Zhiyuan Robotics' Hong Kong IPO Faces New Turmoil

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According to market sources, Zhiyuan Robotics is preparing for an IPO in Hong Kong next year, with a target valuation of up to HKD 40–50 billion (approximately USD 5.1–6.4 billion). China International Capital Corporation, CITIC Securities, and Morgan Stanley will be jointly responsible for underwriting.

One of the investment banks participating in this IPO has confirmed the news to Xin Feng.

In response, Zhiyuan Robotics once again issued a denial.

As early as July this year, media reports said that Zhiyuan Robotics' goal to go public in Hong Kong remained unchanged.

At that time, Zhiyuan Robotics also responded to Xin Feng, stating that this information was not true and that there were currently no concrete plans for a Hong Kong IPO.

The main reason for the high attention paid to Zhiyuan Robotics' overseas capitalization is that it recently gained control of Swancor Advanced Materials (688585.SH), and the market generally expects that the newly acquired Swancor Advanced Materials will become Zhiyuan Robotics' future listing platform, thereby making it the "first humanoid robotics stock" in the A-share market.

Although Zhiyuan Robotics and Swancor Advanced Materials have repeatedly emphasized that there are no arrangements for a backdoor listing within the next 36 months, this has not stopped the enthusiasm in the secondary market. Swancor Advanced Materials' share price has risen more than 16-fold since the end of June this year.

Due to abnormal fluctuations in the stock price, Swancor Advanced Materials was suspended for investigation starting from September 26 this year, and trading resumed on October 13.

On the evening of October 10, Zhiyuan Robotics issued a suspension investigation announcement, once again stating that “within the next 36 months, Zhiyuan Innovation has no plans or arrangements for a backdoor listing through a listed company.”

Furthermore, the announcement included a risk warning regarding the stock's movements: "Currently, there have been no major changes in the company's fundamentals. However, the recent trading price of the company's stock has seriously deviated from its current fundamentals, and there is a risk of a rapid price drop at any time. Investors participating in trading may face significant market risk."

What approach Zhiyuan Robotics will ultimately take to enter the capital market remains to be seen.

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