According to informed sources, domestic humanoid robot manufacturer Zhiyuan Robotics plans to conduct an initial public offering (IPO) in Hong Kong next year, targeting a valuation of HK$400 billion to HK$500 billion (approximately US$51.4 billion to US$64 billion). Zhiyuan hired China International Capital Corporation (CICC) and CITIC Securities earlier this year to lead its Hong Kong listing. Two informed sources added that Morgan Stanley has also joined the project in recent weeks.

One informed source revealed that the company expects to issue 15% to 25% of its total share capital.

Two informed sources indicated that Zhiyuan plans to submit its preliminary prospectus early next year, with one source mentioning the company targets completing its public listing by the third quarter of 2026.

Founded in February 2023, Zhiyuan Robotics has experienced an extremely rapid and intensive funding journey. In March 2023, it received angel round investment from Hillhouse Venture and Miracle Plus. In early April, it completed Series A funding led by Hillhouse Venture with participation from CDH Investments. By late April, Baidu Ventures participated in the A+ round. In August, BYD participated in the A++ round investment. On December 1, numerous investors participated in the A+++ round with funding exceeding 600 million yuan. In April 2024, Sequoia China participated in the A++++ round. On September 3, it completed the A+++++ round, concluding the Series A stage with a company valuation exceeding 7 billion yuan. On March 24, 2025, it completed Series B funding led by Tencent, bringing the company valuation to 15 billion yuan. In May, JD.com joined the B+ round. In July, it received joint investment from LG Electronics and Mirae Asset Group, along with strategic investment from CP Robotics.

Additionally, A-share listed company Swancor Advanced Materials has attracted widespread market attention due to acquisition matters related to Zhiyuan's affiliated enterprises and significant stock price volatility. Its stock price experienced multiple instances of abnormal and severely abnormal trading fluctuations between July 9 and September 25, 2025, with consecutive daily limit-ups in the most recent two trading days. Swancor Advanced Materials announced on the evening of September 25 that its stock would be suspended for review starting September 26. On September 25, Swancor's stock price reached a historical high of 132.10 yuan per share. From July 8 to September 25, Swancor's stock price cumulatively rose 1,597.94%, becoming the year's first "20-bagger stock." As of October 10, Swancor Advanced Materials remains suspended with a stock price of 132.10 yuan and a total market capitalization of 53.3 billion yuan.