Unitree Robotics opened subscriptions for its initial public offering on the Shanghai Stock Exchange’s STAR Market on Monday, pricing shares at 150.80 yuan – approximately $22 – and offering approximately 40.45 million shares representing 10% of its post-offering share capital. The offering is expected to raise approximately 6.10 billion yuan in gross proceeds, making it the largest capital raise in the Chinese humanoid robotics sector to date and the first listing of a pure-play humanoid robot manufacturer on China’s domestic A-share market.
The offering drew overwhelming interest. After invalid bids and the highest-priced portion of proposed subscriptions were excluded, remaining offline subscriptions totaled 71.46 billion shares – 2,760.67 times the initial offline offering size before strategic placement adjustments.
Unitree’s Financial and Commercial Track Record
The prospectus discloses the most detailed public financial picture yet of a Chinese humanoid robotics company. Revenue grew from 159 million yuan in 2023 to 393 million yuan in 2024 and 1.70 billion yuan in 2025. Net profit reached 278 million yuan in 2025, with adjusted net profit excluding non-recurring items of 590.75 million yuan.
From 2023 through 2025, Unitree sold 33,294 quadruped robots and 5,632 humanoid robots, with humanoid shipments exceeding 5,500 units in 2025 alone, excluding wheeled dual-arm robots. Overseas sales accounted for 43.65% of main-business revenue in 2025, generating 731.66 million yuan, reflecting the international reach that gives Unitree exposure to markets beyond China even as its U.S. access faces regulatory headwinds from FCC Covered List restrictions.
Record-Pace Approval
Unitree’s path through the STAR Market regulatory process took just 73 days from application acceptance on March 20 to listing committee approval on June 1 – a record pace that the China Securities Journal noted reflects Beijing’s priority treatment for high-technology companies in strategic sectors.
Where the Capital Goes
Unitree plans to invest the 4.20 billion yuan in IPO proceeds across four projects: intelligent robot model research, robot body R&D, new intelligent robot product development, and an intelligent robot manufacturing base. The allocation priorities – model research first, manufacturing last – reflect the industry’s current consensus that the AI layer, not hardware production capacity, is the binding constraint on commercial scalability.
The Broader Export Context
The IPO arrives at a structurally significant moment for China’s robotics export trajectory. China became a net exporter of industrial robots for the first time in 2025. In the first half of 2026, industrial robot exports reached 6.29 billion yuan, up 18.6% year-on-year, shipped to 141 countries and regions. Intelligent biomimetic robot exports exceeded 10,000 units. Robotics, AI-related products, and innovative pharmaceuticals are being positioned by Beijing as the new three export growth drivers – the successor category to the previous “new three” of electric vehicles, lithium batteries, and photovoltaic products.
Brokerages including China Securities and Wanlian Securities have identified 2026 as the key year for humanoid robot commercialization, with mass-production validation and real-world scenario deployment in industrial and commercial settings expected to advance significantly during the year. Unitree’s public listing will provide the most liquid benchmark valuation for that thesis – and the most transparent ongoing data on whether commercial deployment is converting into sustainable revenue at scale.
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