MicroIntelligence, AgiBot, HuanDong and Other Robotics Firms Collectively Slow IPOs

MicroIntelligence suspended its global offering three days before listing on the Hong Kong Stock Exchange, AgiBot was reported to have paused its Hong Kong listing and turned to a new funding round of 1 billion to 1.5 billion yuan, and HuanDong Technology withdrew its STAR Market IPO. The article sorts queued companies by ecological niche into three categories—components, project-based industrial applications, and humanoid complete machines—and argues that the pauses correspond respectively to technical adjustments, cash flow constraints, and strategic waiting. IDC data shows that global humanoid robot shipments in 2025 were about 18,000 units, with industrial manufacturing accounting for only about 9%.