- Only 0.018% of investors won shares as the humanoid robot maker sparked one of China’s hottest IPO races
- The blockbuster offering reflects investor bets that embodied AI could reshape the future of industrial automation
Unitree, China’s leading robotics startup, announced the results of its STAR Market IPO online lottery on Aug. 11, with only 19,414 investors winning shares in the highly anticipated offering.
Each winning lot allows investors to purchase 500 shares at the IPO price of 150.80 yuan ($22) per share, requiring a payment of 75,400 yuan per lot.
The offering attracted overwhelming demand. According to the IPO announcement, 9.78 million investors submitted valid applications, seeking a total of 53.64 billion shares.
The final winning rate was just 0.0181%, the lowest among STAR Market IPOs so far this year.
That means investors had roughly a one-in-5,500 chance of securing a winning lot. The odds were even lower than those for CXMT (长鑫存储), a major Chinese memory chip maker that went public in July, whose winning rate was 0.47% — about 26 times higher than Unitree’s.
The extremely low allocation rate highlights investor enthusiasm for China’s first humanoid robot stock.
Based on historical market performance, Chinese IPOs in 2026 have delivered an average first-day gain of 276%, while STAR Market listings have averaged a 466% increase.
Market expectations suggest Unitree could become another highly sought-after new stock, with one winning lot potentially generating more than 200,000 yuan in paper gains, and possibly up to 350,000 yuan if it matches the average STAR Market performance.
The IPO priced Unitree at 150.80 yuan per share, implying a market capitalization of about 61 billion yuan and a valuation multiple of roughly 219 times earnings. The company plans to raise about 6.1 billion yuan from the offering.
The Social Security Fund was among the largest strategic investors in the IPO. Investors who won the lottery must complete payment by 4 p.m. on August 12, or their allocation will be forfeited.
A bet on the future
A winning rate of just 0.018% shows the intense demand surrounding leading Chinese technology companies entering public markets.
With its fundraising exceeding 6 billion yuan and valuation surpassing 60 billion yuan, Unitree has become a landmark case for China’s emerging humanoid robotics industry.
Yet the market’s pricing logic is not based primarily on current profitability.
At a valuation of more than 200 times earnings, investors are effectively betting on a much bigger possibility: that humanoid robots and embodied AI could reshape how humans produce goods and perform physical work.
Unitree’s IPO therefore represents more than the listing of a robotics company. It is a public-market vote on whether embodied intelligence can move from technological breakthroughs toward large-scale industrial adoption.
