AgiBot, the embodied-intelligence unicorn also known as Zhiyuan, has opened a new financing round of roughly RMB 1.0 billion to 1.5 billion that is close to closing, at a latest valuation near RMB 50 billion, according to Caixin. The raise matters because of what it blocks: a 2026 listing.
Founded in February 2023, AgiBot builds general-purpose AI robots. In July 2026 it began preparing a Hong Kong IPO, with investors citing a possible August debut at a target of HK$40 billion to HK$50 billion. But Hong Kong Exchange rules require a applicant that closes new funding after submitting its draft to wait 120 days after that funding completes before it can list, unless it wins a waiver. The new round means no IPO this year.
The listed peers set the backdrop
The only listed embodied players so far are Unitree and UBTECH. Unitree posted about RMB 1.7 billion in 2025 revenue and a market value of RMB 170.4 billion, down from a peak of RMB 444.9 billion after its August listing, a drop of more than 60 per cent. UBTECH reported roughly RMB 2.0 billion in revenue and a value near HK$34.1 billion. AgiBot has disclosed RMB 1.05 billion in 2025 revenue.
Scrutiny is tightening just as the wave builds. Caixin reports the securities regulator has sent informal window guidance raising the bar for humanoid IPOs, with examiners now pressing on whether order revenue is real and sustainable. More than 20 companies have IPO plans, spanning full machines (Unitree, AgiBot, Galbot), brains and models (Zhiyuan, Star Era, ZhiPingFang) and components (PaXini in tactile sensing).
Yun Shen Chu’s STAR Market filing was accepted in May, as was Leju’s ChiNext bid. Unitree’s post-listing slide has cooled primary-market heat without killing it. One investor told Caixin the sector “needs a certain amount of bubble” to build. Exchanges are asking concrete questions: Yun Shen Chu doubled revenue in the first half yet slipped back into loss after selling just six humanoids, and drew 15 follow-up questions on growth sustainability.
Editor’s note: This is an adapted translation of the original Sohu report. It has been trimmed and restructured for readability for an international business audience.