- Humanoid robot maker set to begin subscription process on August 10 in China’s first major embodied AI listing
- IPO proceeds will fund robot models, hardware development and manufacturing expansion
Unitree (宇树科技), one of China’s best-known humanoid and quadruped robot developers, is moving closer to its Shanghai STAR Market debut, with its initial public offering expected to value the company at about 42 billion yuan ($6.2 billion).
The Hangzhou-based company is expected to price its shares at around 104 yuan ($15.4) each, according to market estimates.
Unitree will hold an online investor roadshow on August 7 and begin online and offline subscription on August 10, marking a key milestone for what could become China’s first publicly listed embodied intelligence company.
Public-market benchmark
Unitree’s IPO will provide one of the first public-market benchmarks for China’s emerging robotics sector, as similar robotics and embodied AI companies such as AgiBot (智元机器人) and Leju Robotics (乐聚机器人) race to list on the STAR Market for capital injection and investor exit.
Unitree plans to issue 40.45 million new shares, representing 10% of its post-listing total shares, and raise approximately 4.2 billion yuan.
The proceeds will be used for four major initiatives: embodied intelligence model development, robot hardware research and development, product development and expansion of manufacturing facilities.
The listing is drawing attention as investors seek exposure to the rapidly growing humanoid robotics sector, which has become a major focus of China’s AI and advanced manufacturing strategy.
Among the participants in the offering are 171 Unitree executives and core employees, who will subscribe to company shares at the IPO price, signaling internal confidence in the company’s growth prospects.
Founder and Chief Executive Officer Wang Xingxing will retain control after the listing through a special voting rights arrangement. Although he owns about 23.82% of the company, the structure will give him approximately 68.78% of voting rights.
Unitree’s financial performance has also strengthened investor interest. The company reported revenue of 1.699 billion yuan and net profit of 278 million yuan in 2025.
It expects first-half 2026 revenue to reach between 1.052 billion yuan and 1.128 billion yuan, representing year-on-year growth of 35.6% to 45.4%.
Strong global interest
The IPO comes as embodied AI — the combination of AI models with physical robotic systems — becomes one of the most closely watched technology sectors globally.
Investor enthusiasm has extended beyond domestic markets. A perpetual futures contract linked to Unitree’s pre-IPO valuation on overseas decentralized trading platform Hyperliquid has reportedly traded at a premium of nearly five times the expected A-share IPO price.
This reflects strong international interest in what investors view as a potential milestone listing for China’s embodied intelligence industry.
