ByteDance and Meituan backed it. Yinghe Robotics is now in bankruptcy.

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.

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.

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]

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).

Yinghe is the headline. It is not the only docket.

The same Oct 2026 wave of coverage places Yinghe beside other China robotics exits:

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.

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.