The Belt 
The IPO that finally surfaced AgiBot (Zhiyuan Innovation), the humanoid star that repeatedly denied Hong Kong IPO rumours, finally confirmed in late July that it had started the listing process. Good news followed: its self-developed WITA-Omni Preview model topped Qwen, Gemini, Doubao and Nvidia with an 85.21 score, and it launched the world’s first robot … Read more
The 60.13 percent question On 6 August, Unitree set its issue price at 150.80 yuan per share, dropping book-building. The prospectus shows 40.45 million new shares, 10 percent of the post-issue total, raising about 4.20 billion yuan at a 42 billion yuan valuation. Post-issue, Unitree (688836.SH) is worth about 61 billion yuan at a stunning … Read more
A second act, from cars to bodies On 29 July, reports said Li Auto was planning two-wheeled and bipedal robots, and its shares rose 10 percent that day. XPeng’s own share rallies have likewise tracked robot news. The pattern shows a shift in the underlying story: the three newcomers, NIO, XPeng and Li Auto (collectively … Read more
A state giant tests the exit window Shanghai United Assets and Equity Exchange recently disclosed a listing: CNPC Kunlun Capital is offering 0.6349 percent of Shandong Future Robot, or 234,372 shares, at a floor price of 20 million yuan. As a pure state-industrial investor, Kunlun’s ties to the company run deep. In May 2025, CNPC … Read more
Unitree prices its IPO above expectations On 6 August, Unitree Technology fixed its IPO issue price at 150.80 yuan per share. On a post-issue share count, that implies a market value of about 60.99 billion yuan, comfortably above the 42 billion yuan valuation the market had broadly expected. As founder, Wang Xingxing held 23.82 percent … Read more
HBM proved the trick HBM has shown that stacking and co-packaging storage media close to the GPU can relieve the data-movement bottleneck in AI compute. Now SK Hynix and SanDisk are applying the same idea to NAND, using HBF to put large-capacity flash next to GPUs and other xPUs in order to relieve the inference … Read more
Six rounds in half a year Delta Intelligence, a Chinese humanoid foundation-model company founded in January 2026, has closed an angel++ round worth close to 500m yuan, the sixth financing the company has raised in the six months since incorporation. Investors in this round include listed-company strategic backers and tier-one financial institutions. Proceeds will fund … Read more
The pot of tea in Zeng Yi’s office was refilled several times, and the conversation unwound at that pace, in the manner typical of Guangdong hospitality. Nothing formal, nothing vague either. He speaks with the residue of a Chaoshan accent, unhurried, finishing his sentences with a smile that narrows his eyes and tips him slightly … Read more
At most five companies in China are genuinely making money on ego data this year. The person making that call is Yuan Rizheng, an entrepreneur in embodied data. His name may be unfamiliar, but people in the field know the company: EgoScale. The obvious assumption is that the name rides on a trend, given that … Read more
From Optimus to Atlas, and on to the humanoid pilot running inside BMW plants, carmakers have become one of the main forces pushing embodied intelligence towards industrialisation. Behind the different routes they have chosen, a contest over the future of manufacturing has already started. The past decade put the car industry through electrification, intelligence and … Read more