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Global pharmaceutical executives are hungry for more deals with Chinese biotechnology companies after a record year, even as a stock market boom shows signs of cooling down.
2025 was a breakout year for China's biopharma industry. Out-licensing deals, in which a Chinese biotech company grants another drugmaker the rights to develop, produce, and sell its drug candidates, hit a record USD 135.7 billion, according to data provider Pharmcube. That was nearly triple the value in 2024.
"It's hard to be at this moment and not think about extending resources on the ground here," Stacy Feld, global head of external scientific innovation at Johnson &amp; Johnson, said at the ChinaBio Partnering Forum in Shanghai this week.
Matthias Muellenbeck, head of global business development and alliance management at Merck, said that on top of licensing drugs from Chinese biotech firms, the company is looking to invest in new companies formed outside of China to develop drug candidates in what is known as a "newco" model. "We want to have skin in the game," he said.
China has emerged as a go-to destination for global pharmaceutical companies hunting for new blockbuster drugs, thanks to biotech companies' rapid pace of development achieved at low cost. For Chinese biopharma, out-licensing deals help raise cash quickly and bolster their reputation by announcing tie-ups with global giants.
In January, UK-based AstraZeneca agreed to pay USD 1.2 billion upfront to CSPC Pharmaceutical Group for rights to develop a portfolio of obesity and diabetes drugs. CSPC said it is eligible for up to USD 17.3 billion in payments tied to additional R&amp;D and sales milestones. Sanofi licensed the global rights to Sino Biopharmaceutical's oral drug rovadicitinib in a deal worth up to USD 1.5 billion.
Chuan Sun, managing partner of the Shanghai and Hong Kong offices of law firm Morrison Foerster, said the growing value of the average licensing deal partly reflects a shift in the balance of power between Chinese licensors and the global licensees. "Quite a number of Chinese biotechs are probably no longer short of cash, meaning they are in a better position to negotiate," he told Nikkei Asia on the sidelines of the Shanghai conference.
Sun recalled his own experience representing a Chinese biotech company for a deal back in 2021 and again last year. "We were able to get way better terms" in last year's transaction, he said.
Investors said key trends in China's biotech sector include companies developing platform technologies for drug discovery, rather than a small number of drug candidates, and a deeper integration of <a href="/industry/ai">artificial intelligence</a>. "Previously, we [thought] AI is a very good, supportive tool," said Kevin Chen, founding partner of venture capital firm BioTrack Capital. "Today, we started to realize AI is going to play a more important role based on our interactions with the new generation of AI entrepreneurs".
In recent years, Hong Kong's stock market has emerged as a key funding channel for cash-starved biotechs. The Hong Kong stock exchange, or HKEX, introduced Chapter 18A listings in 2018 to enable pre-revenue biotech companies to be listed. As of the end of January, 84 companies have listed under Chapter 18A amid a major jump of such listings in 2025.
There are signs that investor appetite is cooling for biotech companies yet to turn a profit, however. In several joint statements since late 2025, the HKEX and Hong Kong's Securities and Futures Commission have vowed to uphold the quality of stock listings. During the period, some biotech companies' shares flopped on their trading debuts.
More recently, shares of Mabwell Bioscience, a Shanghai-based developer of treatments for cancer and age-related diseases, were priced at the bottom of their offering range ahead of their trading debut in Hong Kong on April 28. On April 29, shares dropped below the offering price.
Four biotech firms including Mabwell have listed under Chapter 18A so far this year, according to HKEX data, and three of them are currently trading below their offered prices.
"It makes sense for the sponsors to become a bit more selective, rather than rushing to get companies listed," said Sun.
"You obviously wanted to ask hard questions that they probably should have asked a few years ago," he said, "Whether or not the science and technology are genuinely differentiated compared to their competitors, whether or not there is a strong experienced management team that can execute corporate strategies, whether or not the development plan is actually credible."
This article first appeared on <a href="https://asia.nikkei.com/business/health-care/global-drugmakers-eye-more-china-biotech-deals-after-record-year">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing partnership with <a href="https://www.kr-asia.com/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/">Nikkei</a>.

Global drugmakers eye more China biotech deals after record year

Deep Tech

Biotechnology

China

… maximum detection range of 600 meters, according to Dreame. Even at 10% reflectivity, its detection range reportedly reaches 400 meters. Dreame said it can identify small targets such as water-filled traffic barriers within 300 meters and small animals within 280 meters, and recognize traffic lights, lane markings, and small objects with precision.
In chassis control, Dreame offers a system that combines fully steer-by-wire technology with artificial intelligence-powered coordination. The company said this setup breaks through the limits of traditional mechanical control, allowing the rocket car to balance extreme acceleration with driving stability. In power and range, Dreame said its all-solid-state battery, paired with integrated packaging technology, addresses current energy pain points in NEVs.
<h3>The third leap for Chinese new energy vehicles</h3>
After more than a decade of rapid development, China’s NEV sector has gone through two major rounds of iteration among its new automakers.
The first generation of new automakers was represented by Tesla, <a href="/company/nio">Nio</a>, <a href="/company/li-auto">Li Auto</a>, and <a href="/company/xpeng">Xpeng</a>. These companies helped move NEVs from concept to scaled mass production.
The second generation is represented by the Harmony Intelligent Mobility Alliance (HIMA). Its goal is not to build cars directly or invest heavily in full-vehicle assets, but to rely on technology R&amp;D strengths and support automakers in areas such as intelligent cockpits, driving assistance, and in-vehicle ecosystems. In doing so, it has helped NEVs move from affordability toward the high end.
The debut of Dreame’s Nebula Next program and car may point to the emergence of a third generation of new automakers.
After years of development, China has formed one of the world’s most complete NEV industrial systems. Upstream core components, midstream vehicle manufacturing, and downstream ecosystem support have all reached a high degree of domestic control. These capabilities provide the basic conditions needed to challenge the global high-end segment. But entering that market also requires breakthroughs in original technology, brand building, and global operations.
Dreame is trying to carry forward the advantages of the first two generations in deep technology development, while avoiding both asset-driven competition and the limits of software-based empowerment. Drawing on years of experience in consumer electronics and smart hardware, it has built capabilities across electric drive systems, perception, algorithms, and multi-category hardware integration. It has also been developing what it describes as an integrated human-vehicle-home technology ecosystem.
From this perspective, the new car is less a sudden turn toward carmaking than a milestone in Dreame’s public display of its technological capabilities. The message is straightforward: Dreame is not starting from scratch. It has a foundation built over years, even if that expertise was not accumulated directly in the automotive sector.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3790587098832137">article</a> was written by 36Kr Auto.

Making sense of Dreame’s rocket-boosted car and automotive ambitions

East Asia

Dreame

Transportation

Electric Vehicles

Mobility

… comparable to commercial cinemas.”
AI is also reshaping the form and experience of projection products. The Xiaolong series is already equipped with an intelligent color calibration system, which replaces the traditional model of engineers manually calibrating color coordinates. The system uses AI to learn from samples and automatically complete standardized and personalized color optimization.
“In the past, color calibration depended on engineers manually fine-tuning frame by frame. Each person had a different visual standard, so calibration results varied. Now, AI can independently learn from massive samples. The more data it accumulates, the more precise color calibration becomes.”
Sonnoc has also included robotic visual interaction in its future plans. Its Japanese company is developing robotic visual capture capabilities. Cameras can capture images, but Zhu said robots still lack image output capabilities. “We want to be the robot’s ‘second eye,’ filling the image output gap and completing the entire visual interaction loop.”
Sonnoc’s long-term R&amp;D goal is medium-free 3D spatial imaging, which would require no screen, water curtain, scrim, or other carrier. Instead, it would present three-dimensional images using optical technology alone. Zhu said that if the technology is realized, it could reshape the display industry.
Zhu has designated 2026 as Sonnoc’s “first year overseas,” with an annual overseas sales target of RMB 50 million (USD 7.3 million). Its priority markets are Southeast Asia, Central Asia along the Belt and Road Initiative, and South Korea.
According to Zhu, South Korea has almost no domestic projector manufacturers and has previously relied on Japanese and Taiwanese suppliers. Now that Japanese products have lost some of their price advantage, he said, Sonnoc is more competitive than Taiwanese brands in both technology and cost. Combined with the accelerating domestic substitution of core components, Zhu believes the timing for overseas expansion is now mature.
Having watched single-color lasers rapidly replace traditional bulb light sources, Zhu has a clear forecast for the adoption pace of triple-color laser projection. Over the next three years, he expects the penetration rate of triple-color laser products to exceed 50–60% in high-end scenarios such as premium home studios, cultural heritage and museum exhibitions, and cultural tourism lighting. He estimates this corresponds to a high-end professional projection market of about RMB 3–4 billion (USD 438.6–584.8 million).
“As the domestic supply chain matures and drives costs down, market demand for high color gamut and high brightness will continue to rise. Triple-color laser replacement is already an irreversible industry trend.”
On the funding front, Sonnoc plans to launch a new funding round this year. It will seek additional investment from state-owned capital while bringing in high-quality, market-oriented industrial capital to continue supporting technology R&amp;D and inventory investment in core components.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3785172264197384">article</a> was written by Li Xiaoxia for 36Kr.
Note: RMB figures are converted to USD at rates of RMB 6.84 = USD 1 based on estimates as of May 6, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Triple-color laser opens a new window for Sonnoc’s projector ambitions

Hardware

… href="https://36kr.com/p/3740907027054600">36Kr</a></li>
</ul>
whereRelatedArticle
<h3>Cube, PvX Partners, Pudu Robotics, and others made recent headlines:</h3>
<ul>
<li aria-level="1">Cube, an <a href="/industry/e-commerce">e-commerce</a> data intelligence startup, raised USD 3.7 million in a Series A round led by Betatron Venture Group, with participation from M Venture Partners and angel investors.</li>
<li aria-level="1">PvX Partners, a financial services platform focused on cohort financing for consumer applications, raised USD 10.5 million in a Series A round led by T-Accelerate Capital, with participation from Z Venture Capital and Drive by DraftKings. Existing investors, including Play Ventures and General Catalyst, also joined the round.</li>
<li aria-level="1"><a href="https://www.pudurobotics.com/en">Pudu Robotics</a>, an embodied intelligence company, raised nearly USD 150 million in a new round, lifting its valuation above USD 1.5 billion. Investor details were not disclosed.</li>
</ul>
If there are any news or updates you'd like us to feature, get in touch with us at: <a href="mailto:hello@kr-asia.com">hello@kr-asia.com</a>.
Note: RMB figures are converted to USD at rates of RMB 6.84 = USD 1 based on estimates as of May 5, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Deals in brief: Vertex Ventures backs ReN3 and Formas.ai; Featherless and SiamDL raise Series A funding; latest China investments, and more

Venture Capital

Private Equity

Investment

Merger &amp; Acquisition

Singapore

Thailand

Southeast Asia

… robot vacuums, wet-dry vacuums, vacuum cleaners, hair dryers, air conditioners, refrigerators, and washing machines, Dreame is also developing products still in the prototype stage, including card-shaped recorders and AI pendants. The number of categories is extensive.
The approach resembles applying internet-style experimentation to the hardware industry: test broadly, combine features, learn from mistakes, and iterate quickly. “<a href="/company/bytedance">ByteDance</a> built an app factory. In the <a href="/industry/robotis">robotics</a> era, I will build 1,000 products,” Yu once said in an interview.
whereRelatedArticle
<h3>Expansion through reusable capabilities</h3>
The question is what capability allows a company to expand on this scale.
Although Dreame operates across many categories, its expansion playbook has stayed largely consistent. Dreame started with hair dryers, adding features such as faster motor speeds and AI-powered functions. That approach reflects a broader pattern: improve a product category around one functional advantage, then scale from there.
After the company shifted toward overseas markets and a premium strategy, this product innovation cycle accelerated.
Jiemian News previously reported that Dreame has structured itself around innovation. At the level of individual product units, it cross-combines 250 product leads with 250 sales leads, creating more than 60,000 cells in the matrix. Dreame does not expect every cell to succeed. But when one works, it quickly commits resources, pushes execution, and aims for commercial success.
The technical foundation of this strategy is a large set of reusable underlying capabilities.
One example is the robotic arm. At the launch event, several products were fitted with robotic arms. Robot vacuums and lawn mowers had bionic dual robotic arms. The Z1 robot, designed for laundry care, is equipped with a multi-jointed robotic arm and a multimodal perception system, enabling it to autonomously open washing machine doors and identify and pick up clothing.
Tracks follow the same principle. Dreame has added tracks not only to robotic lawn mowers, but also to robot vacuums. After identifying user demand for robot vacuums that could enter rooms and move up and down stairs, the company adapted the feature for the category.
Seen through this playbook, the dozens of products on display at Dreame’s event looked less like a scattered product lineup than a set of test cases. The robot vacuum is the proven model. Phones and smart rings are new categories under validation. New categories such as automotives are more extreme experiments meant to test the ceiling of the company’s technology.
In product development, hardware is usually considered more time-consuming than software because it requires tooling, supply chains, and production costs. Dreame, however, appears to take a different view. When entering a new category, it uses relatively little capital for early validation, ranging from five-figure RMB sums to larger amounts. Yu put it this way:
<blockquote>“Building cars is not as expensive as people imagine. What is expensive is building the wrong car. Phones are the same. Making a phone is not what costs money. Making the wrong phone is.”</blockquote>
Silicon Valley in spring 2026 may offer another way to understand Dreame.
During the same week as Dreame’s launch event, Silicon Valley layoffs in the first four months of 2026 exceeded 73,000. Anthropic’s CEO also predicted that software engineering would eventually be disrupted by AI. Together, those signals point to a broader concern: some existing business models may struggle to survive a shift in technological paradigms.
No one knows what the industry will look like 18 months from now. In that sense, Dreame’s aggression and Silicon Valley’s anxiety mirror each other. Both are using one extreme to hedge against another. In an era of slow overall growth, the risk of pushing to the limit may be smaller than the risk of standing still.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3789057332043016">article</a> was written by Deng Yongyi for 36Kr.
Note: RMB figures are converted to USD at rates of RMB 6.84 = USD 1 based on estimates as of May 5, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Dreame’s next act stretches from robot vacuums to rocket-boosted cars

Robotics

Consumer Economy

… investment opportunities. V4’s success has shown the industry that large models can also reach leading performance on domestic Chinese computing infrastructure. This is expected to create clear demand for domestic Chinese computing resources, driving investment across the industry chain, from chip design and servers to cloud services.
Our judgment is that this year’s domestic Chinese computing infrastructure is comparable to last year’s overseas computing infrastructure. Its industry trend and reflection in capital markets will be especially strong.
We will concentrate resources on projects that can commercialize quickly, enter industries, and form product moats, while maintaining long-term investment in underlying architecture and computing infrastructure.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3788151000751364">article</a> was written by Zhou Xinyu and Wang Yuchan for 36Kr.

How do industry professionals in China view DeepSeek V4’s strengths and limits?

Artificial Intelligence

Foundation and Large Models

… non-oil economy supporting national growth and contributing to longer-term diversification efforts.
<h3>Saudi advances data center and localization efforts</h3>
Saudi Arabia’s Ministry of Investment and the Shareek program have signed two agreements with Saudi Energy and Dawiyat to support the development of a tier-three data center, <a href="https://www.arabnews.com/node/2641713/%7B%7B">Arab News</a> reported.
The initiative aims to strengthen digital infrastructure and data localization capabilities as part of broader efforts to attract high-value investment, expand advanced ICT infrastructure, accelerate integration of the digital economy, and reinforce Saudi Arabia’s position as a regional data center hub.
<h3>Saudi banking sector posts record profits</h3>
Saudi Arabia’s ten listed banks reported combined net profits of SAR 23.95 billion (USD 6.4 billion) in Q1 2026, up 7.6% YoY, <a href="https://arab.news/z63ak">Arab News</a> said, citing banking data.
Major contributors include Al Rajhi Bank, Saudi National Bank, and Riyad Bank. Analysts said the main drivers included high interest rates, financing for major projects, improved asset quality, and government spending under Saudi Vision 2030. Banking sector profit is expected to exceed SAR 100 billion (USD 26.7 billion) for the full year of 2026.
<h3>STC’s latest earnings exceed expectations</h3>
The Saudi Telecom Company (STC) reported Q1 2026 net profit of SAR 3.7 billion (USD 986.7 million), up 1.3% YoY and above market expectations of SAR 3.27 billion (USD 872 million), <a href="https://www.arabnews.com/node/2641709/business-economy">Arab News</a> reported.
Revenue reached SAR 19.9 billion (USD 5.3 billion), the highest quarterly level since 2003. CEO Olayan Al-Wetaid said the company’s strategy has balanced investment in growth with operational efficiency, advancing infrastructure development and digital solutions.
whereRelatedArticle
<h3>Qatar rolls out support measures for businesses</h3>
According to <a href="https://thepeninsulaqatar.com/article/28/04/2026/qatar-implements-targeted-relief-measures-to-support-business-community">The Peninsula</a>, Qatar has introduced a package of targeted support measures to stabilize the market and strengthen investor confidence.
The main measures include support of up to 40% for eligible local spending through Invest Qatar’s national incentive program. The program has reportedly helped generate about QAR 2.8 billion (USD 769.2 million) in investment and create more than 900 jobs.
Meanwhile, the Qatar Financial Centre and Qatar Free Zones Authority have introduced policies including rent relief, deferred payments, and lease extensions, while offering compliance flexibility for reporting and tax filings.
Officials said the measures will continue to be assessed and optimized in response to an uncertain environment.
<h3>Qatar customs authority adopts agentic AI</h3>
Qatar’s General Authority of Customs has announced the introduction of agentic artificial intelligence into its AI Nadeeb system to advance digital transformation and build a smarter, more efficient customs ecosystem, <a href="https://thepeninsulaqatar.com/article/26/04/2026/qatar-customs-adopts-agentic-ai-for-smarter-efficient-operations">Gulf Times</a> reported.
The technology reportedly goes beyond traditional execution models by enabling end-to-end workflow integration, strengthening anomaly detection and risk identification capabilities, advancing data-driven decision-making, and creating a proactive compliance model while maintaining human oversight.
<h3>Media City Qatar partners IAMT</h3>
According to <a href="https://www.gulf-times.com/article/724645/qatar/media-city-qatar-iamt-tie-up-to-boost-dohas-media-footprint">Gulf Times</a>, Media City Qatar partnered with the International Association of MediaTech (IAMT) to strengthen the emirate’s position as a regional hub for media production, content creation, and broadcast technology.
Through IAMT’s global platform and international events, Media City Qatar will gain broad exposure and increase its visibility among decision-makers across the global media supply chain.
Media City Qatar CEO Hamad Omar al-Mannai said the move will expand the organization’s global network resources, attract international media and technology companies to Qatar, and accelerate the development of the country’s media ecosystem in line with Qatar National Vision 2030.
<h3>Ooredoo reports growth in Q1</h3>
Ooredoo Group reported Q1 net profit of QAR 1 billion (USD 274.7 million) in Q1 2026, up 4.7% YoY, while revenue rose 6% to QAR 6.2 billion, <a href="https://www.gulf-times.com/article/724823/business/ooredoo-group-net-profit-surges-47-to-qr1bn-in-q1">Gulf Times</a> reported.
The group said that its diversified footprint and digital infrastructure development supported its performance, including its fiber networks, the Syntys platform, and the Qatar TowerCo project.
Ooredoo’s total customer base reportedly reached 147.1 million, reflecting continued expansion and market resilience.
This <a href="https://mp.weixin.qq.com/s/Wx4gZcCKHNrHAgeYuYpWWw">article</a> was adapted based on a feature originally written and published by Al Shasia. KrASIA is authorized to translate, adapt, and publish its contents.
Note: AED, QAR, and SAR figures are converted to USD at rates of AED 3.67 = USD 1, QAR 3.64 = USD 1, and SAR 3.75 = USD 1, based on estimates as of May 5, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Middle East weekly: Li Auto expands UAE, Saudi footprint; UAE launches industrial fund; Qatar rolls out business measures; and more

Saudi Arabia

Qatar

Middle East

… possible. So we kept iterating.
<h3>Q: When the park opened, you mentioned that its iterations would be driven by user feedback. Which key pieces of user feedback did this revamp mainly absorb in determining the direction of iteration?</h3>
HJ: From the consumer’s perspective, we did collect a lot of genuine feedback. The two most concentrated points were that people felt the overall park was relatively small, and that its playable content was not rich enough.
In fact, midway through the revamp design process, when quite a few projects were cut, I was already very clear about these issues. Combined with user feedback, that further strengthened our determination to upgrade.
For a park like ours, located in the urban area and subject to multiple constraints, there is no exact benchmark case. We could only explore our own path, so we place particular importance on user voices. At the same time, our understanding of playability has also changed. We no longer think only amusement rides count as playability. When visitors stroll through the park, check in at photo spots, dine, eat a dessert cake with a sense of ceremony, watch performances, or feel the atmosphere, all of these are part of the visitor experience.
<h3>Q: What kind of IP is suitable for a theme park? What are the screening criteria? In moving from trendy toy IP to real-world offline park settings, what do you think is the hardest part?</h3>
HJ: Let me first explain why we chose the IPs we did for the first phase. The first phase is an urban renewal project, not something drawn on a blank sheet of paper. The site originally had woodland, buildings, and a natural lakeside environment. We could not alter the forest, so we could only match suitable IPs to the character of the site.
Among our IPs, the one that best fits it is Labubu, because Labubu comes from the forest. The castle is very suitable for Molly, and the lakeside was left to the very dreamy Dimoo. That is the logic of the first phase.
In principle, all of our IPs can be adapted into theme park settings. But which one we choose is related to the group’s development plan. For example, the second phase has selected Twinkle Twinkle and Skullpanda, and those choices were finalized after many rounds of communication with the IP team.
Let’s talk about Twinkle Twinkle first. The first time I finished reading its picture book, I felt that this IP had to become a theme park. At that time, the complete picture was already in my mind: character costumes would need to be developed systematically, and programs would need to be choreographed. Even now, I can imagine the overall fairytale atmosphere and visual texture of the Twinkle Twinkle area after the second phase opens. Those images had already taken shape when I was studying the picture book, and our team has spent a long time refining them.
By contrast, something like Skullpanda is actually very difficult to execute according to traditional theme park logic. The IP’s creator is very philosophical in expression and does not want to be confined to any single form. The artistic expression is very diverse, and the styles of each series differ greatly, so adapting it is extremely challenging. Yesterday afternoon, we were still in a meeting, going through again how to build those castles. It will be very interesting. There may not be a second park anywhere in the world that looks like that one. Many of the methods are not commonly used in theme parks, which is also something that makes us very excited.
<h3>Q: Is there anything during park operations that makes you anxious?</h3>
HJ: Recently, there has been heavy visitor traffic. As soon as we officially opened, traffic was heavy, and that really was a challenge. The current soft opening is preparation for formal operations, but could there still be things we have not thought of? Of course, there may be. We will just work hard to operate the park well.
<h3>Q: Pop Mart is making a movie. Will there be some kind of tie-in with its own park in the future?</h3>
HJ: The movie is in the planning stage. Once the script becomes more solid, I believe there will definitely be deeper connections in the future.
<h3>Q: What role does Pop Land play in the group’s overall strategy? Is there a specific timeline dividing the short term and the long term?</h3>
HJ: In the short term, the more important role of the park is still to empower the IPs, turn the IPs into standouts, and make more people like them. That is the most important thing.
The group has two strategies: internationalization and groupwide integration. The park is a very important part of groupwide integration. In the long run, we hope the park can provide more support for the group’s revenue.
<h3>Q: Can you disclose anything about Pop Land’s operating income?</h3>
HJ: I probably cannot share specific revenue figures. To put it intuitively, it is pretty good.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3787554697895168">article</a> was written by Li Xiaoxia for 36Kr.

Pop Mart announces upgrade to Beijing theme park Pop Land

Deep Robotics has completed IPO tutoring for a prospective listing on Shanghai’s Star Market and is expected to submit its prospectus at a later date, IPO Zaozhidao reported, citing documents filed by China Securities with the Zhejiang branch of the China Securities Regulatory Commission on April 16.
According to the report, Deep Robotics’ listing tutoring involved only one phase, from December 23 last year to April 16. The issues identified during the process concerned the signing of labor contracts and the establishment of an internal control system.
The development makes Deep Robotics another member of Hangzhou’s “six little dragons” to make substantive IPO progress. On April 16, Manycore Tech officially listed on the Hong Kong Stock Exchange, becoming the first company among the group to go public. On March 20, Unitree Robotics’ Star Market IPO application was accepted. Separately, media reports have said BrainCo has confidentially filed a prospectus with the Hong Kong Stock Exchange.
Founded in 2017, Deep Robotics focuses on embodied intelligence, a field that refers to artificial intelligence systems designed to interact with and learn from the physical world. The company is a national high-tech enterprise specializing in the R&amp;D, production, sales, and servicing of quadruped robots, humanoid robots, and core components. It has built an end-to-end technology system spanning perception, decision-making, and execution. Its technologies have reportedly been deployed across multiple new scenarios.
whereRelatedArticle
Deep Robotics has emphasized products defined by real-world use cases. Its Jueying quadruped robot series was the first in the world to achieve fully autonomous substation inspections, according to the company. The system has an overall recognition accuracy rate of 96.5% and has been deployed in more than 100 substations operated by State Grid Corporation of China, China Southern Power Grid, and other customers.
Deep Robotics’ products are also used in emergency firefighting and rescue, security patrols, and industrial operations and maintenance. Its core product business covers 50 countries and regions, with deployments in more than 1,200 industry scenarios, according to the company. In 2025, it ranked first globally in market share for industrial applications of quadruped robots, according to IPO Zaozhidao.
Separately, Zhu Qiuguo, Deep Robotics’ founder and CEO, has said the company is developing standardized integrated robotics solutions. Through open platforms and technical interfaces, it is working with industry partners to build vertical applications, lower adoption barriers, and reduce integration costs for industrial users.
Deep Robotics is also moving from technology R&amp;D toward scaled mass production. It is building flexible automated production lines to support global expansion and working with international partners to bring solutions tested in China’s complex industrial settings to overseas markets. The company aims to take part in the restructuring of the global industrial value chain and strengthen China’s early position in embodied intelligence.
This <a href="https://xueqiu.com/2854806290/386970234">article</a> was adapted based on a feature originally written by and published on IPO Zaozhidao. KrASIA is authorized to translate, adapt, and publish its contents.

Deep Robotics completes IPO tutoring, moving closer to Star Market listing

Embodied Intelligence