Xiaozhi Weekly News | Unitree Wins CSRC Approval for STAR Market IPO; Zhiyuan's 15,000th Embodied Robot Rolls Off Line

Key developments in embodied intelligence and driver assistance this week:

UBTECH officially launches U1 series, securing 13,361 orders

On June 30, UBTECH’s consumer brand UWorld unveiled the U1 series of bionic humanoid robots. The half-body U1 Lite is priced at 119,800 yuan, while the high-spec full-body U1 Pro comes in at 169,800 yuan. The high-dynamic full-body U1 Ultra lists at 990,000 yuan for the male version and 880,000 yuan for the female version.

Image source: UBTECH

A UBTECH executive announced that U1 orders across all online and offline channels have topped 13,361 units, with deliveries slated for this year. UWorld aims to build companion robots that are visually appealing, responsive, and always available — providing continuous companionship that evolves alongside the user’s needs throughout the product lifecycle.

Zhou Jian, founder, chairman, and CEO of UBTECH, envisions human-machine symbiosis evolving in three stages: first, replacing high-risk, repetitive labor to free up human hands; second, permeating daily life with companionship services; and finally, achieving a deep integration where the boundary between human and machine dissolves.

At that point, widespread robot adoption will reshape the social distribution system. Zhou envisions a future where human income comprises three streams: a basic guarantee, creative earnings, and robot dividends — allowing everyone to share in the technological bounty.

Xiaozhi Take: The "lifelike" vibe in the promo video crumbles when facing the actual hardware.

Unitree wins CSRC approval for STAR Market IPO

On July 2, the China Securities Regulatory Commission (CSRC) issued an official approval for the registration of Unitree Technology Co., Ltd.’s initial public offering, clearing the way for its listing on the STAR Market. Unitree is now one step closer to becoming the A-share market’s first dedicated humanoid robot stock.

The approval document stipulates that the issuance must proceed strictly in accordance with the prospectus and underwriting plan filed with the Shanghai Stock Exchange. The registration approval is valid for 12 months, and the company must report any significant developments between issuance and listing to the exchange immediately.

Just last month, Unitree’s IPO application was approved by the STAR Market Listing Committee — marking the fastest review on record since the bourse’s pre-review mechanism was implemented.

According to the prospectus, Unitree plans to issue at least 40.45 million shares, raising 4.2 billion yuan. Based on a minimum public float of 10%, the company is valued at roughly 42 billion yuan. Proceeds will fund four key initiatives: intelligent robot model R&D, robot body development, new product creation, and a manufacturing base — with nearly half earmarked for core embodied intelligence model technology.

Xiaozhi Take: The swift review signals policy tailwinds; the high valuation reflects capital expectations. Whether Unitree can deliver on that promise rests on orders and execution.

Zhiyuan’s 15,000th embodied robot rolls off the line

Gasgoo has learned that on June 28, Zhiyuan produced its 15,000th embodied intelligence robot — less than three months after hitting the 10,000-unit milestone. The 15,000th unit, a Zhiyuan Elf G2, was delivered directly to a factory operated by Longqi Technology that same day.

Image source: Zhiyuan Robot

The Zhiyuan Elf G2 first arrived at Longqi’s Nanchang factory last December to test loading and unloading functions and adapt to the production environment. It later integrated into the live production line for MMIT testing and routine operations. By May, eight units were deployed to cover the entire tablet quality inspection section, working in sync with human operators and strictly adhering to the factory’s production rhythm.

This latest production run marks a new stage in the scaled manufacturing of embodied intelligence robots.

Tracing Zhiyuan’s production trajectory: mass production began in August 2024, output surpassed 1,000 units by January 2025, reached 5,000 by year-end, and crossed the 10,000-unit threshold in March 2026. In just three years, the company moved from R&D to 10,000-unit scale — a feat driven by its commitment to full-stack in-house development and controllable core components.

Xiaozhi Take: Full-stack in-house development enabled that speed, but future iterations will continue to test R&D efficiency and cost control.

Zibianliang and Zhipingfang valuations both top 20 billion yuan

On June 29, Zhipingfang announced the close of a new financing round worth nearly 5 billion yuan, pushing its post-money valuation past 20 billion yuan. It becomes the first embodied intelligence company in the Guangdong-Hong Kong-Macao Greater Bay Area to reach that milestone.

The investor roster spans the entire spectrum: state funds, ministries, Greater Bay Area capital, insurers, brokerages, industry players, and financial investors. This marks Zhipingfang’s second major funding round this year, following a Series B round exceeding 1 billion yuan in February.

Interestingly, on the very same day, Zibianliang Robot announced it had closed four consecutive funding rounds, pushing its valuation past 20 billion yuan — also claiming the title of the Greater Bay Area’s first embodied intelligence unicorn to hit that mark.

Prior to this, Zibianliang closed a Series B round in late April led by Xiaomi’s strategic investment arm and Sequoia China. Earlier in the year, it secured 1 billion yuan in a Series A++ round in mid-January, followed by several hundred million more in February — a clear sign of the sector’s heating investor interest.

Xiaozhi Take: The PR collision turned a unicorn's "coming-of-age" moment into an awkward double-header.

FF raises full-year robot target to 2,000 units

On June 29, Faraday Future founder Jia Yueting said shipments from the company’s EAI robotics business are accelerating, with sales, shipments, and deliveries totaling 105 units in June. However, the company’s current market valuation fails to reflect the growth potential from these recent operational improvements.

Image source: FF

As of now, FFAI shares trade at $0.24, giving the company a market cap of roughly $72 million. That pricing suggests investors see little sustainable revenue yet, and it discounts several operational milestones already achieved.

FF said that by the end of June, cumulative deliveries of EAI robots had reached 242 units, exceeding the original target of 220. Citing current demand, FF has raised its annual production and sales target for the second time, now aiming for 2,000 EAI robot shipments this year. Commercial deployment is outpacing earlier projections.

Xiaozhi Take: A 2,000-unit target looks attractive — assuming the supply chain and cash flow don’t repeat yesterday’s missteps.

Momenta kicks off Hong Kong IPO

Following its listing hearing approval on June 23, Momenta released its global offering documents on June 29, officially kicking off the share sale.

The company plans to issue 19.94 million shares globally, with 10% offered to the public in Hong Kong at 295.6 Hong Kong dollars per share. The offering is expected to raise 5.89 billion Hong Kong dollars. If successful, Momenta will become the first Hong Kong-listed autonomous driving company anchored in physical AI technology.

The prospectus reveals explosive revenue growth over the past three years: from 2023 to 2025, revenue surged from 743 million yuan to 2.41 billion yuan — a threefold increase with a compound annual growth rate exceeding 80%. Licensing revenue was the standout, multiplying 42 times over the period. Gross margins also expanded sharply, rising from 17.5% in 2023 to 71.6% in 2025.

As of June 2026, over 900,000 mass-produced vehicles were equipped with Momenta’s systems across more than 100 delivered models, with over 210 designated in total. The company achieved peak deployment efficiency, delivering 100,000 units in under 40 days. Beyond partnerships with ride-hailing platforms like Uber, Grab, Lumo, and Shengdao Travel, Momenta works with 24 global leading automakers, including Mercedes-Benz.

Xiaozhi Take: High valuations bring high expectations. The physical AI narrative is a long play, but capital’s patience may run shorter.

Uber ends Waymo robotaxi partnership in Phoenix

Uber Technologies announced it has ended its autonomous taxi partnership with Waymo, a unit of Alphabet, in Phoenix. The move adds new uncertainty to a relationship defined by both collaboration and competition.

Image source: Uber

Phoenix was the first market where Waymo launched paid ride-hailing via its own app in 2020. In 2023, Waymo signed a multi-year partnership with Uber, integrating part of its autonomous fleet into Uber’s platform later that year. The collaboration utilized Waymo vehicles for both robotaxi rides and on-demand food delivery.

An Uber spokesperson noted that the Phoenix operation was always limited in scope, involving only a dozen dedicated vehicles. Uber plans to announce a new autonomous driving project in Phoenix with a different partner soon, though details remain under wraps.

Waymo disclosed that the ride-hailing partnership wound down last month after processing hundreds of thousands of trips. The food delivery arm of the collaboration had already ended in May 2025.

Following the split, those vehicles will return to Waymo’s own fleet to fulfill delivery contracts with DoorDash — a rival of Uber — and support a public transit partnership with Via Transportation active since last year. Phoenix users can still hail Waymo vehicles through the official app. A Waymo spokesperson called the partnership a "fruitful pilot" that paves the way for future global expansion and cross-industry collaboration.

Xiaozhi Take: Waymo wants to own the platform; Uber has no interest in paving the way for a rival. This split was inevitable business logic — technology aside.