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Investors hold off on embodied AI: valuation correction amid halved financing, discounted secondary shares, and Hong Kong IPO breakouts

Primary-market investors are collectively pausing embodied AI projects. IT Juzi data shows 33 financing deals worth 10.105 billion yuan in October 2026, down more than two-thirds from the June peak of 55 deals and 30.892 billion yuan. Secondary-share transfer quotes generally range from 65% to 80% of the previous round's valuation, and 8 of the 13 robotics-related companies that listed in Hong Kong in 2026 broke issue price. The article argues that capital is not exiting the direction of physical-world intelligence, but rather the valuations and delivery pace that demo capabilities cannot support.

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