- China’s securities regulator approved the humanoid robot maker’s IPO registration, paving the way for a listing on Shanghai’s STAR Market
- The company is seeking to raise 4.2 billion yuan, implying a minimum valuation of about 42 billion yuan
Embodied robotics upstart Unitree (宇树科技) has received approval from the China Securities Regulatory Commission to proceed with its initial public offering, clearing the final regulatory hurdle before listing on Shanghai’s STAR Market.
The regulator on July 2 approved the Hangzhou-based humanoid and quadruped robot maker’s IPO registration, allowing the company to move to the share issuance stage before trading can begin.
Under Chinese listing rules, the registration approval is valid for 12 months, during which the company must complete the share offering in accordance with the prospectus and issuance plan previously filed with the Shanghai Stock Exchange.
Any material changes during the period must be promptly disclosed to the exchange.
The Yangtzeer reported previously that the Hangzhou-based firm is on track to list on the Nasdaq-style board in early to mid July, if everything goes to plan.
Fastest approval
The approval follows the STAR Market listing committee’s clearance on June 1, when the exchange concluded that Unitree met listing, issuance and information disclosure requirements.
The company has completed the regulatory process in just over 100 days, from the exchange accepting its IPO application on March 20 to securing registration approval.
According to its prospectus, Unitree plans to raise 4.202 billion yuan ($619 million) through the offering.
The proceeds will be used to develop AI models for intelligent robots, advance robot hardware, develop next-generation robotic products and build a smart robot manufacturing base.
A minimum valuation of 42 billion yuan
The company plans to issue no fewer than 40.45 million shares before any over-allotment option is exercised, representing at least 10% of its enlarged share capital.
Based on the proposed fundraising and offering structure, the IPO implies a minimum post-listing valuation of about 42 billion yuan for Unitree.
According to the prospectus, founder, Chairman and Chief Executive Wang Xingxing directly owns 86.71 million shares, representing a 23.82% equity stake.
Through the company’s weighted voting rights structure, those shares account for 63.55% of voting rights.
Combined with a shareholding platform he controls, Wang holds 68.78% of the company’s voting rights, making him Unitree’s controlling shareholder and de facto controller.
