Songyan Power reportedly filed confidentially with the Hong Kong Stock Exchange; CATL-affiliated capital previously led its Series B

Songyan Power, which launched a 9,998 yuan humanoid robot, has been reported to be planning a Hong Kong listing.

On October 22, citing people familiar with the matter, Songyan Power has confidentially submitted a listing application to the Hong Kong Stock Exchange, potentially raising hundreds of millions of dollars, with a listing as early as 2027. Discussions are still ongoing, and the fundraising size and timetable may be adjusted. The company did not respond to Bloomberg's request for comment and has not publicly confirmed the plan.

Songyan Power was founded in September 2023. By March this year, the company had completed nine rounds of financing, with the latest Series B round totaling nearly 1 billion yuan, led by Chendao Capital, the industrial investment platform of the CATL ecosystem, with Guoke Investment, Jingguosheng Fund, Jiuhe Venture Capital and other institutions participating. Before that, in February, the company completed its shareholding reform.

Beyond funding, Songyan Power is also trying to open up the household user market.

On October 22, 2025, Songyan Power released "Bumi Xiaobumi," setting the starting price of this humanoid robot at 9,998 yuan. A year later, news of the company's listing emerged, and its products have gone through the process from launch, to appearing on the Spring Festival Gala, to delivery to users.

At this year's CCTV Spring Festival Gala, Songyan Power's robot participated in the sketch "Grandma's Favorite," performed by Cai Ming and Wang Tianfang. At the China Appliance and Consumer Electronics Expo (AWE) in March, founder and chairman Jiang Zheyuan delivered the "Xiaobumi" to buyers. Some parents purchased the product on site, hoping to experience the robot together with their children.

The positioning of "Xiaobumi" also matches such demand: for families, it provides companionship and graphical programming education; for institutions, it provides educational solutions. Songyan Power's other products also include the N series and E series bipedal humanoid robots, as well as the bionic human head "Xiaonuo," covering uses such as guided tours, greeting and exhibition display.

The product line is spread relatively wide, which is related to demand not yet being concentrated. According to Jiang Zheyuan's previous introduction, there are many scenarios humanoid robots can enter, but demand in any single scenario is still limited, and Songyan Power needs to cover these fragmented markets through different products.

In March this year, the company set an annual delivery target of 10,000 units for "Xiaobumi."

The year Songyan Power pushed forward with deliveries was also a year in which domestic robot companies concentrated on seeking listings.

On May 18, YunShenchu's STAR Market IPO application was accepted; the next day, Leju Intelligent's ChiNext IPO application was accepted. On August 19, Unitree Technology listed on the STAR Market. Robot companies that had successively completed financing and shareholding reform began to enter the listing review and public trading stages one after another.

Entering September, news emerged of stricter reviews. Reuters that month, citing people familiar with the matter, said regulators had slowed the listing process of some humanoid robot companies through informal "window guidance." Another person familiar with the matter quoted in the report also stressed that there was no formal ban. The CSRC did not respond to a request for comment on the report.

Public investment bank feedback also steered the discussion toward revenue and deliveries. Interviews by Cailianshe showed that some investment bank staff received reminders from their companies that the listing process of hard-tech companies without sufficiently prominent industry status could be affected. A leading brokerage explained it as strengthening the front-end gatekeeping of sponsor institutions.

These discussions focused on several specific questions: where orders come from, whether customers will continue purchasing, and whether losses can narrow after deliveries increase. Whether revenue obtained through government-supported projects, related-party transactions or one-off gains can continue into the next year also needs further verification.

Unitree Technology, which has already listed, experienced sharp swings in its share price.

On its first day of trading, Unitree closed at 845 yuan, up about 460% from its issue price, and at one point reached 1,100 yuan during the session. The share price then pulled back, hitting an intraday low of 404.03 yuan on October 15. On October 22, the closing price recovered to 520 yuan, rebounding about 29% from that low, but still about 53% below its first-day high.

Unitree's recently disclosed announcement on abnormal stock trading fluctuations also mentioned the risk between market expectations and commercialization progress: humanoid robots are still in the early stage of commercialization, and once large-scale application lands slower than expected, revenue growth and performance delivery could be affected.

Unlisted companies are still obtaining funding, but the number of large financings has declined.

Incomplete statistics from Gaishi Embodied Intelligence show that in September this year, 49 financing deals were disclosed in the domestic embodied robot and core components sector, of which only two were at the 1 billion yuan level. In April and June this year, there were 10 financings of the same size each. Financing events remain dense, but single large financings are no longer as frequent as in the previous peak period.

Zhiyuan's listing timetable is also changing. The company started preparations for a Hong Kong listing in July this year, and by October, news emerged of a new round of financing. Caijing on October 13, citing investors, said this round was about 1 billion to 1.5 billion yuan, nearing completion, with a valuation of about 50 billion yuan, and the new financing could affect its arrangement to complete an IPO within the year. Zhiyuan has not responded to the above financing, valuation and listing progress.

The Hong Kong market that Songyan Power is reported to have chosen already has a corresponding confidential application mechanism. The "Tech Enterprise Channel" launched in May 2025 allows eligible specialist technology companies and biotech companies to submit listing applications confidentially, reducing the risk of business strategies, proprietary technology and listing plans being disclosed prematurely. It is not yet clear which specific listing rules Songyan Power intends to adopt.

At present, Songyan Power's listing valuation and use of proceeds have not been disclosed. How much of the annual 10,000-unit delivery target for "Xiaobumi" has been completed, and how much revenue and gross profit a product starting at 9,998 yuan can bring, still await the company's disclosure of more complete operating data.

This article is from the WeChat public account "Xinzhineng Toutiao," author: Mianmian, published by 36Kr with authorization.