A robotics company just six years old has gone bankrupt. In late August, the Shenzhen Intermediate People’s Court published the bankruptcy acceptance and creditor-notice filings for Yinghe (Shenzhen) Robotics and Automation Technology, taking it into formal bankruptcy proceedings.
Yinghe was no minor player. It raised more than RMB 600 million and reached a valuation of US$500 million. Its shareholders included Meituan, ByteDance, GSR Ventures, Panda Capital and controlling shareholder Yingfeng Group, founded by He Jianfeng, son of Midea founder He Xiangjian.
How the money left
Today its legal representative Shen Gang is subject to high-consumption restrictions, the company is a dishonest judgement debtor, its website is down and its official account stalled in September 2024. Reportedly, 2025 revenue was only RMB 4.33 million with a RMB 67 million net loss. Shen, a Tokyo Institute of Technology PhD and former FANUC and Country Garden executive, built Yinghe as a service-robot and smart-manufacturing platform, the ‘AIR’ route of AI plus IoT plus Robot.
Funding came fast: Panda led a RMB 70 million angel in 2020; a roughly RMB 400 million Series A in January 2021 brought in Meituan, ByteDance and others and pushed the valuation to US$500 million within ten months. A 2024 follow-on topped RMB 100 million. In 2021 Yinghe signed a 500-mu (about 33-hectare) Shunde site for a RMB 10 billion ‘robots making robots’ base that never went into production, and ran five business lines whose orders stayed mostly at demo level.
Costs stayed high. A partner alleged core executives drew post-tax salaries above RMB 3 million, a RMB 5 million year-end bonus, and a RMB 28 million fit-out for a 2,600-square-metre office, while a near-RMB 90 million urgent order with a 47-day deadline defaulted. From 2023 came wage arrears; the firm shows 58 lawsuits and 33 closed cases with 100 per cent unfulfilled. Equipment auctioned in Foshan carried a RMB 49.74 million estimate, opened at RMB 34.82 million, failed, then dropped to RMB 27.85 million with no bidders.
Not alone
Yinghe is one of at least three haloed robotics firms to fail in three months. Zhicheng Power, staffed by ex-Microsoft, Xiaomi and DJI talent with a pool-cleaning robot near RMB 100 million revenue, fell to creditor reorganisation. A DeepBlue Technology spinoff posted 25,000-unit purchase intent but few deliveries and more than RMB 23 million in wage arrears, entering liquidation in September. CloudMinds, founded in 2015, raised about RMB 5.4 billion, peaked above RMB 20 billion valuation with SoftBank and others, and had its Beijing entity accepted for liquidation in October 2025.
Robotics remains one of the hottest primary-market sectors in 2026. But behind the churn of financing, valuation and order numbers, a batch of stars from the last robotics wave has begun to exit. The lesson written across these failures is that spreading across too many product lines without a scaled sale is what turns a famous cap table into a bankruptcy file.
Editor’s note: This is an adapted translation of the original OFweek Robotics report. It has been trimmed and restructured for readability for an international business audience. The full original (in Chinese) is at https://robot.ofweek.com/2026-09/ART-898890-12003-30705499.html.