Sprinting for the Sci‑tech Innovation Board? Yushu Technology Plans to File IPO Application in Q4

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Yushu Keji IPO is likely to be submitted between October and December 2025.

What Yushu announced — clear timeline and next public step

On September 2, Yushu Keji (Yushu Keji 宇树科技) posted on social media that it expects to submit listing application documents to the securities exchange between October and December 2025.

The company said that its relevant operating data will be formally disclosed when the filing is submitted.

• Q4 2025: Expected IPO document submission window (Oct–Dec).
• Q4 2025: Operating data to be formally disclosed with IPO filing.

Regulatory path and likely destination — why Kechuangban is the probable target

People close to regulatory circles told reporters that Yushu Keji’s move makes an IPO application to the Sci‑tech Innovation Board (科创板, “Kechuangban”) highly likely.

On July 18, regulatory filings showed that Hangzhou Yushu Technology Co., Ltd. (Hangzhou Yushu Keji 杭州宇树科技股份有限公司) completed IPO coaching filing with the Zhejiang Securities Regulatory Bureau.

The firm’s IPO coaching institution is CITIC Securities (CITIC Securities 中信证券, pinyin: Zhongxin Zhengquan).

The firm’s legal counsel is Beijing Deheng Law Firm (Beijing Deheng Lǜshī Shìwùsuǒ 北京德恒律师事务所).

The accounting firm is Rongcheng Accounting Firm (Rongcheng Kuàijìshìsuǒ 容诚会计师事务所).

• IPO Coaching Institution: CITIC Securities (中信证券)
• Legal Counsel: Beijing Deheng Law Firm (北京德恒律师事务所)
• Accounting Firm: Rongcheng Accounting Firm (容诚会计师事务所)

Business mix and end markets (2024) — where revenue is coming from

According to the company, in 2024 Yushu’s revenue split by product line was approximately:

• Quadruped robots: ~65%
• Humanoid robots: ~30%
• Components: ~5%

Of the quadruped robots sold, roughly 80% were deployed in research, education, and consumer scenarios.

The remaining 20% of quadrupeds were used in industrial applications such as inspection and firefighting.

The company’s humanoid robots are used entirely in research, education, and consumer fields.

Market reaction — sector sentiment and trading moves

Following the announcement, parts of the robotics sector moved sharply higher in afternoon trading.

Shares including Longxi Co., Ltd. (Longxi Gufen 龙溪股份) and Top Group (Tuopu Jituan 拓普集团) raced to daily limit‑up moves.

CEO comments on listing — framing the IPO as maturity, not an exit

At the 2025 World Robot Conference (WRC) on August 9, Yushu Keji’s founder and CEO Wang Xingxing (Wang Xingxing 王兴兴) delivered a speech and spoke with reporters from Shanghai Securities News and other outlets.

Wang described the pursuit of a listing as a maturation process for the nine‑year-old company — likening it to a student continuing their studies or taking an important exam.

He said going public is a way to move toward more mature management and operations and to provide an account of the company’s development to shareholders.

Key takeaways — quick summary for investors, founders, and techies

• Timing: Yushu Keji plans to file IPO documents in Q4 2025 and will disclose operating data with that submission.
• Product mix: 2024 revenue dominated by quadruped and humanoid robots, with quadrupeds focused mainly on research, education and consumer use.
• Regulatory prep: Yushu has completed IPO coaching filing with the Zhejiang securities regulator; CITIC Securities is the coaching institution.
• Market signal: News of the potential IPO lifted sentiment in the robotics sector and pushed related stocks higher during the session.

What this implies — practical insights without speculation

Listing on the Sci‑tech Innovation Board (Kechuangban) typically signals a company wants to align with investors focused on innovation and deep tech.

Having CITIC Securities as the coaching institution suggests the company is aiming for a mainstream, institutionalized IPO process.

The revenue concentration in quadruped and humanoid robots positions Yushu Keji as a robotics firm with both consumer/research demand and emerging industrial applications.

The market’s immediate rally in related robotics stocks shows how IPO chatter can amplify sector sentiment and short‑term liquidity flows.

Next steps investors and founders should watch

• Watch for the filing disclosure window between October and December 2025 for formal operating data.
• Track regulatory feedback and acceptance from the Zhejiang Securities Regulatory Bureau and Kechuangban reviewers.
• Monitor product mix shifts between research/education/consumer and industrial deployments as Yushu scales.
• Follow the WRC and other industry events for product demos and any incremental commercial contracts or partnerships announced by Yushu Keji.

Linking opportunities and where to read next

Consider linking this article from pages covering:

• China robotics IPOs and market trends.
• Kechuangban (Sci‑tech Innovation Board) listings and regulatory guidance.
• CITIC Securities activities and other clients in deep tech.
• World Robot Conference (WRC) coverage and new product reveals.

Yushu Keji IPO remains the story to watch as filings progress and operating data are disclosed later this year.

References

• Sprint for the Sci‑tech Innovation Board? Yushu Technology plans to submit IPO application in Q4 – Eastmoney
• 上海证券报 (Shanghai Securities News) – 上海证券报
• CITIC Securities – CITIC Securities

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