Hua Er Jie Jian Wen·2025-10-10 15:17Core Viewpoint - Zhiyuan Robotics is preparing for an IPO in Hong Kong next year, targeting a valuation of HKD 40-50 billion (approximately USD 5.1-6.4 billion), with underwriting by CICC, CITIC Securities, and Morgan Stanley [1] Group 1 - Zhiyuan Robotics has denied the IPO rumors, stating that there are no clear plans for a Hong Kong listing [2] - The company's recent acquisition of control over Aowei New Materials (688585.SH) has led to speculation that it may become the platform for Zhiyuan Robotics' future listing, potentially making it the "first humanoid robot stock" in the A-share market [2] - Aowei New Materials' stock price has surged over 16 times since the end of June, despite the company's repeated statements that there are no plans for a backdoor listing within the next 36 months [2] Group 2 - Due to abnormal stock price fluctuations, Aowei New Materials was suspended from trading for verification from September 26 until October 13 [2] - On October 10, Zhiyuan Robotics issued a suspension verification announcement reiterating that there are no plans for a backdoor listing within the next 36 months [2] - The announcement also included a risk warning regarding the stock price, indicating that the trading price has significantly deviated from the company's current fundamentals, posing a risk of rapid decline [2]