Zhuji Dynamics Raises $200M in Pre-IPO Round at $2.1B Valuation, Accelerates Hong Kong Listing

Another super unicorn in the hundred-billion-yuan club is accelerating toward an IPO. On July 14, general-purpose humanoid robot company Zhuji Dynamics announced it has completed a Pre-IPO funding round of $200 million (approximately RMB 1.4 billion), achieving a post-investment valuation of RMB 15 billion (about $2.1 billion).

The round attracted a long list of new investors including IDG Capital, Lens Technology, GGG Group and Redstone VC, West Summit Capital, and Hefei Binhu Industrial Development Group. Overseas capital from Europe, the Middle East, and North America accounted for 70% of the total. Existing investors Stone Venture, Oasis Capital, Cornerstone Capital, Nanshan Strategic Emerging Industry Investment, Shangqi Capital, and NIO Capital all increased their stakes.

Over the past six months, Zhuji Dynamics has raised a cumulative $400 million. CEO Zhang Wei, who a year ago said he was not one to pursue rapid financing, has now opted to proactively disclose fundraising progress and prepare for an IPO, most likely on the Hong Kong Stock Exchange.

Zhang explicitly rejected using short-term performance to constrain the company's development. He stated that none of the company's previous fundraising rounds included revenue or delivery volume performance clauses. "Calling for RMB 1 billion in revenue this year and hiking it to RMB 2 billion next year, then pushing the valuation sky-high — this kind of value-destructive logic is poison," he said.

On the business front, Zhuji Dynamics has received thousands of orders since its robots launched, with over half coming from overseas. In May, the full-size interactive humanoid robot LimX Luna began deliveries to customers in China and abroad. The new multi-modal embodied robot TRON 2 has also received strong order volumes.

The $200 million raised will be directed toward brain-body fusion technology productization, batch delivery of thousands of fully autonomous humanoid robots, global market channel development, overseas manufacturing and delivery infrastructure, and building an open technology ecosystem for global developers.

Zhang Wei compared the company's trajectory to the development of new energy vehicle makers, arguing that a public listing provides long-term stable capital buffer against industry cycles. He said he doesn't care about being the "first humanoid robot stock" but acknowledged that an early IPO could help establish a clear valuation benchmark for the entire sector.