Paxini AI Tech files for A-share IPO in Beijing, valued over 10 billion yuan

By Shi Enze, 21st Century Business Herald (Shenzhen)

September 20 — PaxiNi Artificial Intelligence Technology (Beijing) Co., Ltd. has filed for辅导备案 (tutoring and filing for IPO) with the Beijing Securities Regulatory Bureau, according to a disclosure on the official website of the China Securities Regulatory Commission (CSRC) on September 20. The sponsoring institution is Guotai Haitong.

The company, a tactile sensor and humanoid robot developer valued at over RMB 10 billion, has officially embarked on its journey to list on the A-share market.

Rapid Capital Market Moves

PaxiNi’s capital market activities have been tightly sequenced:

• July this year: The company changed its name from "PaxiNi Perception Technology (Shenzhen) Co., Ltd." to "PaxiNi Technology (Beijing) Co., Ltd."
• Late July: Completed shareholding reform.

Regarding the relocation, PaxiNi stated that its new Beijing headquarters is scheduled to be completed by the end of this year. Shenzhen will serve as a key manufacturing base, while Beijing is positioned as a cutting-edge R&D hub.

Notably, in June, market rumors suggested PaxiNi was considering a Hong Kong IPO.

A-Share Choice Sparks Market Speculation

Against the backdrop of many embodied intelligence companies flocking to Hong Kong, PaxiNi’s decision to pursue an A-share listing, coupled with its relocation and IPO filing in Beijing, has sparked market speculation. Some market observers suggest the relocation may be linked to Beijing’s investment attraction efforts.

Business registration data shows:

• Anpeng Green (Beijing) Energy Industry Investment Fund, affiliated with BAIC, is a shareholder.
• Beijing Changping Advanced Energy Manufacturing Industry Direct Investment Fund participated in PaxiNi’s Series A financing.
• A "well-known Beijing state-owned capital platform" appeared in the Series B round.

However, there is no publicly available information to confirm the investment attraction theory, and PaxiNi has not responded to inquiries on the matter.

Financing Track Record

Since its inception, PaxiNi has raised over RMB 4 billion in total. In the past six months, it has maintained a rapid pace of "two rounds in one month, three rounds in half a year."

• March this year: Completed a Series B round of over RMB 1 billion, pushing its valuation past RMB 10 billion.
• August: Completed a strategic round of RMB 1 billion, with investors including BOCI, Kunpeng Fund, and Dinghui Baifu.

A "Who’s Who" of Industrial Capital

PaxiNi’s shareholder list reads like a cross-section of industrial capital, spanning automotive, internet, logistics, 3C, and semiconductor sectors.

• BYD: The largest external investor. In April 2025, BYD invested over RMB 100 million for a 13.37% stake, marking its largest single investment in the embodied intelligence field. BYD values PaxiNi’s tactile sensing capabilities for upgrading its automotive production lines. On August 25, the two companies signed a strategic cooperation agreement in Shenzhen to deepen collaboration on industrial embodied data collection and production line intelligence.
• JD.com: The second-largest external investor. In August 2025, JD.com strategically led PaxiNi’s Series A financing, integrating the company into the core of its embodied intelligence supply chain. Logistics sorting and flexible warehouse handling are JD.com’s most immediate application scenarios.
• Samsung: According to a report from 21st Century Business Herald, Samsung recently completed a strategic investment in PaxiNi. While PaxiNi CEO Xu Jincheng only confirmed in August that a "global consumer electronics and semiconductor giant" had become a shareholder, multiple industry sources have identified the investor as Samsung.

During a media open day, Xu Jincheng explained to 21st Century Business Herald that the logic behind a smartphone maker’s investment lies in the synergy between 3C manufacturing scenarios and the sensor supply chain. PaxiNi’s multi-dimensional tactile sensors are a scarce capability in the manufacturing and inspection of consumer electronics.

Company Background and Technology

Founded in 2021, PaxiNi’s founding team hails from the Sugano Laboratory at Waseda University in Japan. Founder Xu Jincheng has over eight years of experience in humanoid robot and high-precision tactile sensor R&D.

The company’s core technology is high-precision Hall-effect array-based multi-dimensional tactile sensing. Its sensors can measure 15 physical quantities, including six-axis force, texture, temperature, and rebound. PaxiNi considers this technology a cornerstone for advancing China’s embodied intelligence industry.

Product Matrix: "Sensor – Dexterous Hand – Humanoid Robot"

• Sensors: The fourth-generation GEN4 FUSE tactile sensor can be extended to full-body sensing nodes, including fingertips, joints, and soles.
• Dexterous Hands & Humanoid Robots: The DexH series dexterous hands and the TORA-ONE humanoid robot serve as the hardware platform.
• AI Model: The company has developed OmniVTLA, the industry’s first VTLA (Vision-Tactile-Language-Action) embodied intelligence large model.

Supported by a data collection factory in Tianjin that gathers 200 million data points annually, PaxiNi has built a full-stack closed loop encompassing hardware packaging, data collection, and large model training. This business model differentiates it from pure sensor or robot manufacturers.

Commercialization and Outlook

PaxiNi has become a core supplier to multiple embodied intelligence companies. Its products are widely used in precision manufacturing, automotive production lines, and medical rehabilitation. The company is also expanding applications in logistics sorting and 3C manufacturing with its shareholders.

For PaxiNi, an A-share listing will not only broaden its financing channels but also serve as a platform to integrate its shareholder structure and industrial resources.

The IPO filing is only the first step. Whether the technological barriers in the "critical pathway" of tactile sensing can support a valuation of over RMB 10 billion will ultimately be tested by both the secondary market and regulatory scrutiny.