AgiBot Innovation is closing a new funding round of 1 to 1.5 billion yuan at a post-money valuation of roughly 50 billion yuan, according to an exclusive report by Caijing magazine on 13 October. The same round means the company will not list in Hong Kong this year.
The reason is procedural. Hong Kong exchange rules require a 120-day gap between a completed pre-listing financing and the start of trading, unless a specific waiver is granted. AgiBot announced its Hong Kong listing preparation in July and had aimed for August. Completing the round pushes any float into 2027.
A small cheque with a large job
For a company valued at 50 billion yuan, 1.5 billion is 2 to 3 per cent. The financing function is weak. The pricing function is not. It pins the valuation at 50 billion and buys another year of runway before a public market sets a number.
The comparison set is instructive. AgiBot booked 1.05 billion yuan of revenue in 2025 without turning a profit, implying about 48 times sales. Unitree reported 1.708 billion yuan of revenue, 600 million yuan of net profit after exceptional items and a 60.27 per cent gross margin, and carries a market value near 170 billion yuan, roughly 100 times sales. UBTech, with 2 billion yuan of revenue against a 790 million yuan loss, is worth about HK$34 billion.
The public market already voted once
Unitree listed on Shanghai’s STAR Market in August. Its market value has fallen from a peak near 445 billion yuan to about 170 billion, a drawdown of more than 60 per cent.
That drawdown is the relevant precedent for anyone underwriting a 50 billion yuan private valuation. Public investors apply a lower tolerance to embodied AI than private ones do.
Beijing raised the bar first
In September, the securities regulator issued informal guidance to banks and investors raising the bar for humanoid listings. Three tests now dominate: whether recurring revenue is genuine, whether there is a credible path to narrower losses, and whether the innovation is substantially original. The trigger was Unitree’s post-listing volatility.
Clouddeep applied to the STAR Market in May. Its filing showed revenue doubling in the first half while sliding back into loss, with six humanoid units sold. The Shanghai exchange responded with 15 questions, led by the sustainability of growth.
Six units. That is now the yardstick for a regulatory question, and it moves the interrogation from what a company might sell to what it can prove it has sold.
AgiBot has to answer the same question with a 50 billion valuation against 1.05 billion of revenue. Raising first and listing later is a way of paying, in private capital, for time to be validated in public.
Editor’s note: This is an adapted translation of the original OFweek 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.