Post-90s Wang Xingxing: Will it be difficult to create the "Yushu Legend" when starting a business in the U.S.?

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Source: China Times Finance

Reporter: Zhou Xuesong

While most peers are still punching the clock from 9 to 5, post-90s Wang Xingxing chose entrepreneurship, leading Yushu Technology to the top of the industry, writing a business legend in the field of cutting-edge technology.

On March 20, Yushu Technology’s Sci-Tech Innovation Board IPO application was accepted by the Shanghai Stock Exchange, with the company planning to raise 4.2B yuan. According to the prospectus, founder Wang Xingxing’s net worth reaches 14 billion yuan. Industry insiders analyzed to China Economic Times·China Times Finance that if Yushu Technology’s performance continues to meet expectations, its future market value could surpass 1.71B yuan, and Wang Xingxing’s personal wealth still has significant upside potential.

Since launching IPO guidance last July and now having its application officially accepted by the SSE, Yushu Technology took only 132 days, setting a new record for efficient advancement among hard-tech companies.

Some industry experts believe that only China can create a “Yushu Legend,” but whether Yushu Technology can sustain high growth in the future remains uncertain and challenging.

01 Only China Can Create the “Yushu Legend”

Wang Xingxing’s hometown is Yuyao, Zhejiang. Historical records show that the Yuyao Wang clan descends from the Langya Wang clan, with the Confucian master Wang Yangming being a prominent member of the Yuyao Wang family.

The Langya Wang clan can be traced back to Western Jin’s Grand Master of the Palace Guards, Wang Lan. His great-grandson was the famous Eastern Jin calligrapher Wang Xizhi, and his ancestor was Qin general Wang Jian, one of the main commanders unifying the six states of Qin. Clearly, Wang Xingxing comes from a noble lineage, with talented ancestors, and such strong genetics. Yet, Wang Xingxing was not very good at English in school, and missed out on Zhejiang University’s graduate program because his English score didn’t meet the threshold.

Recently, some rankings show that the top three global humanoid robot companies are all Chinese enterprises. Boston Dynamics and Tesla from the US have fallen out of the top ten, with Tesla currently ranked 17th, and Yushu Technology is ranked second globally.

Yushu Technology’s prospectus shows that the company has successfully taken the industry “leading position.” By 2025, Yushu Technology is expected to achieve operating revenue of 40B yuan, a year-on-year increase of 335.36%; net profit after non-recurring gains and losses of 600 million yuan, up 674.29%; with humanoid robot shipments exceeding 5,500 units, ranking first worldwide. If this IPO is successful, the Sci-Tech Innovation Board will also welcome its “first robot stock.”

Many industry insiders are puzzled: developed countries like the US and Japan started earlier in humanoid robotics, with deep technical accumulation, so why are Chinese companies now leading the rankings, even falling outside the top ten? And how did Wang Xingxing, a post-90s entrepreneur, manage to catch up and surpass others? Besides his innate genetic code, what other secrets does he have?

Xu Anbo, Deputy Director of the Enterprise Research Institute at the Development Research Center of the State Council, believes that Wang Xingxing’s ability to reach a net worth of hundreds of millions hinges on one counterintuitive move: in the hard-tech field, using a geek spirit for R&D, and consumer product logic for mass production—successfully transforming robots from “lab exhibits” into “mass-market products.”

“This success is based on technological innovation and accumulation, pragmatic product strategies, strict cost control, and precise market positioning—controlling pricing power through full industry chain self-research, and boosting sales through cost-performance ratio, crossing from engineer to billionaire within the AI hardware explosion,” Xu Anbo told China Economic Times·China Times Finance.

Regarding why Wang Xingxing can stand out in such fierce competition, Xu Anbo added: “Of course, it also relates to his timing, capital operations, industry trends, and personal traits.”

Xu Pengfei, Assistant Director of Beijing Dacheng Enterprise Research Institute, believes that Yushu Technology’s current success stems from correct judgment and adherence to technological development directions, persistent innovation and technological iteration, strong financing and resource integration capabilities, and market understanding and marketing skills.

Zhu Lijuan, founder, executive chairwoman, and secretary-general of Zhejiang Small and Medium Enterprise Economic Development Promotion Association, summarized five key factors for Yushu Technology’s success: policy support, technological innovation, market strategy, capital backing, and financial health.

Experts see Wang Xingxing’s “Yushu Legend” as a true Chinese miracle. If Wang Xingxing had started his business in the US, could he have made robots the world’s number one so quickly? Zhu Lijuan’s answer: “Not necessarily.”

Zheng Yuexiang, vice president of Zhejiang Digital Intelligence Technology Research Association, believes that Wang Xingxing’s success is due to many reasons, and is quite complex. Correct direction, persistent effort are important, but the key is that we have a large and safe domestic environment.

He told reporters that there are companies with better humanoid robot technology than Yushu Technology, but why aren’t they the world’s number one, or why hasn’t an American company achieved that? His view is that, from supply chain, industrial chain, and market application scale, China is truly the “big brother,” while other countries are “younger siblings.”

Zheng Yuexiang believes that if Wang Xingxing started a business in the US, leaving China’s environment, he certainly couldn’t reach the top so quickly.

Zhang Hailiang, expert in brand strategy and regional economic research, told China Economic Times·China Times Finance that Yushu Technology’s success mainly relies on technological empowerment and building a strong technological foundation. Other factors include choosing the right track—targeting strategic emerging industries and future needs—and technological support, which are also crucial.

Zhang Hailiang also thinks that if Wang Xingxing was born in the US, he might not have achieved such rapid global sales of humanoid robots. “The US doesn’t have China’s powerful full-chain manufacturing capability, nor does its capital have the endurance and resilience,” he said.

02 The Challenge Is Whether Growth Can Be Sustained

With the acceptance of the IPO application by the SSE, Yushu Technology and the entire humanoid robot industry have come into focus. Recently, regarding Yushu Technology’s listing, China Economic Times·China Times Finance contacted the company; as of press time, no response had been received.

Data from the prospectus shows that Yushu Technology’s net profit margin is 35%, “leaving the automotive industry far behind.” Meanwhile, the strong capital and connections behind Wang Xingxing also attract attention. Entities like Meituan, Sequoia China, GGV Capital, Sinovation Ventures, Jingshi Growth, Tencent, Source Code Capital, and even Xiaomi’s chairman Lei Jun have expressed gratitude to Wang Xingxing for the investment opportunity. However, analysts also point out that Yushu Technology is “close to profitability but far from commercialization” in the humanoid robot field.

Zhang Jun, chairman of China-Europe Capital, told China Economic Times·China Times Finance that the rising popularity of humanoid robots and influx of capital have led many companies to deploy in this sector, seemingly prosperous. But there is a bubble.

He explained that although humanoid robots are expected to “change lives” and “reshape industries,” the reality behind this hype is that the consumer market has not truly been established, technical bottlenecks remain, and commercialization is difficult.

While there are state-owned investors behind Wang Xingxing, and patient capital may be supporting him, industry insiders believe that capital is primarily profit-driven. “The enthusiasm for humanoid robots has already shown signs of ‘concept hype’ and ‘short-term arbitrage,’ rather than long-term industry value. Hot money inflows lead to inflated valuations,” Zhang Jun said. The industry is generally caught in the dilemma of “storytelling is easy, selling products is hard.”

He believes these issues are like reefs, making the industry’s outlook uncertain. If these fundamental problems are not addressed, this “tech revolution” could become another “bubble” in the capital game.

Similar views are held by others, such as Wang Yuquan, former president of Frost & Sullivan China, who believes that humanoid robots look very promising, but the dividend period is only about two years. Once the bubble bursts, there could be a sharp decline. Few will be able to “laugh last.”

So, what is the biggest challenge facing Yushu Technology founded by Wang Xingxing? Investor Li Wei told China Economic Times·China Times Finance that the biggest challenge is achieving substantial revenue growth. A senior executive from a securities firm also agreed, saying, “From a financial theory perspective, continuous high growth is very difficult to sustain.”

However, this executive also noted, “Sustained high growth is a highly challenging goal, both theoretically and practically. It’s difficult but not impossible.”

Wang Hongwei believes that the biggest challenge for Wang Xingxing and his Yushitechnology is the dual imbalance between breakthroughs in embodied intelligence technology and its commercialization: hardware advantages in motion control cannot be converted into general intelligent operational capabilities; scaled production capacity cannot meet market demand. If core embodied intelligence technologies are not conquered within 2–3 years, and diversified commercial scenarios are not expanded, the company’s high valuation will not be sustainable, and both performance growth and industry standing will be impacted.

03 Wang Xingxing Should Thank Many Benefactors

Wang Hongwei analyzed that Wang Xingxing directly and indirectly owns 33.36% of Yushu Technology’s shares. After the IPO, Wang Xingxing’s net worth will remain above 14 billion yuan. If the company’s performance continues to grow rapidly and market value rises, his wealth could increase further, securing a top position among post-90s tech billionaires.

“He said, if Yushu Technology’s stock price remains stable after listing, with a market cap of 40–45 billion yuan, Wang Xingxing’s wealth would be stable at 13.3–15 billion yuan; if the capital market continues to favor humanoid robots and the company’s high growth is expected, pushing the valuation to 60–80 billion yuan, his wealth could rise to 20–26.7 billion yuan,” Wang Hongwei told reporters.

He is optimistic that in the future, Yushu Technology’s market value could surpass 1 trillion yuan. The aforementioned securities executive said, “If Yushu Technology’s market cap exceeds 1 trillion yuan after listing, Wang Xingxing’s net worth could surpass 30 billion yuan.”

But this executive also pointed out that Yushu Technology must maintain technological leadership, expand capacity profitably, and also face price competition from giants like Tesla… Wang Xingxing faces considerable pressure.

A partner at a Shenzhen-based fund management firm told reporters that Wang Xingxing and Yushu Technology face many challenges: 73.6% of revenue comes from research, education, not industrial or consumer-scale scenarios; they also face product price wars, declining gross margins, and homogenization.

This partner said that before 2024, Yushu Technology will face many difficulties. Having appeared on the CCTV Spring Festival Gala, attracting many institutional investors, and now just over a year from listing, it’s approaching. In his view, Yushu Technology’s high growth relies on the “Spring Festival Gala effect” and order concentration, but these advantages face questions of sustainability.

In industry opinion, Wang Xingxing should thank many benefactors, especially the state, local governments, state assets, patient capital, and media outlets like CCTV for their strong support.

Senior lecturer Wang Yukai of Baolian Business believes that Yushu Technology’s story shows that circumstances create heroes. Factors like national policies, global development nodes, and financing convenience are very important. He also pointed out that, from a business logic perspective, all success is temporary.

Zhang Jun believes that the future of the humanoid robot industry depends on whether it can overcome the current “hype” fog and achieve fundamental breakthroughs in market demand, core technology, industrial chain, and capital logic.

He said that quadruped robots are currently Yushu’s “ballast,” supporting it through industry cycles and technological iterations; humanoid robots are the “growth engine” and core of valuation, but they face significant commercialization risks.

Regarding Yushu Technology’s future, Zhang Jun suggests focusing on two aspects: one, whether quadruped robots can continue to generate stable cash flow to support humanoid robot technological breakthroughs; two, whether humanoid robots can achieve major breakthroughs in industrial scenarios (like automotive and 3C) by 2026–2027, which will determine whether the company moves from “story” to “reality.”