A Chinese robotics startup that once commanded a $500 million valuation has collapsed into bankruptcy just six years after launching, leaving high-profile backers including Meituan and ByteDance facing significant losses. The Shenzhen Intermediate People’s Court confirmed in late August that Yinghe (Shenzhen) Robotics and Automation Technology Co., Ltd. has formally entered bankruptcy proceedings.
The company’s downfall marks a sobering turn for an industry still flush with venture capital. Yinghe had raised more than 600 million yuan across multiple funding rounds, attracting investment from GSR Ventures, Panda Capital, and Winner Group, controlled by He Jianfeng, son of Midea Group founder He Xiangjian.
Founder Shen Gang brought serious credentials to the venture. A mechanical engineering doctorate from Tokyo Institute of Technology, he spent years at FANUC Japan before becoming chief engineer of its robotics business division. He launched Yinghe in March 2020 with plans targeting emergency management and urban governance applications.
The money poured in quickly. Panda Capital led a 70 million yuan angel round, followed by roughly 400 million yuan in Series A funding from Meituan, ByteDance, and Guangzhou state assets. Ten months after founding, the valuation hit $500 million.
Yet revenue never matched the hype. According to sources, Yinghe generated only 4.33 million yuan in 2025 revenue against a net loss of 67 million yuan. Panda Capital founding partner Li Lun publicly demanded answers from He Jianfeng, alleging core executives earned over 3 million yuan annually after tax while the company struggled, plus 28 million yuan spent decorating a 2,600-square-meter office.
Yinghe now faces 58 judicial cases and 33 closed execution cases, with 100% of amounts in those closed cases unperformed. Equipment seized by a Foshan court, originally valued at 49.74 million yuan, failed to sell even after a second auction cut prices to 27.85 million yuan.
The collapse reflects a broader reckoning. CloudMinds Robotics, once valued above 20 billion yuan, entered bankruptcy liquidation in October 2025. Deep Blue Robotics followed in September. Both shared Yinghe’s fatal pattern: expanding into too many product lines simultaneously without achieving scaled sales in any single direction.
