Unitree Robotics Wins Registration Approval for STAR Market IPO

Unitree, a Chinese maker of humanoid robots, has become a prominent name in embodied AI, a field that combines artificial intelligence with machines capable of sensing and acting in the physical world. Its Shanghai listing drew intense attention as investors bet that humanoid robots could move beyond laboratory demonstrations into manufacturing, services and consumer applications, underscoring the capital-market enthusiasm surrounding China’s robotics supply chain.

Unitree shares jumped as much as 629% from their offer price on the first trading day before paring the gain to about 460% at the close. Based on the reported allotment size, a successful retail subscriber earned an estimated paper profit of 340,000 yuan ($47,000) per lot. The frenzy also spread beyond equities, with Binance listing a Unitree-linked perpetual contract as demand for leveraged exposure followed the company’s Shanghai debut.

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.

Chinese humanoid robot maker Unitree Robotics is pursuing an IPO on the Shanghai Stock Exchange’s STAR Market, reflecting strong capital-market expectations for the embodied intelligence sector. Although the company has achieved mass-production capacity and a global shipping advantage, its prospectus shows that about 74% of its products are still sold to academic research institutions. Expansion into businesses and households will depend on the maturity of AI models and applications.

Unitree Robotics recently submitted its IPO registration application after taking just 73 days from acceptance to completion of the review process. It aims to raise about $620 million and become a leading publicly traded humanoid robot company in China’s A-share market. The company shipped 5,500 humanoid robots in 2025, ranking first worldwide, but demand still came mainly from schools and research institutions. The figures show that shipments at scale have yet to translate into mass-market adoption.