On July 24, 2026, Shanghai-based humanoid robot company Zhijuan announced the launch of its Hong Kong IPO process. With over 5,100 units shipped in 2025 and its 15,000th robot rolling off the line in June 2026, Zhijuan joins a wave of embodied intelligence companies rushing to public markets.
Zhijuan Robotics Launches Hong Kong IPO as Humanoid Sector Heats Up
On July 24, 2026, Shanghai-based humanoid robot company Zhijuan officially announced the launch of its Hong Kong IPO process. Valued at over 20 billion RMB, this embodied intelligence enterprise became the second major Chinese humanoid robot company to pursue public capital markets, following Unitree Technology. The news immediately sparked intense industry debate over which company would claim the title of "first humanoid robot stock"—just days earlier, Unitree had submitted its IPO application to the STAR Market seeking to raise over 4.2 billion RMB.
Founded in 2023 by former Huawei prodigy Peng Zhihui (known as Zhi Hui Jun), Zhijuan has developed with remarkable speed despite its short history. According to market research firm Omdia, Zhijuan shipped over 5,100 units in 2025, capturing 39% of the global humanoid robot market share and ranking first globally in both shipment volume and market share. In June 2026, Zhijuan announced the rollout of its 15,000th embodied intelligence robot, claiming to have "set a new global mass production speed record."
However, this "number one" claim faces a strong challenge from Unitree Technology. In January 2026, Unitree issued a statement asserting that its actual 2025 shipments exceeded 5,500 units, making it the true global champion. The discrepancy in market share data between the two companies reflects the rapid competition and structural reshaping occurring in the humanoid robot industry.
From a capital markets perspective, Zhijuan's choice of Hong Kong over the A-share market may relate to its internationalization strategy and the more flexible listing mechanisms available. According to Caixin reporting, 30 to 50 embodied intelligence companies are currently sprinting toward IPOs in Hong Kong. Lan Chi Venture Capital partner Cao Wei compares the current embodied intelligence track to A-share innovative medicine and intelligent manufacturing sectors, suggesting that "ultimately, only 10 or even 5 industry-recognized top companies will emerge."
Zhijuan's listing plan is not an isolated case. In the first half of 2026, total financing in the embodied intelligence track reached 93.5 billion RMB, with more than half flowing into foundational intelligence sectors such as VLA models and world models. Shenzhen-based LimX Dynamics completed a nearly 200 million USD Pre-IPO round in July, raising a total of 400 million USD within six months with a post-investment valuation of 15 billion RMB. Earlier, Shanghai-based Tashi Intelligence set a record for the largest single financing round in Chinese embodied intelligence with a 455 million USD Pre-A round.
In a July research report, Goldman Sachs noted that embodied intelligence commercialization has entered a transitional period, with the industry moving from "performance" to "practical application." While previous robot exhibitions focused on dancing, running, and acrobatics, this year's narrative has shifted toward specific operational scenarios. The industry is diverging along three technical routes: general-purpose bipedal, wheeled/compound configuration, and specialized application.
In terms of practical deployment, humanoid robots have crossed the basic threshold of usability. New-generation products have achieved motion control response delays below 50 milliseconds and dexterous hand operation precision exceeding 0.02 millimeters. State Grid Corporation of China issued a special plan in 2026 to purchase 8,500 embodied intelligence devices with a total investment of 6.8 billion RMB. The release of orders at this scale signals that humanoid robots have transitioned from research consumables to industrial necessities.
At the city competition level, Shenzhen is sprinting to become China's "first humanoid robot city." In 2025, Shenzhen's robot industry achieved a total output value of 242.6 billion RMB, a year-on-year increase of 20.56%, ranking first nationally in industrial output, total enterprises, listed companies, and investment events. The Nanshan Robot Valley alone has gathered over 200 industrial chain enterprises and 32 specialized, refined, distinctive, and innovative "Little Giant" enterprises.
Notably, automotive companies entering the robot sector has become a significant trend. XPeng has confirmed that its IRON humanoid robot will achieve scaled production by the end of 2026; Chery's Moji Robot has completed thousand-unit contracts and hundred-unit deliveries; and over 20 automakers including BYD, GAC, and Xiaomi have disclosed related progress in entering the robot track. The China Electronics Society forecasts that China's humanoid robot market could reach approximately 870 billion RMB by 2030.
Zhijuan's Hong Kong IPO may become a landmark event in the capitalization process of China's humanoid robot industry. Under the industry consensus that "not going public means being eliminated," leading companies are accelerating capacity expansion, talent acquisition, and supply chain lock-in through capital markets to build strength for the next phase of market competition.
