- Hangzhou quadruped robot maker plans a 2.5-billion-yuan raise for R&D and expansion
- Move comes as rival Unitree also advances toward a STAR Market listing
DEEP Robotics (云深处科技), a Chinese producer of legged robots, has taken a key step toward a coveted Shanghai STAR Market listing after the Shanghai Stock Exchange formally accepted the company’s IPO application, according to an exchange filing published on May 18.
The Hangzhou-based robotics company is seeking to raise 2.503 billion yuan ($368 million) from the listing. The IPO sponsor is China Securities, while auditing work is being handled by Pan-China Certified Public Accountants LLP.
The startup completed its IPO tutoring process around April 30, 2026, after formally launching the mandatory pre-listing guidance on December 23, 2025, with China Securities serving as the advisor.
Founded by Professor Zhu Qiuguo, which concurrently teaches at Zhejiang University, and Li Chao, his former colleague and junior labmate at the university’s robotics laboratory, DEEP Robotics develops legged robots for industrial applications including power-grid inspection, firefighting and flood response, industrial maintenance, security patrol and confined-space rescue.
According to its prospectus, the company generated 340 million yuan in revenue in 2025, up from 103 million yuan in 2024. Net profit attributable to shareholders reached 28.68 million yuan in 2025, compared with a loss of 13.3 million yuan a year earlier, marking its first profitable year.
Research and development spending accounted for 31.52% of cumulative revenue over the past three years.
The filing comes as China’s quadruped robotics sector enters a more competitive capital-markets phase. Cross-town rival Unitree (宇树科技) is also preparing for a STAR Market IPO in which it plans to raise 4.202 billion yuan.
In comparison, Unitree remains significantly larger in scale. According to its prospectus, the company reported revenue of 1.708 billion yuan in 2025, up 335% year-on-year. Revenue in the previous three years stood at 123 million yuan, 159 million yuan and 392 million yuan respectively.
Unitree recorded about 600 million yuan in adjusted net profit in 2025, while net profit attributable to shareholders reached 288 million yuan. The company turned profitable in 2024, when attributable net profit reached 94.5 million yuan.
