Investing hinges on the insights of Golden Kirin analyst reports, which offer authority, professionalism, timeliness, and comprehensiveness to help you uncover potential thematic opportunities! The Zhejiang University ecosystem is a notable force. Author: Yu Mengying Reported by: Investment Community - Tian Tian IPO Investment Community - Tian Tian IPO learned that Hangzhou Yun Shen Chu Technology Co., Ltd. (referred to as "Yun Shen Chu") recently initiated its listing辅导 process, with China Securities Co., Ltd. acting as the辅导 institution. Harboring the dream of "taking robots out of the laboratory," Zhejiang University alumni Zhu Qiuguo and Li Chao joined forces in 2017 to establish Yun Shen Chu, subsequently bringing robotic dogs into the public eye. After undergoing eight rounds of financing, the company has become the third enterprise among the "Hangzhou Six Little Dragons" to sprint towards an IPO, following Quanke Technology and Yushu Technology. "To transform 'those who excel at learning' into 'those who excel at creating'." This is the talent development philosophy of Zhejiang University's Chu Kochen Honors College. Through the ebbs and flows of time, a cohort of hard-tech companies from the Zhejiang University ecosystem has quietly risen, becoming a powerful footnote in China's narrative of innovation. A Zhejiang University PhD Joins Forces: The Robotic Dog is Heading for an IPO This story begins with a young man from Zhejiang. Born in 1982 in Haining, Zhejiang, Zhu Qiuguo developed a strong interest in mechanics from a young age. He was admitted to Zhejiang University for his undergraduate studies in Mechatronic Engineering and pursued Control Science and Engineering during his postgraduate phase. It was during this period that he encountered the bipedal robot project named "Wukong" and decided to remain at the university to conduct robotics research. Zhu Qiuguo, Founder of Yun Shen Chu At that time, a video of the quadruped robot "Big Dog" from Boston Dynamics in the US went viral, deeply inspiring Zhu Qiuguo. When would China have its own high-performance robot? The seed of entrepreneurship began to sprout. In the autumn of 2017, Zhu Qiuguo and Dr. Li Chao, also from the Zhejiang University laboratory, found immediate common ground and jointly founded Yun Shen Chu Technology. The company's name is derived from the Tang dynasty poem "Mountain Walk" — "A slanting stony path leads far up the cold mountain; Where white clouds arise there are homes of men," embodying the vision of bringing intelligent robots into countless households. Within just a year of its establishment, the company launched its first self-developed generation of quadruped robots, which was also the first domestic quadruped robot capable of climbing stairs and autonomous navigation at that time. The robot was named "Jue Ying," a name inspired by Cao Cao's steed from "Romance of the Three Kingdoms," symbolizing an bold aspiration to "be so far ahead as to be beyond surpass." However, the technology was not yet fully mature at that time; the initial Jue Ying model "couldn't even step up a curb," let alone find commercial application. A turning point arrived in 2020 when China Southern Power Grid proactively contacted Zhu Qiuguo, inquiring if robotic dogs could be trialed for substation inspection. From this point, power inspection began to gradually expand as a core application scenario. In 2021, the Jue Ying X20, designed for harsh weather conditions, was born. It successfully achieved an IP66 protection rating, becoming the first domestic quadruped robot product truly suitable for industrial-grade applications. The cost of a robotic dog with comparable performance was only one-third to one-half that of Boston Dynamics' offerings. Subsequently, Yun Shen Chu further extended its reach into humanoid robots and wheeled-legged robots. In 2024, it launched its first humanoid robot, Dr.01. In April 2025, it released the medium-sized wheeled-legged robot Shan Mao M20, claimed to be the world's first industrial-grade wheeled-legged robot specifically designed for complex terrains, thereby broadening the application boundaries. Currently, Yun Shen Chu has taken the lead in deploying over 600 industry projects, covering sectors such as power energy, emergency firefighting, security patrols, education and research, construction surveying, transportation tunnels, and cultural entertainment. Behind this success is the rise of an impressive team—master's and PhD graduates from top-tier institutions including Zhejiang University, Peking University, Shanghai Jiao Tong University, Harbin Institute of Technology, University of Electronic Science and Technology of China, University of Chinese Academy of Sciences, as well as ETH Zurich and Georgia Tech, form the core team, which has grown to nearly 400 people. Investors Have Arrived "A very down-to-earth person, exceedingly modest; his story might not be the most captivating, but he demonstrated exceptionally strong control capabilities in quadruped robotics." Yinxinggu Capital founder Chen Xiangming once offered this assessment of Zhu Qiuguo. That was in July 2018, when Yun Shen Chu secured its angel round of funding from Yinxinggu Capital and Daosheng Capital. Subsequently, Yun Shen Chu successively completed its Series A and Series A+ financing rounds, with investors including Innofund, Yuanhe Origin, and Sage Capital. Quickly, VC/PE firms lined up for visits. In October 2022, the company completed its Series B financing, led by Fangguang Capital, with follow-on investments from West Lake Science and Technology Innovation Investment and existing shareholder Sage Capital. Two years later, the company announced the completion of its Series B+ round, with investors including Hansong Asset Management, Huajian Function, Shenzhen Smart City Industry Investment, and Moganshan State-controlled Group. By 2025, Yun Shen Chu's financing pace intensified significantly, completing three rounds within just half a year— In July, it secured nearly 500 million yuan in a pre-Series C round, jointly led by Fortune Capital and China Reform Fund, with participation from Beijing Robotics Industry Development Investment Fund, Qianhai Mother Fund, CCTV Integrated Media Fund, Fujian-Zhejiang Fund, Vision Knight Capital, Wuchan Zhongda Investment, and others. Existing shareholders including Junshan Capital, Fangguang Capital, Aishide Zhicheng Fund, and Daosheng Capital also increased their stakes. Discussing this investment, China Reform Fund stated that embodied intelligence represents the next wave of artificial intelligence. Yun Shen Chu Technology possesses full-stack in-house R&D capabilities in key areas such as robot motion control, multi-modal perception, and autonomous decision-making, with technological maturity and mass-production capabilities leading domestically, aligning with the national strategic layout for developing "new quality productive forces." Not long ago, the company announced the completion of an over 500 million yuan Series C financing round, led by CMB International and China Asset Management Company, with strategic investment from funds affiliated with China Telecom and China Unicom. Co-investors included Yunhui Capital, Zhongxin Juyuan, Zhejiang University Education Foundation, Soundwill Holdings, Fortune Capital, Qianhai FANGZHOU, CCTV Integrated Media Fund, Beijing Robotics Industry Development Investment Fund, Vision Knight Capital, and others. The most recent financing round occurred just recently, with Yun Shen Chu completing a pre-IPO round of financing amounting to several hundred million RMB, led by the National Artificial Intelligence Industry Fund, with JD.com participating as a co-investor. In fact, signs of Yun Shen Chu's IPO have been apparent. Last November, the company completed its shareholding reform, renamed itself "Hangzhou Yun Shen Chu Technology Co., Ltd.", and changed its enterprise type from "Other Limited Liability Company" to "Other Joint Stock Company (Non-listed)". Thus, adding to Quanke Technology, which has filed for a Hong Kong listing, and Yushu Technology, which has completed its IPO辅导, half of the "Hangzhou Six Little Dragons" have now embarked on the journey towards listing. The Zhejiang University Ecosystem Erupts Looking back, the events of 2025 have震撼ed the venture capital circle. From the explosive popularity of DeepSeek and Yushu Robotics at the beginning of the year, to the collective emergence of the "Hangzhou Six Little Dragons" into the public spotlight, followed more recently by the successive listings of Moore Thread and MetaX, the STAR Market witnessed the birth of two IPOs each reaching a market capitalization of 300 billion yuan within a mere half-month period. Amidst this, the presence of the Zhejiang University ecosystem is discernible— Moore Thread's co-founder, director, and deputy general manager Zhang Yubo studied in the 2007 class of Information and Computing Science at Zhejiang University; MetaX's co-founder and CTO Yang Jian holds a PhD in Computer Application Technology from Zhejiang University's 2002 class; From Zhejiang University's 2002级 Electronic Information Engineering Department emerged DeepSeek's Liang Wenfeng. Huang Xiaohuang and Chen Hang, who entered Zhejiang University's Chu Kochen Honors College the following year, built Quanke Technology to the point of challenging for a listing. Adding Yun Shen Chu's founders Zhu Qiuguo and Li Chao, half of the "Hangzhou Six Little Dragons" hail from Zhejiang University. "Zhejiang University may not necessarily be the nation's strongest university in scientific research, but it is certainly the university with the highest entrepreneurship rate." From early figures like Shi Yuzhu and Duan Yongping to the fierce competition in the hard-tech era, this has been passed down through generations and has become a consensus among Zhejiang University alumni. Why Zhejiang University? One must mention the Chu Kochen Honors College. Originating from the Zhejiang University Mixed Class established in 1984, the college employs a "2+2" cultivation model, encouraging students to study emerging and interdisciplinary subjects. The subsequent establishment of the "Innovation and Entrepreneurship Intensive Class" (ITP) produced renowned entrepreneurs such as Pinduoduo's Huang Zheng. Originating in the classroom and maturing through practice, a variety of innovation and entrepreneurship courses encompassing general education, specialized,交叉, and minor systems have made Zhejiang University a cradle for incubating CEOs. Data shows that over 80% of Zhejiang University undergraduates engage in various forms of innovative practical research, forming a closed loop of "knowledge—capital—industry." The extensive and interwoven alumni network has laid the fertile ground for innovation and entrepreneurship. Boasting over 140 local alumni organizations, the Zhejiang University Education Foundation is considered one of the wealthiest alumni foundations in the country. According to statistics from the "Zhejiang University Alumni Economy Blue Book," just the top 12 investment institutions affiliated with Zhejiang University have collectively invested in over 430 Zhejiang University-related projects, with a cumulative investment amount exceeding 12 billion yuan. Turning back the clock 88 years, then Zhejiang University President Chu Kochen proposed the "Spirit of Seeking Truth," advocating both grounding in reality and the pursuit of ideals. Today, this spirit is beginning to extend beyond campus banners, taking root and flourishing in the realm of technology.
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