If Uzum proceeds with its proposed financing round in Hong Kong, it will become the latest Central Asian company to tap into the city’s vibrant capital markets.
Uzbekistan’s first technology unicorn, Uzum, is preparing for a final pre-initial public offering (IPO) funding round in Hong Kong next year. This is after successfully raising US$70 million in capital from Tencent Holdings.
This is another milestone for Uzum to become a significant player in Central Asia and a global tech platform as it prepares for its planned listing, expected to take place in 2027.
The company’s co-founder, Nikolay Seleznev, stated that after receiving strategic investment from Tencent in August, it has helped reinforce its plans to pursue an initial public offering in 2027. They are considering a potential listing in Hong Kong, London, Abu Dhabi, or even on the Nasdaq in the United States.
The investment led by Tencent has not only raised Uzum’s valuation to US$1.5 billion, cementing its status as a unicorn, but also signaled a gateway for the Chinese technology giant to expand its footprint into Central Asia’s rapidly evolving digital economy.
The company became a unicorn in 2024 after it had raised US$114 million through equity and debt.
The company was founded in 2022. Since then, it has built a diverse portfolio in e-commerce, fintech, and banking. They provide their services to small and medium-sized companies in Uzbekistan. The company has become a key digital player in a country that sits at the heart of China’s Belt and Road Initiative, linking Central Asia with global trade networks.
Seleznev stated that since Tencent was involved in its latest funding round, it has increased its potential for investment in Southeast Asia. Also, the information technology and fintech industries in Uzbekistan have attracted interest from investors as many technology investors see Uzbekistan as an emerging market with many opportunities, which will give growth and innovation for the economy.
Uzum did not mention the specific amount they are going to raise in the pre-IPO round in 2026, as they have claimed it is too early for them. However, they’re very clear about their intentions for funding, which is to attract the interest of international investors and secure a favorable position for the anticipated public debut.
If Uzum proceeds with its proposed financing round in Hong Kong, it will become the latest Central Asian enterprise to tap into the city’s vibrant capital markets. Hong Kong has risen from fifth position to first position this year among other listings and has become a very attractive IPO destination for global investors.
The London Stock Exchange Group released data stating that 66 companies raised over US$23 billion on the Hong Kong Stock Exchange during the first nine months of the year. High-profile examples include Zijin Gold International, which raised US$3.21 billion in Hong Kong’s second-largest IPO this year, and Jiaxin International Resources, which made history with the world’s first dual listing on both the Hong Kong and Kazakh exchanges.
Seleznev emphasized that Uzbekistan represents a highly attractive market for foreign investment, particularly as ongoing reforms unlock new business opportunities and foster economic modernization. He added that there is strong investment demand from Uzbekistan, and the Tencent funding round was a prime example. Chinese investors are the top participants interested in this.
Currently, Uzum is registered in Abu Dhabi and operates several major platforms, including Uzum Market, the largest digital marketplace in Uzbekistan, Uzum Tezkor for express delivery services, and Uzum Bank, which provides lending, money transfer, and ATM services. The company also manages its proprietary banking infrastructure, enabling efficient processing and payout operations.
Seleznev, while contemplating global capital market trends, stated that London was once a favourable listing option five years ago, but the landscape has changed significantly, offering many more opportunities, such as those in Hong Kong and on the Nasdaq.
