On November 10th, Zhiyuan Robot Company completed its stock reform, changing its enterprise type from a limited liability company to a joint-stock limited company. Zhiyuan Robot's response to this was "normal renaming".

According to Tianyancha Industrial and Commercial Information, Zhiyuan Robotics completed its stock reform in early November, changing its company name from "Zhiyuan Innovation (Shanghai) Technology Co., Ltd." (foreign-invested, non sole proprietorship) to "Zhiyuan Innovation (Shanghai) Technology Co., Ltd." (invested in Hong Kong, Macao, and Taiwan, unlisted).

At the same time, Zhiyuan has also completed a series of actions such as changing the names and equity of investors, and filing records for senior executives, directors, and supervisors. The list of directors for Zhiyuan Innovation has been changed from 3 to 4, with the addition of Yao Maoqing, who is a partner, senior vice president, and president of the embodied business department of Zhiyuan Robotics.

The number of registered supervisors has increased to three, namely Wei Yunlong, Liao Wenying, and Liu Si. Among them, Wei Yunlong changed from supervisor to chairman of the supervisory board on November 5th.

The shareholders of Zhiyuan Innovation include Sangpeng (Shanghai) Technology Partnership Enterprise (Limited Partnership), Guangxi Tencent Venture Capital Co., Ltd., BYD, Beijing Hillhouse Yurun Equity Investment Fund Partnership Enterprise (Limited Partnership), Jiaxing SAIC Chuangyong Equity Investment Partnership Enterprise (Limited Partnership), etc.

According to public information, Zhiyuan Robotics is backed by financial shareholders such as Hillhouse, Lanchi, and Zhongke Chuangxing; Shareholders of industries such as SAIC, BYD, JD.com, Tencent, etc; The main equity structure of Zhiyuan Robotics is composed of multiple shareholders, including CP Group, LG Electronics from South Korea, and Future Asset Group from South Korea. According to the Tianyancha APP, Ma Huateng and Wang Chuanfu are among the beneficial shareholders of the enterprise, with a final beneficial stake of approximately 1.58% and 0.39%, respectively.

After the completion of the stock reform, the largest controlling shareholder of Zhiyuan Robotics is the main body jointly held by Zhiyuan Robotics and its management team, and the actual controller is Deng Taihua, Chairman and CEO of Zhiyuan Robotics.

Deng Taihua has rich experience and profound professional background in the field of robotics, leading his team to achieve significant results in the research and development, production, and sales of intelligent robots, promoting the rapid development of intelligent robots.

This is another top domestic embodied intelligence enterprise that has recently completed its stock reform, following Yunshen Technology. Previously, Yushu Technology and Leju Robotics completed their share reform and subsequently launched their IPO plans.

Stock reform is often seen as a prelude to preparing for listing. According to 21st Century Business Herald, there have been multiple reports in the market about Zhiyuan Robotics going public through backdoor listing and listing on the Hong Kong stock market. On July 10th, there were market reports that Zhiyuan Robot Company plans to go public on the Hong Kong stock market. In response, the company stated, "This is not true. Zhiyuan has no clear plan to go public in Hong Kong at the moment

In early November, Zhiyuan Robotics completed the acquisition of Shangwei New Materials (688585. SH), a company listed on the Science and Technology Innovation Board. Zhiyuan Robotics ultimately acquired 63.6232% of the shares of Shangwei New Materials through agreement transfer and tender offer, triggering a significant increase in Shangwei New Materials' stock price.

After sorting, it was found that in addition to Zhiyuan robots, there are already multiple "players" on the embodied intelligence track who are promoting the listing on the Science and Technology Innovation Board or have completed the stock reform.

Yushu Technology and Leju Robotics started market guidance in July and October respectively. Among them, Yushu Technology is expected to officially submit its IPO application documents during the last quarter of 2025. Cloud Deep Technology and Fu Liye Intelligent have completed their share reform in November and July, and Fu Liye Intelligent has been disclosed to be preparing for the relevant listing.

However, Yushu Technology, Leju Robotics, Yunshen Technology, and Fuliye Intelligence have all been operating for 8 to 10 years. After 2023, these companies will strategically shift from products such as robotic dogs and rehabilitation robots to the humanoid robot track, while Zhiyuan Robotics has only been established for 3 years.

An investor told Securities Daily that the popularity of the humanoid robot concept and relaxed capital market policies have driven the pace of this wave of robot companies going public.

From a policy perspective, the current robotics industry is in a golden period of rapid development. The government has introduced a series of policies to support the listing of technology innovation enterprises, providing a favorable policy environment for the capital operation of robotics companies.

For example, the "Chapter 18C" rules of the Hong Kong Stock Exchange have opened up a "green channel" for IPOs of specialized technology companies, significantly reducing the threshold for profitability and market value requirements of enterprises, and well fitting the development characteristics of robotics companies such as "high investment, long cycle, scale first and profit later".

On October 16th, Yunji Technology was officially listed on the main board of the Hong Kong Stock Exchange, with the stock code 2670HK?It was founded in 2014 and mainly focuses on service-oriented robots. The hotel scene is its main source of revenue, and it is known as the "first stock of hotel robots". On July 6th, Jizhijia was listed on the Hong Kong Stock Exchange and won the title of "the world's first AMR warehouse robot stock". Despite a cumulative loss of up to 3.5 billion yuan in the past three years, it still successfully completed the listing process.

According to Securities Daily, the robotics industry has entered a period of "value realization". Data shows that the size of China's robot service intelligent agent market has increased from 1.8 billion yuan in 2020 to 3.7 billion yuan in 2024, with a compound annual growth rate of 19.8%. It is expected to reach 13.5 billion yuan by 2029, showing an accelerating expansion trend.