An embodied intelligence enterprise that has just secured a 1 billion-yuan order is now facing the situation where its actual controller is uncontactable and it owes 8 million yuan in unpaid wages.

Salaries were suspended in August, housing fund contributions were halted in September, and social insurance payments were also stopped in October.

On October 23, according to media reports, nearly 40 employees of Nanjing Wujing Future Power Technology Co., Ltd. are owed nearly 8 million yuan in unpaid salaries. The company has suspended operations, and even the head of the R&D department has filed for labor arbitration together with other employees.

Founded in February 2026 with a registered capital of 10 million yuan, this company focuses on industrial-grade quadruped robots, targeting scenarios such as electric power inspection, petrochemical industry, energy and mining. Industrial and commercial information shows that the actual controller is Cui Xiaofei, and Yuan Haihui serves as CEO.

Employees showed media screenshots of the suspended social insurance payments. According to their accounts, Cui Xiaofei has not been seen for a long time. A man named Yuan Jie emerged in the middle, claiming to be entrusted by Cui Xiaofei to coordinate the follow-up handling. Yuan Haihui is still staying in the company, expressing apologies for the team's unpaid salaries and stating that he is willing to assist employees in finding Cui Xiaofei.

On October 22, the media got through Yuan Haihui's phone call, and he only said that the actual controller could not be contacted at present and it was inconvenient to respond; on the same day, Cui Xiaofei's phone line was always busy.

More than four months ago, the company's external narrative was a completely different version.

On June 13, local Nanjing media reported under the title "Settled in Nanjing for Only a Few Months, Secured Nearly 1 Billion Yuan in Orders" that Wujing Power had signed framework order contracts of nearly 500 million yuan with multiple central enterprises and entered the delivery stage only 4 months after its establishment, with reserved local market orders of nearly 500 million yuan and 110 million yuan of financing in place.

The founding team was described as a "top academic talent group".

Yuan Haihui, the CEO, was admitted to Shanghai Jiao Tong University at the age of 16, and started continuous entrepreneurship right after graduating at the age of 20. The team has a total of about 20 people with bachelor's degrees or doctorates from Tsinghua University and Zhejiang University. Yuan Haihui told the media at that time: "This order reserve situation far exceeds our expectations, which also proves that investors and the market recognize the strength of our team and our strategic positioning."

The capital market followed up very quickly.

On June 22, JunChuang Technology, a listed company on the Beijing Stock Exchange, announced that it plans to jointly establish Hangzhou Xuanyuan Embodied Equity Investment Partnership with Nanjing Yunyi Robot and Xuanyuan Capital, with a total subscribed amount of 32.01 million yuan. Among them, JunChuang Technology subscribes 20 million yuan, accounting for about 62.48%. The announcement clearly states that the final investment target of the fund is Wujing Power.

The transaction structure took a detour: the first-phase contribution was first invested into Suzhou Chaoguangwei Medical Technology Co., Ltd., and then the net assets and business of Chaoguangwei were wholly injected into Wujing Power through equity swap. It is worth noting that the legal representative of Chaoguangwei is also named Cui Xiaofei.

According to the schedule, on July 7, the fund custody account received a total of 16 million yuan in cash, of which JunChuang Technology paid 10 million yuan as the first-phase actual contribution; on July 16, the fund completed the filing with the Asset Management Association of China. According to the agreement in the announcement, the investment must be completed within 30 working days after the filing, and the deadline is around August 27.

Right in this window period, on August 24, the direct shareholder of Wujing Power was changed from Chaoguangwei to Nanjing Wujing Future Holding Co., Ltd., of which Cui Xiaofei directly holds about 62.51% of the shares. This industrial fund did not appear in the shareholder list of this industrial and commercial change, and the originally scheduled investment delivery was not completed as expected.

It is worth noting that earlier on July 20, the official website of the Jiangning District Government of Nanjing once again published the company's updates.

Wang Wenjun, assistant to the chairman and deputy general manager, revealed that the company completed 110 million yuan of financing in the first half of the year, and the self-developed quadruped robot for substation inspection is expected to be delivered and put into use in October. The lead investor is Huarui Venture Capital under Huarui Embodied Intelligent Industrial Park, which introduced the project to settle in Jiangning Development Zone in the name of "patient capital".

A month later, employees found that no more money was deposited into their salary cards.

As of press time, the public phone number of JunChuang Technology has not been answered after many attempts, and the interview emails sent by some media have not received a reply yet.

There is no public answer at present as to whether the investment that was originally planned to be completed by the end of August has been landed, whether the fund manager knows that the company has suspended operations, and at which level of equity the 32.01 million yuan of share is finally hung. The substation inspection robot was originally scheduled to be delivered in October, and now most of October has passed. What is left in the office are nearly 40 lists of unpaid salaries waiting for arbitration rulings.

Source: Xinghe Business Observation