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Uzbekistan’s first tech unicorn, Uzum, is seeking a final pre-initial public offering (IPO) funding round next year in Hong Kong, after raising a US$70 million investment from Tencent Holdings months ago. Uzum co-founder Nikolay Seleznev said on Tuesday that Tencent’s investment in August bolstered the company’s plans to go public in 2027, with a potential listing in Hong Kong, London, Abu Dhabi or Nasdaq in the US. The Tencent-led funding lifted Uzum’s valuation to US$1.5 billion, while opening the door for the Chinese technology giant to enter Central Asia’s digital economy, according to Seleznev. That followed the start-up’s ascent to unicorn status in 2024, when it raised US$114 million from a combination of Series A equity funding 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 in Central Asia that forms part of China’s Belt and Road Initiative trade network. “With Tencent leading our most recent financing round, I realised there is a very big potential in Southeast Asia and its investor base in general,” Seleznev said. “We see a huge opportunity there. Also, the information technology and fintech market potential of Uzbekistan is now being recognised by some of the world’s largest tech companies.” He said it was too early to determine how much Uzum expected to raise in its pre-IPO funding in 2026. Uzum’s proposed financing round in Hong Kong would mark the latest initiative by a Central Asian company to raise funds in the city. Hong Kong jumped to first place among listing venues worldwide this year from fifth last year and was set to end up wearing the crown at the end of the year, brokers said. A total of 66 companies raised US$23.27 billion on the main board of the Hong Kong stock exchange during the first nine months, according to data from the London Stock Exchange Group. In September, Zijin Gold International, a wholly owned unit of China’s Zijin Mining, raised HK$24.98 billion (US$3.21 billion) in Hong Kong’s second largest IPO this year. Zijin Mining struck a deal to buy a project in Kazakhstan for US$1.2 billion ahead of that listing. In August, Tungsten miner Jiaxin International Resources debuted on the Hong Kong and Kazakh stock exchanges in the world’s first such dual listing. Seleznev said he sees Uzbekistan as a very promising market for Chinese firms, as reforms open up the country and create new investment opportunities. “There is strong demand for high-quality investment targets from Uzbekistan, and the Tencent funding round is a case in point,” he said. “Everyone is interested in Uzbekistan, and Chinese investors are among the leading participants.” Uzum, meanwhile, is currently registered in Abu Dhabi, according to Seleznev. It operates Uzum Market, the largest digital marketplace in Uzbekistan; Uzum Tezkor, which offers express delivery services; and Uzum Bank, a lender that also provides money transfers and automated teller machine services. The company owns and operates its core banking system, processing and payout infrastructure. “Five years ago, London was the only [listing] option,” he said. “Now, other possibilities have emerged, and we are looking at a broader range, including Hong Kong and Nasdaq.”
