Embodied-intelligence unicorn ZhiYuan Innovation has opened a new financing
round of about 1–1.5 bln yuan that is nearing completion, bringing its latest
valuation to roughly 50 bln yuan, investors said. The company began in Hong Kong
listing preparations in July 2026; investors had earlier expected a listing as
soon as August with a target valuation of HKD 40–50 bln. Under HKEX rules, firms
that complete new financing after filing and before listing must, absent a
waiver, wait 120 days from financing completion before trading; investors say
the new round makes an IPO this year unlikely. ZhiYuan gave no response on the
financing, valuation or IPO progress.
