One of the "Six Little Dragons of Hangzhou," Yunshenchu, has started IPO counseling.

The securitization process of the “Six Little Dragons of Hangzhou” is accelerating.

On December 23, Hangzhou Yunshenchu Technology Co., Ltd. (“Yunshenchu”), one of the “Six Little Dragons of Hangzhou”, submitted IPO counseling materials to the securities regulatory bureau. The counseling institution is CITIC Securities.

CITIC Securities plans to complete the counseling between April 2026 and June 2026, which means Yunshenchu is expected to take the first step toward A-share IPO application next year.

So far, three companies among the “Six Little Dragons of Hangzhou”—Yunshenchu, Kujun Technology, and Unitree Robotics—have embarked on the IPO path; Qiangnao Technology is rumored to be preparing for an IPO; Deep Seek and Game Science have not yet disclosed any clear signs of capitalization.

In terms of progress, Kujun Technology is moving faster, having already submitted an IPO application to the Hong Kong Stock Exchange. Investment bankers expect a listing as early as 2026.

Unitree Robotics has completed its counseling and previously announced on overseas social platforms that the company is actively preparing for its IPO. It expects to submit application documents between October and December 2025.

As there are only 7 days left until the end of 2025, whether Unitree Robotics will submit its application “as scheduled” is closely watched.

On the fundamentals, Yunshenchu focuses on quadruped robots, humanoid robots, and core components, and has achieved initial commercialization.

In September this year, Yunshenchu founder Zhu Qiuguo revealed that in 2024 Yunshenchu’s revenue grew over 100% year-on-year, and it is expected that in 2025 their robot shipments will reach the 10,000-unit level, with current entry into Asia-Pacific, Middle East, Europe, and other markets.

Just before starting this IPO counseling process, Yunshenchu completed a Series C financing round of over 500 million yuan, jointly led by CMB International and ChinaAMC Fund, mainly for technology R&D, capacity expansion, and market development.

This is Yunshenchu’s second round of financing this year.

In July this year, Yunshenchu completed a 500 million yuan financing led jointly by Fortune VC, Guoxin Fund, and other institutions.

By this calculation, Yunshenchu has raised over 1 billion yuan in financing this year, providing ammunition for technology R&D and more.

Amid the ongoing popularity of embodied intelligence, quite a few robotics companies have set new fundraising records this year.

On December 19, Galaxy Universal Robotics completed a new round of financing exceeding $300 million, setting a new record for a single round of financing in embodied intelligence, with its latest valuation already surpassing 20 billion yuan.

With the iteration of technology, continued expansion of commercial application scenarios, and the dual empowerment of capital and policy, the industrialization process of humanoid, quadruped robot, and other embodied intelligence tracks is expected to further accelerate.

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