Robot IPO thresholds have been raised.

This week, market sources reported that Songyan Dynamics has confidentially submitted a Hong Kong IPO application, aiming to raise several hundred million US dollars and potentially list as early as 2027. However, Songyan Dynamics has not yet responded to this news. A week earlier, Zhiyuan was reported to have launched a new funding round of approximately RMB 1 billion to 1.5 billion, with a latest valuation of about RMB 50 billion. The report also cited investors' judgment that the new financing will affect its arrangement to complete an IPO within the year, and Zhiyuan has also not responded to the financing, valuation, and IPO arrangements. It can be seen that companies are still advancing capital actions, but investors have shown divergence on whether to continue making bets. An investor who has already invested in multiple embodied intelligence projects told the reporter that they will continue to follow this track and look for companies with innovation and differentiation. Another AI-sector investment professional at a state-owned background institution told the reporter that since June this year, they have basically stopped looking at embodied intelligence projects, with the main concerns being project homogenization and a lack of substantive technological progress.