Zhipingfang Tech Secures Over RMB 1 Billion in Series B Funding, Valuation Tops RMB 10 Billion as IPO Looms

On February 23, Zhi Pingfang (Shenzhen) Technology Co., Ltd. announced the completion of its Series B financing round, raising over RMB 1 billion and achieving a valuation exceeding RMB 10 billion. The round was jointly led by Baidu, CRRC Corporation Limited, and several companies within Tesla’s ecosystem, with additional participation from private equity firms and securities-affiliated funds such as Winbo Capital and Guotai Junan Securities. This funding is widely viewed as a significant signal of the company’s preparations for an IPO. Founded in April 2023, Zhi Pingfang was established by Dr. Guo Yandong, a Ph.D. graduate of Purdue University in the United States, who previously served on Microsoft’s core AI team and held chief scientist roles at XPeng Motors and OPPO. The company’s core team comprises top talent from leading enterprises including Microsoft, XPeng, OPPO, and Momenta, as well as prestigious academic institutions such as Tsinghua University, Peking University, the Chinese Academy of Sciences, and UC Berkeley. The capital markets have shown strong confidence in Zhi Pingfang’s technical capabilities and market potential, accelerating its path toward an IPO.