Zhiyuan Innovation Seeks New Funding at 50 Billion Yuan Valuation, IPO Delayed to 2027

On October 13, Caijing reported, citing investor sources, that embodied AI unicorn Zhiyuan Innovation has launched a new funding round of approximately 1–1.5 billion yuan, valuing the company at about 50 billion yuan.

Under Hong Kong Stock Exchange rules, if a listing applicant completes a Pre-IPO financing after filing but before listing, the exchange generally requires the listing to be postponed until 120 clear days after the financing is completed. The rule aims to stabilize the share price on the first trading day and prevent Pre-IPO financing from distorting the market.

The report noted that the new round means Zhiyuan cannot complete its IPO this year, with the timeline potentially extending to 2027. Several industry sources told NetEase Technology that the market had repeatedly heard rumors of a slower Hong Kong listing for Zhiyuan; if the new funding is confirmed, it largely corroborates that view. The company had been reported to be preparing for a Hong Kong IPO, but the pace has been a subject of speculation.

Public information shows that Zhiyuan Innovation focuses on general-purpose humanoid robots and is one of the most closely watched unicorns in the embodied AI sector. Its listing progress has drawn market attention.

The report did not disclose the specific investors in this round. Zhiyuan Innovation has not yet commented.