Breaking: Agibot launches a new round of financing with a valuation of 50 billion yuan, and its IPO within this year is highly unlikely.

When it announced the launch of its Hong Kong IPO plan in July, one of Agibot's investors predicted that the company could be listed as early as August. By October, another round of financing nearing completion has taken the spotlight.

According to a report by *Caijing* on October 13, Agibot Innovation has recently launched a new round of financing, with a planned fundraising amount of about 10 billion to 15 billion yuan, and the latest valuation stands at about 500 billion yuan, and the process is now nearing the final stage. The report cited judgments from investors that this round of financing means Agibot will hardly be able to complete its IPO within this year. Regarding the new financing, valuation and listing progress, relevant persons in charge of Agibot said there is no comment for the time being.

If the transaction is completed, this robotics company founded in 2023 will obtain new capital for expansion. However, the time requirement between financing closing and listing may also push back the previously expected listing timeline.

01 From "as early as August" to doubtful listing within the year

Agibot's listing expectation became concrete in July this year.

On July 24, the company stated that it had launched the process of applying for listing on the Hong Kong Stock Exchange. At that time, the company did not disclose the sponsor, submission time of listing application and fundraising scale. One investor revealed to *Caijing* that the target valuation given by cornerstone investors was HK$400 billion to HK$500 billion. Previously, there were market rumors that Agibot planned to list in Hong Kong in the second half of 2026, which the company denied at that time.

The company confirmed that the listing process in Hong Kong had been launched, but the specific listing date has never been announced. August was the expected timeline given by investors at that time.

This new round of financing affects the listing pace, involving the schedule of pre-IPO investments.

The *Guidance Note for New Listing Applicants* of the Hong Kong Stock Exchange sets relevant requirements for pre-IPO investments: when the specified conditions are triggered, except for extremely special circumstances, the shares of the applicant usually have to wait 120 full days after the completion of the last pre-IPO investment before trading can start. Applicable scenarios include relevant investments completed within 28 full days before the initial submission of the listing application, and investments completed on or after the date of initial submission and before listing.

Specific to Agibot, when the financing is completed, how it connects with the initial submission of the listing application, and whether there are special arrangements, will all affect the actual listing date.

The specific closing date of this round of financing has not been disclosed. The latest judgment of investors on the listing within this year also needs to be confirmed by the company.

02 What growth expectation corresponds to the valuation of 500 billion yuan

Agibot's revenue growth in the past few years provides the background for this round of financing.

On April 17, at the Agibot Partner Conference, Deng Taihua, founder, chairman and CEO, disclosed that the company's revenue reached 1.05 billion yuan in 2025, compared with 60 million yuan in 2024. He also proposed to achieve 100 billion yuan in revenue in 2027 and more than 1 trillion yuan in revenue in 2030. The latter two are the company's business operation targets.

If we make a rough comparison between the 500 billion yuan valuation mentioned in this report and the 1.05 billion yuan revenue in 2025 disclosed by the company, the former is about 48 times of the latter. This ratio uses the revenue of the previous year and does not include the business growth in 2026; 500 billion yuan is also the valuation standard for this round of private placement financing.

From 1.05 billion yuan to 100 billion yuan in 2027, it means the company plans to expand its annual revenue to about 9.5 times within two years. This target will bring Agibot to a larger delivery scale, and also make the continuous procurement capability of customers more critical.

The company's investment plan has been rolled out.

According to the information previously announced by Agibot, the company has invested about two-thirds of its R&D manpower and more than two-thirds of its R&D expenses into the AI R&D of robots, focusing on planning, decision-making and operation capabilities. The company also announced that it will invest no less than 20 billion yuan in the "YuanSheng" ecological plan in the next five years to support scientific research, talent cultivation, partners and developer communities.

Model R&D, product delivery, application development and business cooperation need to be promoted simultaneously. While announcing the revenue target, Agibot also put forward a continuous investment plan. How the funds from this round of financing will be used has not yet been disclosed by the company.

03 After revenue growth, it is also necessary to see where the robots are deployed

The publicly announced business cases of Agibot show different procurement demands.

On July 7, 2025, Zhuhai Property Rights Exchange Center issued a transaction announcement, stating that the data collection and exhibition robot procurement project of Zhuhai Embodied Intelligence Application Innovation Center was won by Shanghai Agibot New Technology Co., Ltd., with an amount of about 12.7362 million yuan, and the purchaser was Zhuhai Zhihui Yuanqi Technology Co., Ltd.

The name of the project indicates that this procurement serves for data collection and exhibition. Another type of demand comes from the production lines of manufacturing enterprises: robots need to access existing processes, adapt to the factory rhythm, and continuously complete operations.

On June 28, Agibot announced that its 15,000th robot, the Elf G2, had rolled off the mass production line. According to the information released by the company, Yao Maoqing, Agibot partner and president of the Embodied Business Division, and Li Long, general manager of the Robot Business Division of Longcheer Technology, jointly attended the offline ceremony.

According to a report by *Securities Times*, this robot was delivered to the Longcheer factory on the same day. The two sides had carried out months of production line adaptation before: in December 2025, the Elf G2 entered Longcheer's Nanchang factory for testing; in May 2026, 8 robots completed the line integration, covering a mass production quality inspection section for tablets. The report also disclosed that in a six-day operation in June, 8 robots completed production tasks involving more than 17,500 products.

Yao Maoqing said in an interview with *Securities Times* at that time: "In the future, we will continue to expand production capacity and speed up delivery."

The Longcheer case shows the actual process of robots after entering the factory. Testing started in December 2025, and 8 robots completed line integration in May 2026, with months of production environment adaptation in between. In addition to mass production and offline, robots also need to meet the process requirements and production rhythm of customers.

Data collection, exhibition and industrial operation are all markets that robots can currently reach, but their procurement budgets, use frequencies and reasons for additional orders are different. Relying only on the disclosed total revenue, it is impossible to judge the proportion of various demands in Agibot's business, nor to judge how much revenue one-time projects and continuous procurement contribute respectively.

After Agibot put forward the 100 billion yuan revenue target, the growth path of these businesses also needs to be further expanded. Whether factories that have completed line integration will make additional procurement, what scale of continuous demand will be formed by data collection and exhibition projects, as well as the gross profit and payment collection status of different businesses, the information currently disclosed is not sufficient to answer these questions.

This round of financing report has not yet disclosed the list of investors, nor has it specified whether the 500 billion yuan is pre-money or post-money valuation. The financing closing date and the new listing arrangement also need to be announced by Agibot.