Unitree powers up for Shanghai debut after record IPO demand

Summary

Chinese humanoid robot maker Unitree Robotics is heading for a highly anticipated debut on Shanghai’s STAR Market after its initial public offering was oversubscribed by more than 8,000 times by retail investors, a record for the exchange’s technology board. The company priced its IPO at 150.80 yuan per share, raising about 6.1 billion yuan ($905 million) and valuing the business at roughly $9 billion.

Unitree stands out because it is already profitable and is the world’s largest humanoid robot maker by sales, according to Reuters. However, the company faces significant risks, including uncertain large-scale commercial adoption, intensifying competition and potential restrictions on Chinese humanoid robots in overseas markets.

SHANGHAI/BEIJING, August 14, 2026 — Chinese robotics company Unitree Robotics is preparing for a closely watched debut on Shanghai’s STAR Market after attracting extraordinary investor demand for its initial public offering.

The company’s retail tranche was oversubscribed by more than 8,000 times, setting a record for technology startups on Shanghai’s STAR Market, according to Reuters. Unitree priced the offering at 150.80 yuan per share and is raising approximately 6.1 billion yuan ($905 million) by selling 10% of its enlarged share capital.

The listing is expected to become a major test of investor appetite for China’s rapidly developing humanoid robotics industry. Unitree’s listing date was expected to be announced on August 14, with trading anticipated the following week.

At the IPO price, Unitree is valued at about 219 times its 2025 earnings and 36 times sales, according to Reuters. The valuation reflects expectations that humanoid robots could become a major commercial technology platform even though large-scale deployment remains at an early stage.

Unitree enters the public market with profits

Unitree was founded in 2016 by engineer Wang Xingxing and initially became known for relatively affordable quadruped robots, commonly described as robot dogs.

The company later expanded into humanoid robotics with products including the G1, H1 and R1. Demonstrations of the machines running, dancing and performing martial arts have helped make Unitree one of China’s best-known robotics brands.

Unitree reported revenue of nearly 1.7 billion yuan in 2025, more than four times the previous year’s level. It also reported adjusted net profit of about 600 million yuan, making it unusual among humanoid robotics companies, many of which remain loss-making while spending heavily on research and development.

Unitree said its actual humanoid robot shipments exceeded 5,500 units in 2025, while total mass-production output exceeded 6,500 units. The company specifically clarified that the shipment figure refers to humanoid robots sold and delivered to end customers and does not include other robot categories.

The company has also described itself as the world’s leading humanoid robot maker by shipments. Reuters reported that Unitree was the world’s biggest humanoid robot maker by sales ahead of its mainland listing.

Strong backing from China’s technology sector

Unitree’s investor base has added to the market’s enthusiasm.

Meituan is its largest outside investor, holding a 9.65% stake through several affiliates, while HSG and MPCi hold 7.11% and 5.45%, respectively, according to Reuters.

Other major Chinese technology and industrial groups, including Tencent, Alibaba, Ant Group, China Mobile and Geely, invested through affiliated vehicles in Unitree’s June 2025 funding round.

DeepSeek also invested 140.8 million yuan ($20.8 million) through strategic placement in Unitree’s IPO, acquiring a 2.31% stake. The two Hangzhou-based companies plan to collaborate on embodied intelligence, combining DeepSeek’s AI capabilities with Unitree’s robotics, motion-control and mechanical-engineering expertise.

The state connection is more limited than suggested in the original draft. Unitree’s prospectus identifies 0.67% of its shares as directly state-owned, held by Shenzhen Capital Group and its subsidiary Shenzhen Innovation Capital. Separately, several state-backed funds hold larger stakes, including the Beijing Robotics Industry Development Fund and China Internet Investment Fund.

Investor enthusiasm meets valuation risk

The extraordinary demand for Unitree shares has spilled into private-market and derivative trading platforms.

Private share platforms including EquityZen, UpMarket and Hiive have indicated prices that could imply significant gains over the 150.80-yuan IPO price. Reuters reported that Hiive pricing implied about 176% upside, while a contract linked to Unitree shares on Hyperliquid traded at around $90.

Chinese media also reported that successful IPO subscribers were approached by scalpers offering 410 yuan per share, representing about a 170% premium to the IPO price.

However, these private-market and derivative prices should not be treated as official forecasts of Unitree’s first-day trading price. They represent speculative indications of investor expectations rather than regulated market valuations.

The excitement comes as Chinese technology stocks have experienced a broader AI-driven rally. Chipmaker CXMT’s Shanghai debut, for example, saw its shares rise more than fivefold on the first trading day. Reuters reported that Chinese IPOs generated an average 233% first-day return during the first half of 2026, although past IPO performance does not guarantee Unitree will produce a similar result.

Humanoid robotics still faces a commercial test

Despite Unitree’s rapid growth, the underlying humanoid robotics market remains immature.

Many current deployments involve universities, government-backed projects, research programmes and demonstrations rather than large-scale commercial factory operations. Humanoid robots continue to face technical challenges involving reliability, dexterity, endurance, safety and their ability to perform different tasks in unstructured environments.

Unitree’s own prospectus has warned that large-scale commercial adoption remains uncertain. The company faces increasing competition from Chinese rivals such as AgiBot and Leju Robotics, while global competitors include Tesla and Boston Dynamics.

Geopolitical risks are another concern. Unitree has warned that potential US trade, procurement or sales restrictions could affect its international expansion, while the United States has increasingly scrutinized Chinese robotics and other advanced technologies.

IPO funds to accelerate embodied AI

Unitree plans to use the IPO proceeds to strengthen its research and manufacturing capabilities.

The funds are intended to support embodied-AI model development, robot-body research, new intelligent robot products and manufacturing expansion.

The strategy reflects a broader Chinese push to combine AI models with physical machines capable of interacting with the real world. Beijing has identified embodied intelligence and humanoid robotics as strategic emerging technologies, encouraging companies to invest in robot hardware, AI models and manufacturing infrastructure.

Unitree’s listing therefore represents more than a single technology IPO. It provides China’s humanoid robotics industry with a high-profile public-market valuation benchmark while giving Unitree additional capital to pursue the difficult transition from demonstrations and research projects toward commercially viable autonomous machines.

Why this matters

• Record retail demand: Unitree’s retail IPO tranche was oversubscribed by more than 8,000 times, setting a STAR Market record and highlighting extraordinary investor enthusiasm for humanoid robotics.
• First mainland-listed humanoid maker: Unitree is set to become the first humanoid robot manufacturer listed on a mainland Chinese exchange, although UBTech and Dobot are already publicly listed in Hong Kong.
• Profitability sets it apart: Unitree combines rapid revenue growth with adjusted profitability, giving investors a financial profile that many younger humanoid robotics competitors have yet to achieve.
• A demanding valuation test: The IPO price represents about 219 times 2025 earnings and 36 times sales, leaving investors heavily dependent on future growth and successful commercialization.
• Commercial adoption remains uncertain: The sector still needs to demonstrate that humanoids can reliably perform useful, repetitive tasks at scale in factories, warehouses and other commercial environments.

FAQs

Q1: What are the key financial terms of Unitree’s IPO?

Unitree priced its IPO at 150.80 yuan per share, raising approximately 6.1 billion yuan ($905 million) by selling 10% of its enlarged share capital. The valuation is about $9 billion.

Q2: How strong was investor demand for the IPO?

The retail tranche was oversubscribed by more than 8,000 times, a record for technology startups on Shanghai’s STAR Market.

Q3: Is Unitree the first Chinese humanoid robot company to go public?

It is the first humanoid robot maker to list on a mainland Chinese stock exchange. It is not the first Chinese humanoid robotics company to become publicly traded because UBTech and Dobot are already listed in Hong Kong.

Q4: How profitable is Unitree?

Unitree reported nearly 1.7 billion yuan in revenue and about 600 million yuan in adjusted net profit in 2025.

Q5: How many humanoid robots did Unitree ship in 2025?

Unitree said it shipped more than 5,500 humanoid robots to end customers in 2025. It also reported total mass-production output of more than 6,500 humanoid units.

Q6: Who are Unitree’s major investors?

Meituan is the largest outside investor, while Tencent, Alibaba, Ant Group, China Mobile and Geely have also invested through affiliated vehicles. DeepSeek separately invested 140.8 million yuan in Unitree’s IPO strategic placement.

Q7: What will Unitree do with its IPO proceeds?

The company plans to invest the proceeds in embodied-AI models, robot-body research, new intelligent robot products and manufacturing capacity.