The wave of listings in Shenzhen has arrived.
Not long ago, the Shenzhen Stock Exchange website showed that the application for Yuejiang Technology's IPO on the ChiNext board had been accepted and entered the inquiry stage. This robotics company, which emerged from Nanshan, Shenzhen, is poised to take the lead on the ChiNext board.
Coinciding with this period, Shenzhen's robotics "Eight Great Vajras" have been making frequent appearances. The latest scene occurred just yesterday, when Zhipingfang and Zibianliang, both based in Shenzhen, announced funding rounds on the same day, creating quite a stir.
In this wave of robotics enthusiasm, Shenzhen has left a deep impression. As seen at the "X-Day" Xili Lake Roadshow Club - Emotional Economy Special Event held this month in Nanshan, Shenzhen, many investors were amazed by the strength and sophistication of Shenzhen's robotics and hardware industry. Here, quietly, one unexpected company after another is being born.
The ChiNext Window: Shenzhen Robotics Rushing Toward IPO
Highly symbolic is the fact that Yuejiang Technology, as the first case after the expansion of the Shenzhen market's "A+H" shares, has now completed its first round of inquiry. For Shenzhen's robotics industry, this reaffirms its growth path.
Founder Liu Peichao is from Shandong, with both his bachelor's and master's degrees from the School of Mechanical Engineering at Shandong University. In 2014, at the age of 28, he resigned from his job at the Chinese Academy of Sciences and headed south to Shenzhen, taking a job at a company in Nanshan.
Back then, the domestic robotics industry was far from today's level of enthusiasm, yet Shenzhen already showed a different face: not only dense in electronics manufacturing with a complete supply chain, but ideas that once remained on paper could be turned into prototypes and products faster.
Yuejiang grew from this environment.
The earliest idea came from the repetitive, tedious, yet unavoidable actions in R&D sites. Liu Peichao realized that a significant amount of time in labs and production lines was consumed by processes like handling, grasping, and assembly. The value of robotic arms lay precisely in taking over these actions. Later, he gathered five Shandong University alumni and began robotics R&D in an apartment in Nanshan less than 40 square meters. They worked during the day and built prototypes at night, with the living room serving as the first lab.
In 2015, the team created the first-generation desktop-level four-axis collaborative robot and launched it on overseas crowdfunding platforms. Soon, the product received a large number of orders and email feedback. For a nascent team, this was enough to indicate that the venture could continue. The company was formally established thereafter and successfully listed on the Hong Kong Stock Exchange in 2024, with a current market value exceeding 10 billion yuan.
Yuejiang stayed in Nanshan for practical reasons. The robotic arm business is capital-intensive; beyond R&D, it requires repeated prototyping, debugging, assembly, verification, and constant modifications based on on-site needs. Often, success depends not on a single technology point but on whether the entire chain can stay close enough and move fast enough. Although the team moved offices several times later, they never strayed too far from Nanshan. The logic behind this is the same: resolving R&D, manufacturing, supply, and customer demands within the shortest possible radius.
The product path also followed this logic. Yuejiang first entered industrial scenarios, tackling tasks with clearer rules, more fixed processes, and suitable for standardized implementation. Collaborative robots emphasize human-machine cooperation, offering more flexibility than traditional heavy-duty industrial robots and better suiting the dense manufacturing environment in and around Shenzhen. Establishing a foothold in industry first, then expanding outward—the pace has always been clear.
Subsequently, Yuejiang's boundaries extended from factories to commercial spaces. Milk tea shops, coffee shops, retail terminals—places requiring repetitive actions and stable performance—gradually became new landing points for collaborative robots. Further ahead lie home scenarios closer to daily life.
From listing in Hong Kong to now standing at the door of the A-share market, Yuejiang has followed a typical Shenzhen path.
A Glimpse of the Industry
When it comes to robotics, many still first think of factories, production lines, and automation. At the same time, scenarios like companionship interaction and home services are gradually stepping into the spotlight.
Just earlier this month, the "X-Day" Xili Lake Roadshow Club - Emotional Economy Special Event was held in Nanshan, Shenzhen, featuring six startup teams from the emotional economy sector. Through this event, one can see more and more technology projects shifting from efficiency to experience, from function to daily life.
This is precisely the direction Shenzhen excels at embracing.
Along Liuxian Avenue in Nanshan lies the "Robotics Valley," an industrial belt stretching approximately 15 kilometers east-west, covering about 28 square kilometers. It links key parks like Nanshan Zhiyuan, Zhigu, and the International Innovation Valley, gathering numerous listed companies, segment leaders, and nearly 10 universities in the robotics industry chain.
Shenzhen's much-talked-about robotics "Eight Great Vajras" are among the most notable examples. Ubtech's latest market value is nearly 50 billion HKD, Yuejiang Technology's is about 11.5 billion HKD, while companies like Zhipingfang, Zibianliang, Zhongqing, and Paxini are gaining strong momentum in the venture capital circle, propelling Shenzhen into the spotlight as the "First City for Humanoid Robots."
Xili Lake in Nanshan District is at the forefront of this industrial belt: a batch of projects fresh out of labs debut here first, then connect with funding, scenarios, and partnership resources. For early-stage teams, the key is not just developing the technology but also quickly linking up with capital, industry, and application scenarios after leaving the lab.
As a key sci-tech financial service platform established by Nanshan District, since its launch, the "X-Day" Xili Lake Roadshow Club has held 17 themed roadshows, attracting nearly 500 high-quality project applications. Fifty-three companies have received equity investments exceeding 1.656 billion yuan, 32 companies have obtained bank credit lines totaling over 1.145 billion yuan, and 7 sci-tech insurance policies have been issued totaling 80.5 million yuan.
Looking back years later, perhaps the next company that changes the industry, the next entrepreneur like Wang Tao who takes products to the world, will start from here.
This article is from WeChat public account "Investment Community" (ID: pedaily2012), author: Wang Lu.
