Summary of Key Points
2026 will be a "big year for IPOs" in the field of embodied intelligence (robot-related companies): A large number of enterprises, ranging from humanoid robots to core components, are rushing to list on the A-share or Hong Kong stock markets. The underlying reason is the tightening of financing in the primary market, coupled with policy initiatives such as the acceleration of the A-share Science and Technology Innovation Board (STAR Market), new regulations for the Growth Enterprise Market (GEM), and the introduction of Rule 18C for the Hong Kong Stock Exchange. Listing has gone from being an added advantage to a necessity for survival. However, the critical question is whether these companies, valued at tens of billions, can support their high valuations with actual orders, revenue, and profits after going public. The A-share and Hong Kong stock markets operate differently: the A-share market has higher entry barriers (it emphasizes profitability or a clear path to making money), while the Hong Kong market has lower barriers (it allows unprofitable companies to list) but with significant disparities in performance. Ultimately, all companies must face the test of the secondary market's evaluation of their financial performance.
I. Why the Rush to List Now? – From "Financing for Survival" to "Surviving by Listing"
In the past, embodied intelligence companies relied on financing from the primary market (e.g., VC/PE investments) to sustain themselves. However, with reduced funding in the primary market (due to tighter regulations), and the high costs of developing robots (such as sensors, algorithms, and mass production for humanoid robots), companies are now seeking listing as a means of survival. At the same time, policies have created opportunities: the review process on the A-share STAR Market has accelerated (YusTree Technology was approved in just 73 days), and the GEM has introduced new criteria for unprofitable but high-growth companies; Rule 18C in the Hong Kong Stock Exchange allows unprofitable tech firms to list. Listing has become a vital strategy to access funds needed for continued research and expansion, otherwise, companies may be eliminated in the competitive market.
II. A-share Market: An Elite Path, Where Profitability Is the Golden Standard
The A-share market has strict requirements for embodied intelligence companies: either they must already be profitable or have a clear path to profitability.
- Profitable Companies: For example, YusTree Technology started with robotic dogs and later moved into humanoid robots. In 2025, it sold 5,500 humanoid robots, generating revenue of 1.7 billion yuan and a profit of 600 million yuan (with a gross margin of 60%). It is the only company in the world to have achieved all three metrics (revenue, profit, and high gross margin), which led to its rapid approval.
- High-Growth Companies: LeJu Intelligence used the fourth set of GEM criteria (market value ≥ 3 billion yuan, annual revenue ≥ 200 million yuan, compound annual growth ≥ 30%) to get listed. In 2025, it had revenue of 258 million yuan and a three-year growth rate of 118%. Although it was not profitable, its rapid growth earned it an A-share listing.
- Companies with Clear Paths: Fourier Intelligence began with medical rehabilitation robots. Its humanoid robots are not yet profitable, but its rehabilitation business generates stable cash flow to cover research and development costs, so it plans to list on the STAR Market in 2026.
The A-share market's logic is simple: "I don't care how appealing your story is; I need to see real financial results or a clear path to profitability."
III. Hong Kong Stock Market: A Faster Track, but with Fierce Competition
The Hong Kong stock market has lower entry barriers (Rule 18C allows unprofitable companies to list), attracting 51 embodied intelligence-related companies. However, surviving in this market is challenging:
- Popular Companies: Specialized firms in niche areas (e.g., LeDong Robotics in spatial perception sensors, Yifei Technology in industrial robot applications) have seen significant stock price increases after listing. Yifei Technology's shares were oversubscribed by 14,891 times, indicating market demand for essential components or specialized solutions.
- Companies That Struggle: Humanoid robot manufacturers that continue to lose money will face rejection from the market. For example, UBTECH, which listed on the Hong Kong Stock Exchange in 2023, has seen its stock price drop by 65% from its peak and still lost 790 million yuan in 2025, with a six-year cumulative loss of 5.7 billion yuan. Even if they list, their lack of performance will lead to their exclusion.
The Hong Kong market's logic is: "We let you in first, but you must prove you can grow; otherwise, you'll be eliminated."
IV. The Big IPO Year of 2026: A Risky Leap from "Storytelling" to "Performance Evaluation"
In the past, primary market valuations were based on future potential (e.g., humanoid robots being the next big thing), but the secondary market only cares about current figures: are there orders? Is revenue increasing? Can profits be generated?
YusTree Technology's rapid approval was due to its actual sales and profits. Companies still in the queue, whether on the A-share or Hong Kong markets, must answer the question: "Have my products been sold? Can I make money?"
This is a risky leap: if they fail to meet these criteria after listing, their high valuations will burst like bubbles; only those that succeed can continue to compete in the market.
V. Which Path to Choose? – The One That Suits Your Company Best
Companies should choose the listing path based on their circumstances:
- Profitable/High-Growth Companies: Choose the A-share market (e.g., YusTree, LeJu), which offers better liquidity and stable valuations.
- Unprofitable but Technologically Advantaged/ Niche-Focused Companies: Consider the Hong Kong market (e.g., XianGong Intelligence in robot controllers, Passini in tactile sensors). Focus on raising funds first and then work on improving performance.
- List on Hong Kong First, Then A-share: Some companies, like YueJiang Technology, list on the Hong Kong market first before moving to the A-share market, taking advantage of its larger investor base and higher valuations.
Regardless of the choice, all companies must face the ultimate test of financial performance. Listing is not the end; it's just the beginning, and they must prove their worth with actual results.
In Conclusion
The collective listing of embodied intelligence companies in 2026 reflects a race to survive. While getting listed provides an entry ticket, the real challenge is whether they can turn their promises into reality through actual orders and profits. This is the most brutal yet realistic rule of the game in this industry.