Zhiyuan Plans Hong Kong IPO at 40-50 Billion HKD Valuation, Vies with Yushu for Top Shipments

Zhiyuan Robot has confirmed it has initiated the process for a Hong Kong listing, with a target valuation of 40 billion to 50 billion Hong Kong dollars, equivalent to up to about 43.3 billion RMB. Based on the fundraising size and issuance ratio, Yushu Technology's initial market capitalization is estimated at around 42 billion RMB. The two companies have previously competed in shipment rankings and are now vying for similar valuations in the capital markets.

In early 2026, Omdia ranked Zhiyuan as the world's top humanoid robot shipper. Yushu subsequently announced that its pure bipedal humanoid robot shipments exceeded 5,500 units, also ranking first globally. Zhiyuan emphasizes the overall scale of general-purpose embodied robots, while Yushu focuses on actual shipments of pure bipedal humanoid robots.

Yushu's 2025 revenue was 1.699 billion RMB, with non-GAAP net profit of 591 million RMB. Zhiyuan increased its revenue from 300,000 RMB to 1.05 billion RMB in three years, an expansion of about 3,500 times. In the first quarter of 2026, Zhiyuan's revenue again exceeded 1 billion RMB, approaching the full-year level of the previous year.

Founded over three years ago, Zhiyuan has launched four product series: Yuanzheng, Lingxi, Jingling, and Kutuo, covering full-size bipedal, half-size bipedal, wheeled robots, and quadruped robots. In 2025, Omdia reported that Zhiyuan shipped 5,168 general-purpose humanoid robots, accounting for about 39% of the global market. In June 2026, Zhiyuan announced the production of its 15,000th robot.

Zhiyuan's main buyers are government and state-owned entities. Zhiyuan has directly or indirectly won more than ten state-backed projects, many with amounts in the tens of millions of RMB. In July 2025, Zhiyuan won a bid for the 'Embodied Intelligent Application Innovation Center Data Collection and Exhibition Robot Procurement Project' from Zhuhai Zhihui Yuanqi Technology Co. , Ltd. , with a winning bid of 12.736 million RMB. The buyer is a joint venture in which Zhiyuan holds a 30% stake, while a local state-owned holding company holds 40% and is also a shareholder of Zhiyuan. In Shaoxing, after forming a joint venture with local state capital and industry partners, Zhiyuan jointly secured a 24.74 million RMB industrial data collection terminal project.

Yushu robots have public prices and can be purchased through its official website and JD. com, among other channels. The G1, with a starting price of 99,000 RMB, has lowered the price of humanoid robots. In the first nine months of 2025, Yushu's online sales revenue accounted for 13.5%, while offline sales made up over 80%. Of its humanoid robot revenue, 73.6% came from scientific research and education, 17.39% from commercial consumption, and 9.01% from industrial applications. Yushu's largest customer, JD Group, contributed 3.54% of revenue, with the remaining orders coming from research institutions, enterprises, distributors, and developers.

At the end of 2024, Zhiyuan launched the AgiBot World real-robot dataset, containing over 1 million robot operation trajectories covering 217 tasks and five types of scenarios. Based on this, Zhiyuan introduced the GO-1 embodied large model, aiming to enable robots to learn from human videos and real-robot operations and transfer capabilities to different robot forms. Yushu is also developing embodied large models, open-source training models and datasets, and has built the UnifoLM developer community.