Unitree IPO Filing Shows World-Leading Humanoid Robot Shipments, Mostly to Academic Institutions

Hangzhou-based Unitree Robotics, a maker of humanoid and quadruped robots, is seeking to become the first profitable humanoid-robot company listed on China’s A-share market. Its STAR Market debut is being watched as a test of investor appetite for commercial AI robotics, an industry attracting heavy capital despite uncertain adoption. Unitree also faces risks from U.S. import restrictions and slowing revenue growth as it scales production and expands overseas.

Unitree has opened subscriptions after pricing the IPO at 150.8 yuan a share, targeting proceeds of about 4.2 billion yuan and a post-offering valuation of roughly 291.1 billion yuan. The company is expected to begin trading in mid-August. Retail demand exceeded the shares available by more than 5,500 times, while pre-IPO holdings reportedly traded at premiums of as much as 280%, helping lift robotics-related stocks in China.

Unitree Robotics, founded in Hangzhou in 2016, develops high-performance quadruped and general-purpose humanoid robots, embodied-intelligence models and core components. A successful listing would make it a prominent embodied-intelligence stock on Shanghai's STAR Market and an important gauge of research, mass production and capital formation in China's humanoid-robot industry.

The Shanghai Stock Exchange accepted the application on March 20, 2026, and its listing committee approved it on June 1. The China Securities Regulatory Commission granted registration approval on July 1 and announced the decision on July 2. The company plans to issue at least 40.4464 million A-shares and raise 4.202 billion yuan for four projects covering robot models, robot hardware, new products and a manufacturing base.