Founded less than two years ago with a valuation already reaching 2.5 billion yuan, Mohjia Robot, under Chery Automobile, is preparing for an early "landing."
At the 2026 World Robot Conference, Zhang Guibing, Executive Vice President of Chery, General Manager of the International Business Division, and General Manager of Mohjia Robot, told Reuters that Mohjia Robot is making related preparations for an IPO.
"The company is in discussions regarding several potential listing locations, planning to increase global deliveries to 10,000 units by 2027, with the goal of ranking among the global top tier in the robot industry," Zhang Guibing said. He added that introducing capital markets could, on one hand, secure funding for future technological investments and, on the other, improve the company's governance, transparency, and operational standards.
Phoenix WEEKLY Finance inquired with Mohjia Robot and its parent company Chery Automobile (09973.HK) regarding the IPO timeline and potential listing locations. No effective response was received at the time of publication.
"At Least 2 to 3 More Rounds of Financing Needed"
Mohjia Robot was founded in January 2025 with initial capital from Chery Automobile and a registered capital of 100 million yuan. On January 21, 2026, Mohjia Robot completed its angel round of external financing, raising a total of over 100 million yuan, resulting in a post-investment valuation of 2.5 billion yuan. Investors included Bethel (603596.SH), Fuchun Dyeing & Weaving (605189.SH), Zhiyuan Robot, IDG Capital, Wuhu Science and Technology Innovation Group, Fengming Venture Capital, and other industrial and financial capital entities.
After the capital increase, Chery Automobile directly holds 76.80% of the shares, three employee持股 platforms (appointed representative is Chery Chairman Yin Tongyue) collectively hold 19.2%, and external shareholders hold approximately 4%.
"An external shareholding of 4% indicates that top-tier VCs (Venture Capital funds) and industrial capital are mostly testing the waters with small amounts. There's significant room for further dilution in subsequent Series A and B rounds," Bai Wenxi, Deputy Chairman of the China Enterprise Capital Alliance and a Distinguished Mentor at the Graduate School of the Chinese Academy of Social Sciences, told Phoenix WEEKLY Finance. He believes Mohjia will need at least 2 to 3 more rounds of financing before an IPO to support the capital expenditure required for a 10,000-unit capacity.
Zhang Xinyuan, a think-tank expert at the Shanghai Technology Exchange, stated in an interview with Phoenix WEEKLY Finance that Mohjia Robot's 2.5 billion yuan post-money valuation in the angel round is on the higher end for early-stage humanoid robot projects. To continuously attract strategic investors, the company's equity structure needs moderate optimization.
He noted that high parent company shareholding比例 is not unique in spin-off IPO cases; it's often the result of industry-led incubation. The key lies in whether the governance mechanism is clear and business independence is sufficient.
Mohjia's path towards independent capitalization is not a spur-of-the-moment decision by Chery.
Chery has precedents in capital operations—parts maker Bethel (603596.SH) listed on the Shanghai Stock Exchange Main Board in 2018, becoming the first Chery-affiliated A-share listed company. Robotics and automation company EFORT (688165.SH) listed on the STAR Market in 2020, incubated through cooperation between Chery Group and the Harbin Institute of Technology Robotics Institute.
How Far is the "10,000 Units" Target?
Mohjia's most crucial order story currently revolves around police robots.
Chery Group Chairman Yin Tongyue stated at the global launch event for Chery Mohjia that the "ZhiJing" (Smart Police) robot had secured contracts for 1,030 units, with 110 units delivered in a concentrated batch, marking Mohjia's full entry into a new stage of scaled commercial application.
Currently, delivered ZhiJing robots have been deployed in scenarios such as school escort duty in Wuhu, the Jiangyin Marathon, and events in Changzhou, handling practical tasks like managing traffic during morning and evening peaks, illegal parking enforcement, non-motor vehicle violation治理, and event traffic support.
An angel investor in the AI sector told Phoenix WEEKLY Finance that for humanoid robots, entering any new scenario requires大量 on-site data and algorithm iterations for adaptation. Scenarios like policing, customer guidance, and healthcare have extremely high reliability requirements; robots cannot afford to frequently malfunction.
In his view, low production volume means less data; insufficient data leads to slow scenario adaptation; and the inability to enter scenarios further dampens the drive for mass production—a cyclical dilemma. According to Bethel's公告 disclosure, for the first three quarters of 2025, Mohjia Robot's operating revenue was 3.0285 million yuan, with a net loss of 5.1046 million yuan. As of the end of September, the company's total assets were 108 million yuan, and net assets were 94.8954 million yuan.
At the 2026 World Robot Conference, Zhang Guibing disclosed that to date, Mohjia has累计 delivered over 3,000 robots globally, with 2,000 units going to overseas markets. He预计 next year's humanoid robot deliveries will increase to 10,000 units.
In earlier reports, Zhang Guibing also mentioned production capacity plans at the ten-thousand-unit scale. In January 2026, at a centralized delivery event for 120 robotic dogs at the Wuhu Mohjia Robot Park, he stated that Mohjia had established two standardized robot production lines, with the robotic dog production line already having an annual capacity of 15,000 units.
"Capacity isn't the bottleneck; scenario validation is," said Bai Wenxi. He pointed out that Mohjia shares Chery's mature suppliers for components like motors, controllers, and structural parts, giving it a cost advantage over pure startups. However, moving from signing contracts for thousands to delivering tens of thousands requires scaled validation in paid scenarios.
When Will Overseas Clients Extend Beyond 4S Stores?
Mohjia's overseas expansion began in Malaysia. The robot "Moh Yin" started "work" at Malaysian 4S stores in 2025, handling customer reception, product explanations, and standardized training, equipped with an eleven-language system. In July 2026, Mohjia Robot put its first AI experience center into operation in Vietnam.
"When Mohjia ships a robot to Malaysia, it doesn't need to build a post-sales support system from scratch. It directly inherits Chery's mature network accumulated over 30 years, something pure humanoid robot startups don't possess," Zhang Guibing also mentioned in media interviews, stating that Chery's overseas channels, spare parts centers, localized service networks, data compliance teams, and regional subsidiaries are all reusable assets.
"The co-use and改造 of robot and automotive production lines still require time to磨合," said Bai Wenxi. While supported by Chery's manufacturing system, the global production capacity for upstream core components for humanoid robots, such as high-precision reducers, torque motors, and joint modules, is inherently limited. The challenge lies not only in manufacturing capability and order acquisition but also in supply chain stability and flexibility.
At the 2026 World Robot Conference, Mohjia showcased application scenes from 12 domestic and international automotive 4S stores, with overseas stores in Malaysia, Thailand, South Africa, etc., presented via recorded videos. According to Zhang Guibing's introduction, Mohjia's overseas business currently covers over 60 countries and regions.
In Zhang Xinyuan's view, Mohjia's current clients are essentially Chery Automobile's dealers, not independent B2B clients. "Mohjia completes overseas shipments by依附 to Chery's vehicle 4S sales channels. The robot budget might be bundled with整车 marketing expenses."
Intensive Influx of Industrial Capital, Robot Sector Shake-up Imminent
"Currently, China's robot industry resembles the electric vehicle sector from a few years ago, with a large number of companies emerging rapidly. Competition in the industry could become very fierce, especially regarding costs," Zhang Guibing直言 at the World Robot Conference.
On August 24th, three EV新势力 simultaneously released key information regarding their robotics businesses—XPeng Group's (09868.HK) humanoid robot unit "Pengxing" completed its first round of financing exceeding $900 million, reaching a post-money valuation of over $6.3 billion. NIO's (09866.HK) Intelligent Driving负责人 Ren Shaoqing established an independent embodied intelligence company, with NIO investing as a strategic shareholder and engaging in deep cooperation. During Leapmotor's (09863.HK) earnings call, Vice President Li Tengfei首次 confirmed that Leapmotor has its own plans for robotics, with specific information to be released soon via official announcements.
The aforementioned angel investor analyzed that nearly 20 mainstream domestic and international automakers, including Tesla, BYD, Chery, GAC, Changan, XPeng, and Li Auto, have entered the humanoid robot赛道. Such a dense influx of industrial capital means the赛道 will become极度 crowded within the next 18 to 24 months.
"A sector shake-up is imminent." In his view, Mohjia Robot needs to secure sufficient ammunition before the window closes, and an IPO is the fastest path.
(Image source: AiMOGA Mohjia Robot WeChat public account)
This article is from the WeChat public account "PhoenixWEEKLY Finance," author: Xu Mengyi
