Huixi starts A-share IPO tutoring with CITIC Securities, six days after its Series B

Huixi Intelligence, the Beijing designer of compute chips for embodied AI, registered for IPO tutoring with the Beijing bureau of the China Securities Regulatory Commission on Oct. 28, opening its path to an A-share listing with CITIC Securities as tutor, Xindongxi reported. The tutoring agreement was signed on Oct. 22, according to the NetEase account Dujiaoshou Zaozhidao, the same day the Economic Observer reported Huixi's Pre-B+ and Series B rounds.

Huixi is going to market before it has put a number on its business. It has raised more than 2.5 billion yuan this year: an 800-million-yuan-plus Pre-B in February, with AgiBot as a strategic investor, and about 1.7 billion yuan across the two October rounds. Xindongxi says only that shipments of its Huixi Embodied products "keep growing," with no units or revenue. The prospectus will be the first time anyone outside the cap table sees whether robots, rather than investors, are paying Huixi's bills.

Control will stay where it is. The controlling shareholder, Hefei Yinxi Intelligent Technology, holds 18.428% of the shares but 68.7694% of the votes through special voting rights, according to Xindongxi.

The strongest case for Huixi is its customer list. The company says it works with AgiBot, ACE Robotics, X Square Robot and Leju Robotics, and that its RISE compute platform already ships inside several robot makers' mass-produced products.