Chinese robot maker Unitree raises $905M in oversubscribed Shanghai IPO
- Unitree raised about $905 million in a Shanghai STAR Market IPO oversubscribed by retail investors by over 5,000 times.
- Private-market platforms are already pricing the stock to jump 176% or more when trading opens next week.
- The risks include slowing growth, a 52.55% drop in quarterly adjusted profit, unproven industrial use cases, and a US import ban on foreign robots.
Unitree, the Chinese maker of humanoid robots, is set to commence trading on Shanghai’s STAR Market next week after raising 6.1 billion yuan ($905 million). The listing could create a functioning market from the hype of China’s robotics boom.
Investors wanted massively into the IPO, with retail applications coming in at over 5,000 times the available shares. This level of oversubscription set a record for technology listings on Shanghai’s STAR Market.
The company priced its shares at 150.8 yuan ($22) and sold about 10% of its enlarged share capital, drawing a valuation of around $9 billion, according to CNBC.
Private markets are pricing massive first-day increase
Off-exchange platforms are already putting Unitree well above the IPO price before a single share has even traded on the exchange. EquityZen, UpMarket and Hiive all suggest the stock could nearly triple, according to Reuters. Hiive priced Unitree at about $62 on Friday morning, which would be a gain of about 176% more than the IPO price.
Pricing on the derivatives market has caused a further increase in the estimated pricing. A contract tied to the Unitree stock on the Trade.xyz platform transacted at a price of around $90 on Hyperliquid, The Economic Times reported. Chinese media have also stated that some subscribers were approached by scalpers offering 410 yuan a share, indicating a premium of over 170%.
CoinEx chief analyst Jeff Ko mentioned that markets outside the regulated IPO process bake in “a substantial scarcity premium,” and noted that Chinese IPOs in the first half of 2026 returned an average of 233% on their first day.
Unitree already makes money
Compared to most of the humanoid robotics industry, Unitree already makes substantial revenue. The tech company’s rivals are still spending to reach commercial viability, while Unitree is regarded as the world’s largest humanoid robot maker by sales.
Unitree’s humanoid revenue reached 868 million yuan ($129 million) in 2025, more than half its main business income, Tech in Asia reported. It shipped over 5,500 humanoids last year, ahead of Shanghai rival Agibot’s 5,168. The company is known for its G1 and H-series machines, robots that have all drawn attention for running, dancing, fighting and getting back up after falls.
The robotics maker also has Beijing’s backing. Founder Wang Xingxing attended a 2025 gathering of tech entrepreneurs hosted by President Xi Jinping, and Unitree counts Tencent, Alibaba and DeepSeek among its investors. Sentiment was also lifted by chipmaker CXMT, whose Shanghai debut weeks earlier saw gains of over five times its initial price.
Risks remain regardless
Taking a break from all the enthusiasm, the numbers underneath still carry risk warnings. Unitree’s first-quarter 2026 revenue growth slowed to 68.49%, and adjusted net profit fell 52.55% to about 40.3 million yuan ($5.97 million), as research and marketing costs surged.
The question of whether the robots can even do any useful work also continues to hover. Unitree acknowledged in its prospectus that large-scale commercial adoption could arrive more slowly than expected, and that robotic hands still lack the precision and durability for sustained operation, according to Robotics and Automation News. Research and education remain the biggest market for the company’s humanoids.
There is also the little issue of regulation. The US Federal Communications Commission is banning imports of new foreign-made humanoid robots, which creates a barrier to Chinese firms’ global plans.
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Opeyemi Olanrewaju
Opeyemi specializes in creating and refining high-quality content focused on cryptocurrency, global financial markets and the economy. He graduated from the University of Ibadan with an MBBS degree. He has worked as Editor-in-Chief for his College’s editorial publication and previously at CFA. For over six years, he has helped safeguard uniqueness as news editor at Cryptopolitan.
