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 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 financ

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 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.