Unitree Robotics Technology Co., Ltd. has formally launched the issuance stage of its long-anticipated Shanghai listing, publishing its STAR Market prospectus and offering plan on the evening of July 30 and setting subscription dates of August 10 for offline and online orders after a preliminary pricing inquiry on August 5. A successful float would make the Hangzhou humanoid and quadruped robot maker the first pure-play humanoid robotics stock on China's A-share market.
Offering structure and use of proceeds
Unitree plans to issue 40.45 million new shares, or 10% of the post-offering capital, lifting total shares to about 404 million. The offering combines strategic placement, offline inquiry-based allocation and online fixed-price issuance, with payment due August 12. Senior management and core employees plan to subscribe up to 271.5 million yuan through two dedicated asset management plans — capped at 10% of the offering — with founder and chairman Wang Xingxing personally subscribing 15 million yuan. CITIC Securities is serving as sponsor and lead underwriter.
Proceeds will flow into four buckets: intelligent robot model R&D, robot body development, new product creation and a smart robot manufacturing base — with almost half of the raise earmarked for core embodied-intelligence models, effectively bankrolling Unitree's answer to NVIDIA's Cosmos 3 foundation stack and other Western humanoid brains.
The financials behind the float
In 2025, Unitree shipped more than 5,500 humanoid robots — more units than any other company globally — and its cumulative quadruped robot sales topped 33,000, with overseas revenue consistently above 40%. Annual revenue reached 1.699 billion yuan on a 60.13% gross margin in core businesses, making Unitree one of the few humanoid hardware manufacturers running at scalable profitability. For H1 2026, Unitree guided revenue of 1.052–1.128 billion yuan (up 35.6%–45.4% YoY) and net profit of 258–306 million yuan. Excluding one-off items, adjusted net could dip 6%–22% versus last year as competition and R&D spend accelerate.
Landing amid a humanoid IPO wave
The listing sprint follows Unitree's earlier regulatory clearance and the $650K GD01 transforming mecha reveal, and lands the same week as the FCC's ban on Chinese humanoid and quadruped robot imports on national-security grounds. Alongside Unitree H1 Pro's three-continent rollout, the Shanghai listing is set to concretize valuation for a category where private markets have been pricing peers like Figure AI and Apptronik in the tens of billions of dollars.
Reporting based on coverage from Gasgoo, Xinhua and Unitree's STAR Market prospectus.