Chinese humanoid robot company Aizhibot (智元, Zhiyuan) plans to go public on the Hong Kong Stock Exchange as early as next month. Aizhibot is in a commercialization race with another Chinese humanoid robot firm, Unitree (宇樹科技, Yushukej).
According to reports from Chinese economic media outlet Caixin on July 27, Aizhibot has already initiated the listing process and aims to debut on the Hong Kong Stock Exchange next month. The company's post-IPO valuation is expected to reach up to 50 billion Hong Kong dollars (approximately 9.36 trillion won). However, the specific amount to be raised through the IPO has not been disclosed.
Aizhibot, founded in 2023 by engineers from Huawei in Shanghai, has quickly emerged as a leading player in the humanoid robot sector, surpassing 1 billion yuan (approximately 216 billion won) in revenue within three years of its establishment. In April, Aizhibot's founder and CEO, Deng Taihua, stated, "We are the fastest robot company in China to achieve 1 billion yuan in revenue since our founding," adding that the company expects its revenue to grow several times compared to the previous year.
The company has successfully commercialized a diverse range of products, including bipedal, quadrupedal, and wheeled robots, targeting universities, research institutions, and state-owned enterprises. Aizhibot has accelerated its commercialization by deploying its robots in logistics and manufacturing settings for companies such as JD Logistics, Shanghai Automotive Group, and Longqi Tech. Last month, Aizhibot announced that it had shipped its 15,000th robot, claiming to have set a world record for production speed.
Aizhibot's commercialization efforts are being compared to those of another leading Chinese robot company, Unitree. Following Aizhibot's announcement of its production speed record, Unitree reported that it had surpassed 11,000 cumulative shipments of its bipedal humanoid robots, highlighting the intensifying competition between the two companies.
Earlier this year, Aizhibot claimed to be the world's number one in humanoid robot shipments, citing a report from market research firm Omdia that indicated its annual shipments exceeded 5,100 units, giving it a 39% share of the global market. Unitree countered this claim, stating that its annual shipments exceeded 5,500 units, also asserting its position as the global leader.
The two companies are also competing to see who will go public first. Unitree received IPO approval for the Shanghai Star Market earlier this month and is expected to list next month. The anticipated size of Unitree's IPO is approximately 4.22 billion yuan, with a projected post-listing valuation of around 42 billion yuan.
Aizhibot initially sought to enter the mainland Chinese stock market through a reverse listing but shifted its focus to Hong Kong due to strict listing regulations. The Hong Kong Stock Exchange has established the '18C clause,' which lowers the barriers for listing advanced technology companies in fields such as artificial intelligence (AI), semiconductors, robotics, and new energy, allowing them to go public without verified stable revenue or profits. Aizhibot's strategy appears to be aimed at securing substantial funding through a rapid IPO to invest in the development and mass production of humanoid robots.
The IPOs of Aizhibot and Unitree are part of a broader trend of public offerings in China's humanoid robot industry. According to market research firm Choice, ten robot-related companies have gone public on the Hong Kong Stock Exchange in the first half of this year, with 16 more awaiting approval, intensifying the IPO competition.
The China Business Journal noted, "Amid concerns over competition in the humanoid robot market, companies are seizing the opportunity presented by the Chinese government's supportive policies for humanoid robots to pursue IPOs." While humanoid robots currently demonstrate operational capabilities through demonstrations, the industry faces the critical challenge of translating these capabilities into revenue and profitability.
* This article has been translated by AI.
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