A financing that reschedules the listing
AgiBot’s latest round is reported at RMB 1-1.5 billion, nearing completion, at a post-money valuation of about RMB 50 billion. Then the next line: it will not list this year. On 13 October, Caijing reported exclusively that AgiBot had launched a new financing at a roughly RMB 50 billion post-money value, but under Hong Kong exchange rules a company that completes new funding after filing and before listing must wait 120 days after the round closes to trade unless specially exempted, so a 2026 IPO is off.
AgiBot announced Hong Kong IPO preparation in July 2026 with a target valuation of RMB 40-50 billion. At that pace an August listing looked possible, but the company chose to complete a new round now, RMB 1-1.5 billion at RMB 50 billion, or about 54 billion Hong Kong dollars, sitting between Unitree’s roughly RMB 170.4 billion market value and UBTECH’s about HK$34.1 billion.
The primary market races, the secondary waits
AgiBot’s valuation path is a microcosm of China’s embodied-intelligence primary market. Its 2025 revenue was about RMB 1.05 billion, not yet profitable, yet the value reached RMB 50 billion, a price-to-sales multiple of about 48 times. For contrast, Unitree posted 2025 revenue of RMB 1.708 billion, deducted net profit of RMB 600 million and a 60.27 per cent gross margin, with a market value of RMB 170.4 billion and a multiple near 100 times. UBTECH’s revenue was RMB 2 billion with a RMB 790 million loss and a HK$34.1 billion value.
Three companies, three pricing logics. Unitree enjoys a leader premium on “already profitable plus world shipment number one”. UBTECH leans on “first stock plus carmaker client list” but a loss drags the value. AgiBot leans on “high growth plus full-stack self-developed narrative”, its RMB 50 billion implying a market that expects future revenue above RMB 5 billion.
Unitree’s post-listing slide is the mirror here. After its August STAR Market debut its value fell from a peak of RMB 444.9 billion to about RMB 170.4 billion, down more than 60 per cent, telling the primary market that secondary tolerance for embodied-intelligence valuations is far lower. AgiBot’s choice to raise rather than force the IPO reads as preferring a RMB 50 billion primary cheque to a secondary re-pricing. The 120-day rule is a technical obstacle, but it also grants a sensible buffer to delay.
The tighter IPO screen
In September the securities regulator sent informal window guidance to some banks and funds, raising the humanoid IPO bar around three tests: the authenticity of recurring revenue, a path to narrowing losses and substantive original innovation. The trigger was Unitree’s volatility. Deep Robotics is representative: its May STAR Market filing showed revenue doubling in the first half but a return to loss, with only six humanoids sold, and the exchange’s first-round questions focused on sustainability of growth.
Six units sold is the ruler. When a company sells six humanoids in a half year, the IPO review shifts from “how many can you sell” to “why are you listing now”. For AgiBot, the gap between RMB 50 billion value and RMB 1.05 billion revenue needs the same answer. Choosing to fund first and list later is buying secondary-validation time with primary money.
The anchor is moving
For two years the primary anchor was “technology scarcity”. The regulator’s guidance adds a dimension: recurring revenue. One investor close to the field said the industry will have value and needs some froth, but the froth must hold a company that proves it is not pure froth. The most memorable thing about AgiBot’s round is not the RMB 50 billion but the way it chose. Between “list in August” and “raise first”, it picked the latter. The cost is a 2027 listing. The gain is cash and an anchor. For an unprofitable maker, time is dearer than valuation, yet sometimes you take the valuation first to buy the time. When AgiBot refiles, the secondary market will set the real price.
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/2026-10/ART-898890-12003-30706966.html.