Tashan Tech completes share reform, races for 'tactile intelligence first stock' with over 80% market share

Full-stack technology takes shape, but industrialization challenges remain

On September 21, Tashan Technology completed its shareholding reform, widely viewed by the market as a precursor to its bid for the "first stock in tactile intelligence."

However, Tashan is not the only player in this赛道. During the same period, Pasini, a leading embodied tactile company, has already filed for IPO guidance, with a valuation exceeding RMB 10 billion. Its shareholders include industry heavyweights such as BYD and JD.com. The two companies are now in a direct race for the title of "first stock in tactile intelligence."

Shareholding Reform Completed, Capital Bets Await Validation

Tashan Technology has officially changed its company name from "Beijing Tashan Technology Co., Ltd." to "Beijing Tashan Technology Co., Ltd. (joint-stock)," and its enterprise type has shifted from a "limited liability company" to a "joint-stock company." The legal representative has also been changed from Sun Tengchen to CEO Ma Yang.

According to Tianyancha, as of the end of July 2026, Tashan Technology has completed six rounds of financing. The most recent round was a Series B financing of several hundred million RMB closed in July 2026, with participation from institutions including Taiping Innovation, Joyson Electronics, AUX, Pengling Shares, LHCP, and Hongshan Capital. Existing shareholders such as Daosheng Technology and Binfu Capital also added to their investments. The post-investment valuation stands at approximately RMB 7 billion.

The influx of significant industrial capital reflects strong belief in the potential of tactile sensing in the humanoid robotics赛道.

Currently, Tashan Technology's monthly delivery volume of tactile sensors has reached tens of thousands of units. In the first half of 2026, order volume was four times that of the entire year of 2025, and the company maintains over 80% market share in its specific segment.

Unlike many manufacturers that focus solely on single sensor hardware, Tashan Technology has built a full-stack tactile technology system covering chips, sensors, algorithm models, and application scenarios.

Sensors are the first product to achieve large-scale deployment. To meet the operational needs of robots in real-world environments, the company has focused on refining four key performance indicators: robustness, stability, durability, and response speed.

The products are capable of operating in complex outdoor conditions, including underwater environments. They achieve a standard deviation of ≤0.03 across multiple measurements, a linear fit R² ≥ 99.9%, and can withstand 3 million grip tests and 1,000N of overload while continuing to function normally. The response speed is comparable to the neural reflex of a human finger, meeting the real-time sensing requirements for fine robotic operations.

Full-Stack Layout: How Strong Is the Moat?

While product performance is strong, hardware alone is unlikely to create a long-term competitive advantage. Tashan Technology's moat lies in its integrated technology system, composed of chips, data, and training paradigms.

Chips are the starting point of this system. At the 2026 World Artificial Intelligence Conference, Tashan Technology released the "Emerald E10A" tactile chip. It features a proprietary ASC analog pulse conversion module that directly converts analog tactile signals into pulse signals, eliminating the intermediate software conversion step found in traditional solutions.

By leveraging event-driven and sparse computing designs, the chip achieves microsecond-level temporal resolution while controlling power consumption, addressing long-standing pain points of high latency and energy consumption in tactile signal processing.

However, the scarcity of tactile data is a more pressing challenge than chip computing power.

In 2026, Tashan established two tactile data collection centers in Beijing's Shijingshan District and Qianjiang, Hubei Province. These centers use a heterogeneous robot training framework that is not limited to a single robot model. It is compatible with devices of different brands and configurations, including dexterous hands, mechanical grippers, and dual-arm workstations.

The TS-ECHO tactile sensing fingertip, released during the World Robot Conference, weighs less than 100 grams. It has a minimum trigger force and force measurement resolution of 0.01N, offers proximity sensing of over 1cm, and has passed millions of industrial-grade durability tests.

This product enables data collection without being tied to a specific robot body. Tactile data can be migrated across different devices, significantly reducing the cost of tactile data collection.

Following data comes the exploration of training paradigms. On September 1, Tashan Technology partnered with Openmind, the team of Turing Award winner and "father of reinforcement learning" Richard Sutton, to jointly launch the "Robot Kindergarten" project.

The project uses tactile sensing technology as its foundational layer and introduces reinforcement learning. This allows robots to continuously interact and learn through trial and error in real physical environments, autonomously accumulating hands-on experience and moving beyond the traditional model of training with manually labeled data.

To date, Tashan Technology has established deep partnerships with over 200 robotics industry chain clients both domestically and internationally. Its business covers scenarios such as automotive assembly, home appliance manufacturing, and healthcare and elderly care.

Industry partners provide real-world application scenarios, while Tashan delivers its full tactile sensing capabilities. Together, they advance product validation and scenario deployment.

Track Heats Up, Hidden Concerns Emerge

Tactile sensing is an essential capability for robots to interact with the physical world, and the long-term growth potential of this赛道 is widely recognized by the industry.

Specific actions such as precision gripping and flexible assembly require tactile feedback. Tactile sensors are therefore considered a core component of humanoid robots.

According to institutional forecasts, the market size for dedicated tactile sensors in China's humanoid robot sector will exceed USD 320 million in 2026, with year-over-year growth of over 160% — the fastest-growing segment among all humanoid robot components. The penetration rate of tactile sensors in commercial humanoid dexterous hands is expected to rise to over 60%.

However, as the赛道 heats up, competitive pressure is also rising rapidly.

Although Tashan currently holds a very high share of the domestic robot tactile sensor segment, the growing market interest has prompted many hardware manufacturers and robotics companies to develop similar products. Competition is expected to intensify, leading to fierce battles over product pricing and customer acquisition.

From a commercialization perspective, the current rapid order growth is largely driven by early-stage prototype and small-batch validation orders.

The humanoid robotics industry as a whole is still in its early industrialization phase, and mass production has yet to arrive. The pace of downstream customers' capital expenditure and scenario deployment will directly affect the sustainability of Tashan's long-term orders.

Even if multiple scenarios have completed pilot projects, converting them into stable, large-volume procurement requires a lengthy validation cycle.

At the same time, chip R&D, data center operations, and cutting-edge algorithm research all require continuous capital investment. R&D spending will continue to consume cash flow.

Projects like the "Robot Kindergarten," which involve foundational research, are unlikely to generate direct revenue in the short term, placing high demands on the company's cash flow management.

Conclusion

The completion of the shareholding reform means Tashan Technology has met the basic qualifications for an IPO application. With its full-stack tactile solution, the company has gained a first-mover advantage in the industry, creating synergies between hardware, proprietary chips, tactile data, and algorithms.

However, the embodied intelligence industry is still in its early stages. Challenges such as competition from peers and the slower-than-expected pace of downstream industrialization remain unavoidable hurdles on the road to an IPO.

What the capital market will ultimately focus on is whether Tashan Technology can consistently convert its technological advantages into stable and sustainable revenue.

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