Chinese robotics company, Unitree, has set the price for its Shanghai initial public offering at 150.8 yuan per share, with investors expected to begin subscriptions on Monday.
The offering is aimed at raising about 6.1 billion yuan ($904 million), potentially making Unitree the first humanoid robot maker to secure a listing on a mainland Chinese stock exchange.
Unitree was established in 2016 by engineer Wang Xingxing and is headquartered in Hangzhou. The company initially gained recognition for producing relatively affordable quadruped robots, widely known as robot dogs.
The company later expanded into humanoid robots, with its G1, H1 and R1 models gaining international visibility through widely shared demonstrations of the machines running, dancing and performing martial arts. Unitree is competing with global players including Tesla and Boston Dynamics, alongside a growing number of Chinese startups developing robots intended for eventual use in industrial and household settings.
Unitree’s revenue increased more than fourfold in 2025, reaching almost 1.7 billion yuan. The company has also distinguished itself from many humanoid robotics startups by turning a profit, with adjusted net income reaching roughly 600 million yuan. Overseas markets generated more than 40% of its revenue in each of the reporting periods outlined in its prospectus.
The company has demonstrated China’s ability to produce advanced robotic systems at significantly lower costs than many international rivals. Its manufacturing advantage is supported by China’s extensive network of suppliers producing motors, sensors, batteries and other essential components.
Unitree has also emerged as an example of China’s broader ambition to establish leadership in embodied intelligence, a developing area of technology that integrates artificial intelligence models with machines designed to understand, move through and interact with the physical environment.
However, Unitree’s financial performance has yet to establish that humanoid robots are ready to replace human workers on a large scale. Much of the current market comes from universities and government-supported initiatives, where robots are used for education, research and demonstrations. Humanoid machines continue to face challenges involving reliability, dexterity and their ability to carry out a wide range of tasks for extended periods without human assistance.
Building humanoid robots is capital-intensive, requiring substantial investment in engineering talent, training data, AI systems and production facilities, often years ahead of certainty over whether demand from factories and households will reach commercially viable levels.
As a result, stock-market listings can provide robotics companies with additional funding to continue developing their technologies at a time when government backing and investor enthusiasm for the sector remain elevated.
Other Chinese humanoid robot makers are also moving towards public markets. Leju Robotics, the developer of the Kuavo humanoid, submitted an application in May to list on Shenzhen’s ChiNext board. Meanwhile, Shanghai-based AgiBot, another major player in the humanoid robotics sector, started preparations for a Hong Kong IPO in July.
