> ## Content Index > Fetch the complete content index at: https://hive.behindrobotics.com/llms.txt > Use this file to discover other available public pages before exploring further. # ByteDance and Meituan backed it. Yinghe Robotics is now in bankruptcy. - URL: https://hive.behindrobotics.com/yinghe-robotics-bankruptcy-china-shakeout/ - Published: 2026-10-14T01:15:53.000Z - Updated: 2026-10-14T01:15:53.000Z - Description: Shenzhen Intermediate Court accepted Yinghe's bankruptcy case （2026）粤03破454号 in late Aug 2026; first creditors' meeting is Oct 19. The firm raised >RMB 600M (~$85M est.) and once hit a reported ~$500M valuation — then posted RMB 4.33M revenue and ~RMB 67M net loss for 2025 (reported). - Author: Christian Connolly - Tags: China, Funding, Companies, Wire FundingWireChina · companies · shake-out Shenzhen Intermediate Court accepted Yinghe (盈合) Robotics into bankruptcy in late August 2026 — case **（2026）粤03破454号**. First creditors’ meeting: **19 Oct 2026**. The firm had raised **\>RMB 600M** (\~$85M est.) with Meituan and ByteDance on the cap table, and a reported peak valuation near **$500M** (\~RMB 3.3–3.6B) within \~10 months of founding. Key takeaways - **Star raise, thin revenue.** Yinghe raised >RMB 600M (angel RMB 70M in 2020; Series A \~RMB 400M in Jan 2021; later >RMB 100M in Apr 2024). Reported 2025 revenue: RMB 4.33M against a \~RMB 67M net loss (reported / unaudited).\[1\]\[2\]\[3\] - **Court clock is running.** Case （2026）粤03破454号; first creditors’ meeting scheduled 19 Oct 2026\. QCC shows 58 judicial cases; seized kit failed auction twice (reported).\[1\]\[2\]\[4\] - **Not an isolated bust.** DeepBlue Robotics liquidation (staff claims >RMB 23M / \~102 staff, reported); CloudMinds liquidation reported after \~RMB 5.4B raised; Zhicheng Dynamics / pool robots under bankruptcy review Sep 2026 (reported).\[1\]\[2\]\[4\] - **Capital paradox.** Robotics funding Jan–Aug 2026 reported at RMB 124.5B via IT Juzi / 21st Century Business Herald — roughly \~2×+ all of 2025\. Money is still pouring in while last-cycle stars exit.\[4\] Humanoid demos and mega-rounds still dominate the China robotics feed. The quieter story this week is a court docket: **a Meituan- and ByteDance-backed Shenzhen robotics firm that once printed a \~$500M valuation is in bankruptcy liquidation.** Yinghe is the headline. CloudMinds, DeepBlue and Zhicheng Dynamics sit in the same lane. The strategic read is not “robotics is over” — it is a shake-out. Capital is still writing big cheques; the filter is whether robots ship and get paid for. \>¥600M Total raised (reported) claimed · \~$85M est. · ≈7.1 RMB/$ \~$500M Peak valuation reported · \~10 mo after founding ¥4.33M 2025 revenue reported · loss \~¥67M 粤03破454 Court case (2026) creditors’ mtg · 19 Oct 2026 01 · The company ## From FANUC pedigree to a five-line sprawl Yinghe (Shenzhen) Robotics and Automation Technology Co., Ltd. was registered in March 2020 as a first-level subsidiary of Winner / Yingfeng Group — controlled by **He Jianfeng**, son of Midea Group founder He Xiangjian. Legal representative and industry face: **Shen Gang**, a Tokyo Institute of Technology mechanical-engineering PhD and former FANUC robotics chief engineer who later ran Country Garden’s Bozhilin robotics push before joining Winner as a partner.\[1\]\[2\] The pitch was broad: service robots and intelligent manufacturing for emergency management and urban governance, sold as an “AIR” stack (AI + IoT + Robot). Five lines ran at once — emergency, urban governance, warehousing/logistics, medical, industrial smart manufacturing — plus a reported RMB 10B Shunde base announcement in 2021\. Industry coverage says most orders stayed demonstrative; scaled sales in any single lane never landed.\[1\]\[2\]\[4\] **Label carefully — company / reported figures**Financing totals, peak valuation, 2025 revenue/loss, QCC case counts and auction outcomes come from 36Kr, Nanfang+, Sina and industry digests of court/QCC records. Treat revenue/loss as reported (unaudited). USD at ≈7.1 RMB/$ is an estimate for this piece. 02 · The money ## Meituan, ByteDance, and a >RMB 600M stack Financing, as reported by 36Kr and Nanfang+: - **2020 angel:** RMB 70M led by Panda Capital (Meijin Energy, GSR Ventures and others followed). - **Jan 2021 Series A:** \~RMB 400M — Meituan strategic, ByteDance strategic, angel investor Wang Gang, Guangzhou Huangpu SOE. - **Apr 2024:** later round >RMB 100M. Total raised: **\>RMB 600M** (\~$85M est.). Peak valuation reported at \~$500M (\~RMB 3.3–3.6B) within about ten months of founding — the classic last-cycle China robotics print.\[1\]\[2\]\[3\] Then the P&L. Industry coverage citing company figures puts **2025 revenue at RMB 4.33M** (\~$0.6M est.) against a **net loss of \~RMB 67M** (\~$9.4M est.). QCC records 58 judicial cases; seized kit failed court auction twice (starting prices reported at RMB 34.82M then RMB 27.85M against a \~RMB 49.74M assessment).\[1\]\[2\] Website offline; WeChat updates reportedly stopped Sep 2024; legal representative under high-consumption restrictions (reported). 03 · The wider clear-out ## Yinghe is the headline. It is not the only docket. The same Oct 2026 wave of coverage places Yinghe beside other China robotics exits: Table · Selected China robotics distress (reported) #### Yinghe / DeepBlue / CloudMinds — numbers as press + court digests All figures labelled claimed or reported. Not a full distress census. USD at ≈7.1 RMB/$. | Company | Status (reported) | Raised / scale | Distress signal | Tag | | ----------------- | -------------------------------------------------------------------------- | ------------------------------------------ | -------------------------------------------------------------------------------- | ---------------- | | Yinghe (盈合) | Bankruptcy liquidation; case （2026）粤03破454号; creditors’ mtg 19 Oct 2026 | \>¥600M · peak \~$500M | 2025 rev ¥4.33M / loss \~¥67M; 58 QCC cases | court + reported | | DeepBlue Robotics | Liquidation (2026; staff claims public-notice stage) | backed by Deep Blue Tech (reported) | Staff claims >¥23M / \~102 staff (reported) | reported | | CloudMinds | Bankruptcy liquidation accepted (Fangshan court; reported Oct 2025 onward) | \~¥5.4B raised (reported) | Peak valuation >¥20B claimed historically; large layoffs / wage arrears reported | reported | | Zhicheng Dynamics | Bankruptcy review / creditor filing Sep 2026 (reported) | pool robots; rev once near ¥100M (claimed) | Collection-chain break (reported) | reported | Sources \[1\]\[2\]\[3\]\[4\]. DeepBlue timing varies slightly across outlets (May vs Sep 2026 language); we keep staff-claim figures as reported and do not invent unit counts. 04 · The paradox ## RMB 124.5B still flowing while last-cycle stars exit IT Juzi figures via 21st Century Business Herald / industry digests put China robotics funding at **RMB 124.5B** (\~$17.5B est.) for Jan–Aug 2026 — already on the order of \~2×+ full-year 2025, depending on the comparison cut used in press.\[4\] That is the paradox: capital has not left the lane. It is re-pricing who gets it. Investor language in the same coverage has shifted from pedigree + demo + industrial-group halo toward **engineering delivery, real payment, and scenario repeat-purchase**. Yinghe’s reported path — five simultaneous lines, a 10B-base announcement, high burn, thin revenue — is the textbook of what that filter is now rejecting. **FX note**USD conversions in this piece use ≈7.1 RMB per USD (Oct 2026 working rate). Labelled “est.” Peak valuation was already quoted in dollars by press (\~$500M); RMB equivalent \~3.3–3.6B depending on the FX print used at the time. 05 · What to watch ## Three signals that settle whether this is a clear-out or a pause 1. What the 19 Oct 2026 Yinghe creditors’ meeting discloses on recoverable assets vs claims. 2. Whether CloudMinds and DeepBlue creditor schedules publish hard totals (raised vs recoverable), not just headline liquidation notices. 3. Whether 2026’s RMB 100B+ funding cohort shows up in 2027 as shipped units and paid invoices — or as the next court batch. **Bottom line**Yinghe’s bankruptcy is a high-signal China robotics clear-out: Meituan and ByteDance on the cap table, >RMB 600M raised, a reported \~$500M peak print, and a 2025 P&L that never closed the commercial loop. It sits beside CloudMinds, DeepBlue and Zhicheng Dynamics — while IT Juzi still shows RMB 124.5B flowing into the sector in the first eight months of 2026\. The lesson is not “stop funding robots.” It is that capital now prices robots that ship — and get paid for — harder than robots that demo. ### Sources 1. 36Kr (EU), ‘ByteDance & Meituan-Backed Robotics Startup Bankrupt After Burning ¥600M Investment’, Sep/Oct 2026\. [eu.36kr.com](https://eu.36kr.com/en/p/4005436924612484?ref=hive.behindrobotics.com) 2. Nanfang+ / nfnews, Yinghe bankruptcy coverage, Oct 2026\. [static.nfnews.com](https://static.nfnews.com/content/202610/10/c12890241.html?ref=hive.behindrobotics.com) 3. Sina Finance, Yinghe / China robotics distress coverage, 11 Oct 2026\. [finance.sina.cn](https://finance.sina.cn/2026-10-11/detail-iniuvpan0593675.d.html?ref=hive.behindrobotics.com) 4. Robot Belt (adapted from OFweek Robotics), ‘Yinghe Robotics collapses into bankruptcy, despite Meituan and ByteDance backing’, 1 Oct 2026 — includes IT Juzi Jan–Aug 2026 funding figure. 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