Unitree set to launch IPO in Shanghai

China's Unitree Robotics has announced a timetable for its initial public offering in Shanghai, which is poised to value the company at more than 40 billion yuan ($5.7 billion), lifting market sentiment and setting a new benchmark for the valuation of China's fast-growing embodied artificial intelligence sector.

The offering would make Unitree the first major producer of humanoid robots to be listed on the Chinese mainland. More broadly, industry experts said, it could signal the sector's shift from eye-catching prototypes and technology demonstrations to capital-intensive mass production and commercial deployment.

In an offering document published late on Thursday, Unitree announced that preliminary price consultations will begin on Wednesday, with online and institutional subscriptions scheduled for Aug 10 and payment due by Aug 12.

Unitree — based in Hangzhou, the capital of Zhejiang province — announced plans to sell 40.45 million new shares, equivalent to 10 percent of its expanded capital, on the sci-tech innovation board of the Shanghai Stock Exchange, also known as the STAR Market. The company aims to raise 4.202 billion yuan through the debut, which would imply a valuation of around 42 billion yuan if the fundraising target is reached. However, the final offer price will be determined through a book-building process.

Wang Peng, a senior researcher at the Beijing Academy of Social Sciences, said: "The significance of Unitree's IPO goes beyond the company itself. It will be a milestone for China's embodied AI industry. It could reset valuations across the embodied AI sector and accelerate the separation between companies with viable products and those driven mainly by market speculation."

In the long term, Wang said, the move suggests that the industry is shifting from concept-driven investment to a stage of capitalization and scaled production.

CCB International estimates that about 90 percent of Unitree's supply chain was sourced domestically, allowing the company to control costs and accelerate product iteration. The investment services company also expects that Unitree's secondary-market valuation could eventually reach as much as 109 billion yuan.

The news has already boosted investor confidence in Chinese robotics stocks. Following the approval of Unitree's registration by China's securities regulator in early July, a group of humanoid robot-related counters soared.

CCID Consulting said that more than 300 companies worldwide were engaged in making humanoid robots in 2025, with total shipments reaching about 17,000 units. China accounted for 84.7 percent of these, cementing its position as the world's largest humanoid robotics manufacturing base.

Notably, Unitree plans to use the IPO proceeds to build a robot manufacturing base with an annual production capacity of 75,000 humanoid robots and 115,000 quadruped robots.

Zhou Di, an expert at the National Science and Technology Expert Database of the Ministry of Science and Technology, said that a key challenge for Unitree will be to transform technical expertise into a sustainable commercial advantage when competing with established foreign firms, such as Boston Dynamics, and a growing number of domestic Chinese competitors.

Its strongest advantage, he said, would be a combination of technology, cost control and commercialization: maintaining its lead in motion control, expanding the cost advantages of self-developed joints and motors, and increasing shipments until higher volumes reduce costs further.

chengyu@chinadaily.com.cn