Embodied intelligence unicorn Zhiyuan Innovation has launched a new funding round of approximately RMB 1 billion to 1.5 billion, with the latest valuation reaching around RMB 50 billion. The financing round is currently nearing completion. The new capital raise effectively postpones Zhiyuan's planned Hong Kong listing until next year. Under HKEX regulations, companies completing new financing after filing must wait 120 days before trading can commence, preventing an IPO within the current calendar year. The company had previously targeted a valuation of HKD 40 billion to 50 billion for its public debut.