ByteDance- and Meituan-backed Yinghe Robotics enters bankruptcy proceedings, having raised over 600 million yuan cumulatively

The Shenzhen Intermediate People's Court issued a notice in late August that Yinghe Robotics has formally entered bankruptcy proceedings. The company had raised over 600 million yuan cumulatively and was once valued at $500 million, with shareholders including Meituan, ByteDance, GSR Ventures, Panda Capital, and Infore Group. Reports say its full-year 2025 revenue was only 4.33 million yuan with a net loss of 67 million yuan, and that its legal representative Shen Gang has been subject to restrictions on high-value consumption; within the past three months, other once-high-profile robotics companies such as Zhicheng Dynamics, DeepBlue Robotics, and CloudMinds Robotics have also successively entered bankruptcy or liquidation proceedings.