TECH

Deep Robotics Starts IPO Tutoring for Mainland Listing

Published: Dec. 25, 2025 5:31 a.m. GMT+8

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Founded in 2017, Deep Robotics initially focused on quadruped robots for industrial use in hazardous or complex environments

Hangzhou Deep Robotics Technology Co. Ltd., a Chinese maker of quadrupedal and humanoid robots, has kicked off the mandatory tutoring process for a domestic listing, joining a growing cohort of hardware startups rushing to tap a buoyant capital market.

The China Securities Regulatory Commission said Wednesday that the company filed for IPO tutoring on Dec. 23. It signed a tutoring agreement with China Securities Co. Ltd., Zhong Lun Law Firm and Pan-China Certified Public Accountants LLP on Dec. 8.

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Deep Robotics, valued at about 8 billion yuan ($1.1 billion), began IPO tutoring in December 2025, aiming for review completion by June 2026.
The company completed over 1 billion yuan in funding in 2023, expanded its product range, and serves clients like State Grid Corp. of China.
Intense competition persists as rivals Unitree and AgiBot also pursue public listings amid surging investor interest in China’s robotics sector.

AI generated, for reference only

Who’s Who

Hangzhou Deep Robotics Technology Co. Ltd.: Hangzhou Deep Robotics Technology Co. Ltd. is a Chinese manufacturer of quadrupedal and humanoid robots, founded in 2017 by Zhu Qiuguo. The company has started the IPO tutoring process for a domestic listing, aiming for completion by mid-2026. Valued around 8 billion yuan ($1.1 billion), it focuses on industrial robots for hazardous environments and is expanding into consumer companion robots.

China Securities Co. Ltd.: China Securities Co. Ltd. is a Chinese financial institution. They signed a tutoring agreement on December 8 with Hangzhou Deep Robotics Technology Co. Ltd. to prepare the robotics company for an IPO listing. The tutoring period is expected to conclude between April and June 2026.

Zhong Lun Law Firm: Zhong Lun Law Firm is involved in the IPO process for Hangzhou Deep Robotics Technology Co. Ltd. They signed a tutoring agreement with the robotics company on December 8, indicating their role in guiding Deep Robotics through the mandatory tutoring process for a domestic listing.

Pan-China Certified Public Accountants LLP: Pan-China Certified Public Accountants LLP, also known as 天健会计师事务所, is involved in the IPO tutoring process for Hangzhou Deep Robotics Technology Co. Ltd. They signed a tutoring agreement on December 8, with the tutoring period scheduled to run from December to June 2026.

Unitree Robotics: Unitree Robotics is a rival to Deep Robotics in China's robotics industry, specifically in embodied artificial intelligence. They are also advancing their IPO plans for a domestic listing. Unitree Robotics completed its IPO tutoring on November 15th, ahead of Deep Robotics.

AgiBot: AgiBot, a participant in the embodied artificial intelligence sector, is aiming for a backdoor listing to enter the secondary market. In July, the embodied AI firm announced its intention to acquire a 60% stake in Swancor Advanced Materials Co. Ltd., which is listed on the STAR Market, as a strategy to achieve this.

CMB International Capital Co. Ltd.: CMB International Capital Co. Ltd. co-led a Series C funding round for Hangzhou Deep Robotics Technology Co. Ltd. This investment, totaling over 500 million yuan, reflects their involvement in supporting the growth of robotics companies.

China Asset Management Co. Ltd.: China Asset Management Co. Ltd. (华夏基金管理有限公司) co-led a Series C funding round for Hangzhou Deep Robotics Technology Co. Ltd. This investment, exceeding 500 million yuan, was completed in December.

Fortune Capital: Fortune Capital led a nearly 500 million yuan financing round for Hangzhou Deep Robotics Technology Co. Ltd. in July. This investment contributed to the robotics company's growth and its current valuation of approximately 8 billion yuan ($1.1 billion).

China Reform Securities Fund: China Reform Securities Fund invested in Hangzhou Deep Robotics Technology Co. Ltd. in July, participating in a funding round that raised nearly 500 million yuan. This investment highlights the fund's involvement in China's rapidly developing robotics industry.

State Grid Corp. of China: State Grid Corp. of China is a client of Hangzhou Deep Robotics Technology Co. Ltd. Deep Robotics provides inspection and emergency-rescue quadruped robots for industrial use in hazardous or complex environments to State Grid Corp. of China.

China Southern Power Grid Co. Ltd.: China Southern Power Grid Co. Ltd. is a client of Hangzhou Deep Robotics Technology Co. Ltd. They utilize Deep Robotics' inspection and emergency-rescue robots for industrial applications.

China Mobile Ltd.: China Mobile Ltd. is listed as a client of Hangzhou Deep Robotics Technology Co. Ltd. Deep Robotics provides industrial quadruped robots for inspection and emergency rescue to clients like China Mobile.

Baosteel Group Corp.: Baosteel Group Corp. is a client of Hangzhou Deep Robotics Technology Co. Ltd. Deep Robotics provides Baosteel with inspection and emergency-rescue robots. Baosteel is among several large state-owned enterprises that utilize Deep Robotics' industrial quadruped robots for hazardous or complex environments.

Swancor Advanced Materials Co. Ltd.: Swancor Advanced Materials Co. Ltd. is a STAR Market-listed company. It is mentioned in the context of embodied AI firm AgiBot's plan to acquire a 60% stake in it. This acquisition is intended as a shortcut for AgiBot to access the secondary market, indicating that Swancor is a publicly traded entity.

AI generated, for reference only

What Happened When

2017：: Deep Robotics was founded by Zhu Qiuguo, an associate professor at Zhejiang University.

Early 2025：: Deep Robotics was classified as a second-tier robotics startup valued at between $300 million and $500 million by several private equity investors.

April 2025：: Deep Robotics unveiled a wheeled-legged robot.

July 2025：: Deep Robotics completed nearly 500 million yuan financing led by Fortune Capital and China Reform Securities Fund.

July 2025：: AgiBot announced it would acquire a 60% stake in STAR Market-listed Swancor Advanced Materials Co. Ltd.

Summer 2025：: Zhu Qiuguo stated in a Caixin interview that Deep Robotics is exploring the consumer market with companion robots.

October 2025：: Deep Robotics unveiled an all-weather humanoid robot capable of operating in a wide range of temperatures.

November 15, 2025：: Unitree Robotics completed its IPO tutoring for a domestic listing.

December 8, 2025：: Deep Robotics signed a tutoring agreement for domestic listing with China Securities Co. Ltd., Zhong Lun Law Firm and Pan-China Certified Public Accountants LLP.

December 2025：: Deep Robotics completed a Series C funding round of more than 500 million yuan, co-led by CMB International Capital Co. Ltd. and China Asset Management Co. Ltd.