Unitree priced its Shanghai listing on August 6 at 150.80 yuan a share, raising about 6.1 billion yuan, or $904 million, nine days after US regulators closed the American market to new models of its robots.
The sale covers 40.4 million shares, 10 percent of the company's enlarged capital, on the Shanghai Stock Exchange's STAR Market. It will make Unitree the first humanoid robot maker listed on the mainland. Subscriptions open August 10 with payment due August 12, and trading is expected to begin later in the month.
The price came in well above the company's own target. Its prospectus sought 4.2 billion yuan at a valuation near 42 billion yuan, and preliminary estimates before the institutional inquiry put the share price around 104 yuan. Bids during that inquiry implied a valuation closer to 55 billion yuan, according to a fund manager cited by Caixin.
Unitree shipped more than 5,500 humanoid robots in 2025, more than any other manufacturer worldwide, on revenue of 1.7 billion yuan and net profit of 278 million yuan, at a gross margin of 60.1 percent. Humanoids accounted for 868 million yuan of that revenue. First-quarter results this year showed revenue up 68.5 percent to 420 million yuan while net profit fell 47.7 percent to 50 million yuan. Proceeds are allocated mainly to research and development, with the largest share going to work on robot bodies.
The FCC added foreign-made humanoid robots and quadrupeds to its Covered List on July 28, blocking new models from the equipment authorization required to import, market or sell them in the United States, and named Unitree among the affected manufacturers. The national security determination cited a September 2025 exploit against Unitree robots that permitted takeover and scanning for other machines nearby. Previously authorised models keep their authorizations. Unitree launched its IPO process three days after that ruling.
China has designated humanoid robots a priority in its national robotics strategy and supplies most of the world's units, which makes the United States the largest export market now closed to new Chinese models. US policy on Chinese access to AI hardware has moved in both directions this year: Washington allowed H200 sales to Chinese buyers on the argument that dependence on American silicon serves US interests, while Chinese developers have built around the controls, with Z.ai running a gigawatt-scale data center entirely on Chinese chips.
No humanoid robot manufacturer has previously listed on a public market. Unitree's shares are expected to begin trading later in August.
Sources: Bloomberg, Caixin, South China Morning Post
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By the Control Plane Editorial Team