HSG is a venture capital firm. Its humanoid robotics portfolio includes Unitree Robotics, Genesis AI.
Round size: $21M
AgiBot (Zhiyuan Innovation), the world's largest general-purpose AI robotics company, has launched a new financing round of 1–1.5 billion yuan at approximately 50 billion yuan valuation, forcing suspension of its Hong Kong IPO until at least late February 2027 due to Hong Kong Stock Exchange's 120-day post-financing listing rule. The company cited locking in primary market valuation amid tightening secondary market scrutiny of embodied intelligence IPOs. AgiBot has mass-produced over 20,000 embodied intelligent robots, exceeded 1 billion yuan in 2025 revenue, and holds about 39% of the global humanoid robot market by shipment volume.
In 2026, China has emerged as the global leader in humanoid robotics with two giants—Agibot and Unitree Technology—each surpassing 10,000-unit shipment milestones, collectively accounting for the majority of over 22,000 global humanoid robot shipments. Eight additional Chinese unicorns valued at over 10 billion yuan each are competing with differentiated technical approaches, from full-stack self-development to tactile perception hardware, while China's supply chain advantage enables rapid mass production at competitive price points.
Unitree and Agibot represent two distinct paths in the humanoid robot industry—hardware ontology versus AI brain—with Unitree facing a 50% stock price decline after its A-share listing while Agibot, still unprofitable with Huawei-related genes, achieved a high valuation premium for its Hong Kong IPO. Agibot's aggressive capital strategy through 11 financing rounds, subsidiary spin-offs, and the Sino Composite acquisition has narrowed the gap with Unitree, whose Q1 2026 revenue of 423 million yuan was overtaken by Agibot's reported 1 billion yuan quarterly revenue.