Unitree, a Hangzhou-based robotics company also known as Yushu Technology, completed the pricing of its Shanghai initial public offering on the STAR Market. The company set the offer price at 150.8 yuan per share, resulting in a valuation of approximately 61 billion yuan, or around 9.04 billion dollars. This pricing represents an increase from an earlier target range of up to 50 billion yuan that had been previously reported. The IPO marks a significant milestone as Unitree becomes the first mainland Chinese company to list on a public exchange as a manufacturer of humanoid robots.
The offering involves the sale of 40.45 million newly issued shares, representing 10% of the company’s fully diluted share capital. Unitree intends to raise approximately 6.1 billion yuan through the public offering. The company plans to allocate the proceeds toward developing robot software and hardware, launching new product lines, and establishing manufacturing facilities. Subscription for the IPO was scheduled to open on August 10, with strategic investor DeepSeek, a prominent Chinese artificial intelligence company, participating in the offering.
Unitree’s financial performance has shown significant growth, with annual revenue exceeding 1.7 billion yuan in 2025, representing more than a fourfold increase from the prior year. Humanoid robots emerged as the company’s largest revenue segment, generating 867.8 million yuan and surpassing its four-legged robot business. However, growth momentum has moderated during the current year, with first-quarter revenue increasing 68.5% to 422.8 million yuan, while adjusted profit declined 52.6% to 40.3 million yuan due to elevated research and marketing expenditures.
The IPO occurs amid escalating trade and technology tensions between the United States and China. U.S. markets represented 13.3% of Unitree’s revenue in 2025. The company faces potential headwinds from American trade restrictions, including new limitations on foreign-made humanoid and four-legged robots. While Unitree’s current robot models have obtained U.S. regulatory approvals, the company has disclosed that future product generations could face sales restrictions in the American market. The prospectus also identified risks including potential tariffs, procurement limitations, export controls, and the possible revocation of existing regulatory clearances that could adversely affect international growth and supply chain operations.
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