CATL leads the investment, Songyan Power is revealed to have secretly filed its listing application with the Hong Kong Stock Exchange.

Songyan Dynamics, which launched a humanoid robot priced at 9,998 yuan, has been reported to be planning a Hong Kong IPO.

On October 22, citing people familiar with the matter, Songyan Dynamics has submitted a confidential listing application to the Hong Kong Stock Exchange, which is expected to raise hundreds of millions of US dollars and be listed as early as 2027. Relevant discussions are still ongoing, and the fundraising scale and timeline are subject to adjustment. The company has not responded to Bloomberg's request for comment, nor has it publicly confirmed the plan.

Songyan Dynamics was founded in September 2023. By March this year, the company had completed a total of nine rounds of financing, with the latest Series B financing totaling nearly 1 billion yuan, led by Chendao Capital, an industrial investment platform under the CATL system, and followed by institutions including CAS Investment, Jingguosheng Fund, and Jiuhe Venture Capital. Earlier in February that year, the company had completed the shareholding system reform.

Apart from capital support, Songyan Dynamics is also making efforts to tap into the consumer household market.

On October 22, 2025, Songyan Dynamics launched the "Bumi" humanoid robot, setting its starting price at 9,998 yuan. A year later, news of the company's planned listing emerged, and its product has gone through the whole process from launch, appearance on the Spring Festival Gala to delivery to end users.

At this year's CCTV Spring Festival Gala, Songyan Dynamics' robots participated in the skit *Grandma's Favorite* starring Cai Ming and Wang Tianfang. At the March Appliance & Electronics World Expo (AWE), Jiang Zheyuan, Founder and Chairman of the company, delivered the "Bumi" robot to buyers. Some parents purchased the product on site, hoping to experience the robot together with their children.

The positioning of "Bumi" also fits such demands: for household users, it provides companion functions and graphical programming education; for institutional users, it provides education-oriented solutions. Songyan Dynamics' other products include the N-series and E-series biped humanoid robots, as well as the bionic human head "Xiao Nuo", covering scenarios such as tour guiding, welcome reception, and exhibition display.

The company's wide product line is related to the fact that market demands are not yet concentrated. According to Jiang Zheyuan's previous introduction, humanoid robots can be applied in many scenarios, but the demand in each individual scenario is still limited, so Songyan Dynamics needs to cover these scattered markets with different products.

In March this year, the company set the annual delivery target of "Bumi" at 10,000 units.

The year when Songyan Dynamics pushed forward its product delivery is also a year when domestic robotics enterprises are intensively seeking public listing.

On May 18, the STAR Market IPO application of Deeprobotics was accepted; the next day, the ChiNext IPO application of Lepai Robotics was accepted. On August 19, Unitree Robotics was listed on the STAR Market. Robotics enterprises that had completed financing and shareholding reform successively before have started to enter the listing review and public trading phase one after another.

When entering September, news came out that the listing review was getting stricter. Reuters cited people familiar with the matter that month saying that the regulators had slowed down the listing process of some humanoid robot enterprises through informal "window guidance". Another person familiar with the matter mentioned in the report emphasized at the same time that there was no formal ban. The China Securities Regulatory Commission has not responded to the request for comment on the report.

Public feedback from investment banks has also shifted the discussion to revenue and delivery. Interviews from CLP Securities showed that some investment bank staff received reminders from their companies that the listing process of hard technology enterprises with less prominent industry positions might be affected. A leading brokerage interpreted this as strengthening the front-end check responsibility of sponsor institutions.

These discussions focus on several specific issues: where the orders come from, whether customers will make continuous purchases, and whether losses can be narrowed after delivery increases. It also needs further verification whether the revenue obtained from government-supported projects, related-party transactions or one-off gains can be sustained in the next year.

The already listed Unitree Robotics has experienced sharp fluctuations in its share price.

On its listing debut, Unitree closed at 845 yuan, up about 460% from its issue price, and once hit 1100 yuan in intraday trading. Afterwards, the share price corrected, and hit an intraday low of 404.03 yuan on October 15. The closing price on October 22 rebounded to 520 yuan, up about 29% from the low point, but still about 53% lower than the intraday high on the listing day.

The recently disclosed abnormal stock price fluctuation announcement of Unitree also mentioned the risk between market expectation and commercialization progress: humanoid robots are still in the early stage of commercialization. Once the large-scale application implementation is slower than expected, revenue growth and performance realization may be affected.

Unlisted enterprises are still receiving capital, but the number of large-scale financing deals has decreased.

According to incomplete statistics from Gaishi Embodied Intelligence, in September this year, 49 financing deals in the domestic embodied robot and core component sectors were disclosed, among which only two deals were worth 1 billion yuan or above. In April and June this year, there were 10 such large-scale financing deals respectively. Financing events are still intensive, but single large-value financing deals are not as frequent as in the previous peak period.

The listing timeline of Agibot is also changing. The company launched the preparation for Hong Kong IPO in July this year, and news of a new round of financing came out in October. *Caijing* cited investors on October 13 saying that this round of financing is about 1 billion to 1.5 billion yuan, which is nearly completed, with a valuation of about 50 billion yuan. The new financing may affect its plan to complete the IPO within this year. Agibot has not responded to the above issues related to financing, valuation and listing progress.

The Hong Kong market, where Songyan Dynamics is reported to choose for listing, already has a corresponding confidential application mechanism. The "Special Technology Company Listing Track" launched in May 2025 allows eligible special technology companies and biotech companies to submit listing applications in confidential form, reducing the risk of premature disclosure of business strategies, proprietary technologies and listing plans. It is still unclear which specific listing rules Songyan Dynamics plans to adopt.

At present, the listing valuation and fundraising purpose of Songyan Dynamics have not been disclosed. How much of the annual 10,000-unit delivery target of "Bumi" has been completed, and how much revenue and gross profit the products starting from 9,998 yuan can bring, still need to wait for the company to release more complete operating data.

This article is from the WeChat Official Account "Core Smart Headline", written by Mianmian, and published with authorization from 36Kr.