Unitree IPO Could Mark New Era for China's Robotics Sector

By Tracy Qu

A coming listing by humanoid-robot startup Unitree could unleash a fundraising frenzy across China's robotics sector, with the debut serving as a key test of market appetite.

Hangzhou-based Unitree--officially known as Yushu Technology--is set to become the first humanoid-robotics company to trade on the mainland when it goes public on Shanghai's Nasdaq-like STAR market on Wednesday.

"Unitree's IPO is significant because it provides an important A-share valuation benchmark for embodied AI and humanoid robotics," Morningstar analyst Kangyuxiao Li said.

The offering has drawn huge demand and could pave the way for more IPOs.

Retail investors have rushed to secure shares, submitting 9.8 million orders--more than memory chipmaker CXMT's blockbuster offering drew last month. Unitree said that the retail tranche of its offering was more than 5,500 times subscribed.

Other Chinese robotics firms trade in Hong Kong, but Unitree's listing gives mainland investors direct exposure to one of the sector's leading companies, Li said, adding that it could influence the valuations of future robotics IPOs and private companies.

About 20% of Unitree shares on offer have been allocated to strategic investors including AI lab DeepSeek, and the investment arms of major state-owned enterprises such as China Southern Power Grid.

As Beijing channels resources into sectors like robotics, Unitree has emerged as a homegrown champion in humanoid robots.

Backed by tech heavyweights like Meituan and venture-capital firm HSG, the startup captured national attention when its humanoid robots performed a folk dance during a Lunar New Year Gala broadcast last year.

Unitree has raised $900 million after pricing shares at 150.80 yuan apiece, implying a valuation of about $9.1 billion.

Founded in 2016, the company specializes in developing robots that walk and run like humans. On Monday, it announced its latest creation: the "SuperMan Robot", which can jump 2 meters from a standstill and hit a peak running speed of 12.66 meters per second, both surpassing human world records.

Unitree has been steadily growing revenue and profits over the years, but its bottom line has come under increasing pressure from ballooning research-and-development expenses.

Revenue surged 68% in the first quarter of this year, while adjusted net profit slumped by more than 50% due to R&D costs.

Unitree's profit is likely to drop further near term as it invests more to develop "brains" for robots, an area it hasn't poured much money into yet, Counterpoint Research's Wei Sun said.

Write to Tracy Qu at tracy.qu@wsj.com

(END) Dow Jones Newswires

August 18, 2026 03:15 ET (07:15 GMT)