132 days! Yushu Technology completes IPO counseling

After 132 days, Yushu Technology has completed its IPO guidance, and the first "humanoid robot stock" in A-shares is approaching.

Recently, Yushu Technology's IPO guidance status was updated to "guidance acceptance," with CITIC Securities as the guidance institution.

Regarding the issues and improvements discovered during the guidance process, CITIC Securities stated that at the beginning of the guidance period, the company's fundraising investment project plan had not yet been finalized.

The guidance working group, together with the company's management, combined industry development trends, its own competitive advantages, and future development plans to assist the company in researching, determining, and improving the fundraising investment project plan, ensuring that the investment projects meet the company's future development needs.

In addition, regarding corporate governance and compliance, at the beginning of the guidance period, the company had not yet appointed independent directors and had not set up specialized committees of the board of directors.

During the guidance period, the guidance working group assisted the company in further improving its corporate governance system according to the requirements for listed companies, urging the company to appoint three independent directors and establish the board's audit committee, nomination committee, remuneration and assessment committee, and strategy committee. As of the date of this report, the guided entity has established a complete corporate governance system that meets the relevant requirements for listed companies.

According to the guidance filing documents, the company's controlling shareholder and actual controller is Wang Xingxing, who directly holds 23.8216% of the company's equity and controls 10.9414% of the company's equity through Shanghai Yuyi Enterprise Management Consulting Partnership (Limited Partnership), totaling 34.7630% of the company's equity.

Looking back, in July of this year, Yushu Technology filed for guidance with the Zhejiang Securities Regulatory Bureau, becoming the first embodied intelligent enterprise to push for an IPO this year. The filing report shows that Yushu Technology signed the guidance agreement on July 7. Multiple investors stated that its "first landing point" is expected to be the Sci-Tech Innovation Board.

In August of this year, Wang Xingxing told media such as Shanghai Securities News that Yushu Technology has always taken "learning and growth" as its core driving force since its establishment 9 years ago. Going public can be seen as a "college entrance examination"—it is a milestone for the company to move towards more mature management and more standardized operations, as well as an account of the past 9 years of efforts to its shareholders.

Yushu Technology later announced on September 2 that it expects to submit its listing application documents to the stock exchange between October and December 2025.

At that time, Yushu Technology stated that, for example, in 2024, the sales revenue of quadruped robots, humanoid robots, and component products accounted for approximately 65%, 30%, and 5%, respectively. Among them, about 80% of quadruped robots are used in research, education, and consumer fields, while the remaining 20% are used in industrial fields, such as inspection and firefighting; humanoid robots are entirely used in research, education, and consumer fields.

On October 21, the official website of the China Securities Regulatory Commission disclosed the progress report of Yushu Technology's listing guidance work (first phase) (hereinafter referred to as "report"). The report mentioned that Yushu Technology passed the proposal on the company's name change at the fifth extraordinary general meeting of shareholders in 2025, deciding to rename the company to "Yushu Technology Co., Ltd." Looking at the entire embodied intelligence industry, the investment and financing in this field has reached a climax this year. On one hand, the financing pace for companies is extremely intensive, with multiple embodied intelligence companies such as Xingdong Jiyuan, Tashi Zhihang, Xinghaitu, and Xiaoyu Zhizao announcing successful financing. On the other hand, leading companies like Yushu Technology and Leju Robotics have taken the lead in launching IPO plans.

"We have also been advising companies to take advantage of the relatively loose financing window period to accumulate more 'bullets'." Regarding this year's financing boom, a person focused on embodied intelligence investment previously analyzed to the Shanghai Securities Journal that, similar to a few years ago with autonomous driving, the technical routes in the embodied intelligence industry have not yet been fully unified, and product commercialization is still in the exploratory stage. Therefore, whether in primary market financing or sprinting to the secondary market, it is a way for embodied intelligence companies to "accumulate grain" to improve their survival probability.

In his view, before the industry's outcome is determined, the stronger the financing capability, the longer one can sit at the "table," and naturally, the greater the odds of success.

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