Robot IPO window closes: China's embodied AI firms stall after Unitree listing
量子位 · wechat · 2026-10-25
Quantbitai reports that after Unitree's August listing, the IPO window for China's embodied AI companies slammed shut. Zhiyuan Robotics abandoned its year-end IPO plan and is raising 1-1.5B RMB at 50B RMB valuation, triggering a 120-day waiting period. Deregistered peers (Zhuji Dongli, Zhongqing, Xinghaitu, Galaxy General) face slower timelines and lower expected valuations.
Lawyers detail classic IPO pitfalls: buyback/VAM clauses, proxy shareholding, capital source checks, inventor IP disputes — Unitree terminated company-level buyback obligations outright. Regulators will scrutinize verifiable tech leadership and commercial viability.
Commercial traction varies: Unitree booked 1.699B RMB 2025 revenue with 590M RMB net profit and 5,215 humanoids sold; Yunshenchu grew to 337M RMB and turned profitable; Geek+ delivered 56,000 AMRs. But investors distrust inflated orders — some backed by investors or local funds, even without physical delivery. Unitree's Wang Xingxing also warns generalist models like GPT-6 Astra could pierce physical AI within 1-3 years.
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