Zibian Robot Secretly Files for Hong Kong IPO

Recently, reports emerged that X Square Robot has confidentially submitted an application for a listing on the Hong Kong Stock Exchange. As of the time of publication, the company has not issued any public comment on the matter. Founded in December 2023 and headquartered in Shenzhen, X Square Robot has independently developed general-purpose embodied AI foundation models, including WALL-A and WALL-B, and launched physical products powered by these models—namely, "Quantum No.1" and "Quantum No.2." Additionally, the company has developed its own suite of data collection devices, including master-slave teleoperation systems, exoskeletons, and body-free capture equipment, and has built a model-driven data pipeline capable of automated data collection, cleaning, annotation, and quality control. Among these, the WALL-B model was unveiled in April 2024, employing a technical approach that jointly trains vision, language, action, and physics prediction capabilities within a single neural network. Currently, the "Quantum" series of humanoid robots has completed real-world validation in scenarios such as logistics delivery, industrial assistance, and elderly care companionship. The company plans to launch its third-generation product in Q4 2024. According to data from Qichacha, X Square Robot has completed 14 funding rounds since its inception. Between April and June 2024 alone, the company closed four financing rounds—from Series B to Series C—in just two months, achieving a post-money valuation exceeding RMB 20 billion.