Star robot project valued at 22 billion sees old shares unsellable even at 50% discount as valuation divergence widens in embodied AI sector

The robot old-share market is seeing steep discounts: an investor entered an embodied AI company at the start of the year at a post-money valuation of 3 billion, and by October the company's external valuation had risen to 22 billion, yet the investor still found no buyers when reselling at a 12 billion valuation. Window guidance requires humanoid robot companies to demonstrate recurring revenue, narrowing losses, or genuinely important technological innovation before listing; 46 robot-related companies are queued for Hong Kong IPOs, and lengthening exit cycles have left early investors eager to cash out.