Unitree Robotics IPO Set for August 19 as Retail Demand Tops 8,000 Times

Key Takeaways

• Unitree Robotics will begin trading on Shanghai’s STAR Market on August 19 under the ticker 688836, following a RMB6.1 billion IPO.
• The offering was priced at RMB150.80 per share, giving the humanoid robot maker a post-IPO valuation of approximately RMB61 billion, or $9 billion.
• Retail demand exceeded the available allocation by more than 8,000 times, but Unitree’s elevated valuation, slowing profit growth and overseas regulatory exposure remain important risks.

Unitree Robotics is preparing for one of China’s most closely watched technology listings of 2026. The Hangzhou-based company will make its Shanghai stock market debut on August 19, giving public investors direct exposure to a fast-growing manufacturer of humanoid and quadruped robots.

The listing arrives as investor interest in embodied artificial intelligence continues to expand. Unitree has gained international attention through robots capable of running, dancing and performing martial arts, while its latest high-speed humanoid model has added to expectations surrounding the IPO.

Unitree Robotics IPO Raises RMB6.1 Billion

Unitree will list on the Shanghai Stock Exchange’s STAR Market under the stock code 688836. The company issued approximately 40.45 million new shares at RMB150.80 each, representing 10% of its enlarged share capital.

The offering raised approximately RMB6.1 billion, equivalent to around $905 million. The final price gives Unitree an estimated post-listing market capitalisation of RMB61 billion, or approximately $9 billion. This was higher than earlier valuation expectations of up to RMB50 billion.

The Unitree Robotics IPO will make the company China’s first humanoid robot manufacturer to list on the mainland market and the first general-purpose robotics company to debut on a mainland Chinese exchange. Other Chinese robotics businesses, including UBTech and Dobot, are already listed in Hong Kong.

Retail Investors Oversubscribe IPO by More Than 8,000 Times

Investor demand has been exceptionally strong. The retail portion of the Unitree Robotics IPO was more than 8,000 times oversubscribed, setting a record for Shanghai’s technology-focused STAR Market.

Nearly 10 million retail investors submitted applications. After shares were transferred from the institutional tranche to the retail allocation, the final winning rate remained around 0.018%, meaning only a small percentage of applicants received shares.

Several factors contributed to the demand. Unitree is already profitable, has established production scale and offers exposure to a technology sector supported by China’s broader drive to develop artificial intelligence, advanced manufacturing and domestic automation.

The limited number of freely tradable shares could also create a significant supply-demand imbalance during early trading. Only 10% of the company’s enlarged share capital was sold in the IPO, while some strategic allocations will remain subject to lock-up periods.

New “Superman” Robot Adds to Listing Interest

Unitree introduced a new high-speed humanoid robot shortly before its market debut. The model, nicknamed “Superman”, was developed in just over three months and reportedly achieved a standing jump of two metres and a maximum speed of 12.66 metres per second.

The company has acknowledged that the robot remains under development, but its unveiling has reinforced Unitree’s reputation for rapid product iteration. The timing also coincides with the World Robot Conference in Beijing, placing the company at the centre of renewed interest in China’s robotics industry.

Unitree said it had cumulatively produced and delivered approximately 18,000 bipedal humanoid robots across several models by July 2026. Its product range includes the G1, H1, H2 and R1 humanoids, alongside Go2, B2 and other quadruped platforms.

These robots are currently used primarily in research, education, entertainment, inspection and early industrial trials. The larger opportunity envisioned by the sector—robots performing autonomous work in factories and homes—remains at an earlier stage of commercial development.

Humanoid Robots Become Unitree’s Largest Business

Unitree’s revenue increased from RMB159 million in 2023 to RMB393 million in 2024 and approximately RMB1.7 billion in 2025. This represents a two-year compound annual growth rate of more than 220%.

Humanoid robot revenue reached RMB867.8 million in 2025, accounting for approximately 51% of total sales and overtaking quadruped robots as the company’s largest business. Unitree delivered more than 5,500 humanoid robots during the year, supported by demand from universities, technology companies and research institutions.

Reported net profit attributable to shareholders reached approximately RMB278 million in 2025. Profit excluding non-recurring items was considerably higher at around RMB591 million, partly because reported earnings included a large non-cash share-based payment expense. The company’s core-business gross margin stood near 60%.

However, the latest results indicate that investment costs are rising. First-quarter 2026 revenue increased 68.5% year on year to RMB422.8 million, while profit excluding one-off items fell 52.6% to RMB40.3 million as research, development and marketing expenses increased. Unitree’s IPO financial data

DeepSeek Participates in Unitree’s Strategic Placement

DeepSeek invested RMB140.8 million, or around $20.8 million, through the IPO’s strategic placement. The Chinese AI company received 933,399 shares, representing 2.31% of the shares allocated to strategic investors.

The two Hangzhou-based companies plan to combine DeepSeek’s AI-model capabilities with Unitree’s experience in mechanical engineering, motion control and embodied intelligence. Their cooperation will focus on developing systems that can understand unfamiliar environments and convert instructions into reliable physical actions.

This is an important area for Unitree because advanced movement alone does not guarantee commercial usefulness. Humanoid robots require large volumes of real-world training data and multimodal models capable of processing vision, language and physical feedback before they can complete complex tasks independently.

The IPO proceeds will support intelligent robot model research, new robot bodies and products, core components and the construction of a smart manufacturing facility. Unitree also plans to expand capacity for both humanoid and quadruped robots.

High Valuation Raises Commercialisation Questions

The offering price corresponds to an issuance price-to-earnings ratio of approximately 219 times reported 2025 earnings and a price-to-sales ratio close to 36 times. Even when the higher adjusted profit figure is used, the valuation remains above 100 times earnings.

Such multiples imply that investors are pricing in several years of rapid growth, wider industrial adoption and continued technological leadership. Any slower-than-expected expansion in orders, pressure on margins or delay in commercial applications could therefore cause substantial valuation adjustments.

Overseas exposure creates another source of uncertainty. International markets contributed more than 40% of Unitree’s revenue during the reporting periods disclosed in its prospectus, while the United States generated 13.3% of 2025 sales. New tariffs, procurement limits or restrictions on foreign-made humanoid and quadruped robots could affect future models, imported components and overseas expansion.

Competition is also intensifying. Unitree faces established international developers such as Tesla and Boston Dynamics, as well as Chinese companies including AgiBot, UBTech, Leju Robotics and DEEP Robotics. The industry must still demonstrate that humanoid machines can generate consistent economic returns outside research, demonstrations and highly controlled environments.

What to Watch When Unitree Shares Begin Trading

Initial trading will show how much robotics enthusiasm is already reflected in the RMB150.80 IPO price. Investors will focus on opening turnover, the size of the first-day premium and whether strong demand spreads to other Chinese robotics shares.

STAR Market stocks are not subject to a daily price limit during their first five trading days. A 20% daily limit applies afterwards, meaning Unitree could experience unusually large price movements during its debut week.

Beyond the initial listing reaction, Unitree’s order growth, R&D spending, humanoid robot margins and progress towards factory deployment will determine whether its financial performance can support the IPO valuation.