Zhiyuan Robotics is advancing its IPO plan with an estimated valuation of $20 billion and has appointed CITIC Securities as sponsor. It targets 2026 revenue of 4 billion yuan. At WAIC 2026, it unveiled five new robot models, an embodied intelligence foundation model, and real-world deployment cases. The move reflects the industry shift from hardware to integrated model-robot-application ecosystems. A successful IPO could accelerate financing and commercialization for domestic embodied intelligence companies.