered in Abu Dhabi, operating Uzum Market, one of the largest marketplaces in Uzbekistan, Uzum Tezkor, which offers delivery services, and Uzum Bank, a lender that provides money transfers and automated teller machine services. The company owns and operates its core banking system, processing and payout infrastructure.
