Unitree lists on Shanghai's STAR Market in mainland China's first humanoid robot IPO

2026-08-19

Unitree lists in Shanghai

Chinese robotics startup Unitree Robotics listed on the Shanghai Stock Exchange's STAR Market for high-growth companies on the 19th, in mainland China's first initial public offering by a humanoid robot stock. Pre-subscription by retail investors exceeded 8,000 times, underscoring strong market expectations.

First-day price 7.3 times the offer price

The opening price came in at 1,100 yuan, far above the offer price of 150.80 yuan. Based on the opening price, its market capitalization reached about 445 billion yuan, or about 1.05 trillion yen, giving the startup an unusually high valuation. It closed at 845 yuan, or 5.6 times the offer price.

The company was founded in August 2016 by Chairman and General Manager Wang Xingxing, who had been researching dog-like robots in graduate school. Headquartered in Hangzhou, it has expanded sales centered on quadruped dog-like robots. Since launching its humanoid robot 'H1' in the summer of 2023, it has drawn even more attention, and on a TV program during the Lunar New Year holiday it performed dance routines and somersaults.

Mass production and AI upgrades in focus

Unitree's edge lies in developing and producing core components in-house, including AI models, motion control systems, sensors and motors. That makes it easier to accelerate new product launches and helps contain costs. Its flagship 'G1' model is sold from $13,500, a price comparable with that of a passenger car.

The company's biggest strength is that it has already entered mass production. Cumulative shipments of humanoid robots reached about 18,000 units in July. Taiwan-based research firm TrendForce expects it to overtake AGIBOT and others to rank first in production in 2026.

Proceeds from the listing will be used to strengthen AI models, which function as the robot's 'brain' for autonomous movement. Revenue for the year ending December 2025 was 1.69926 billion yuan, 4.3 times the previous year, and the company has also secured a net profit since the year ending December 2024. However, growth has slowed somewhat this year, and revenue for January to June 2026 is expected to rise 45% from a year earlier to 1.128 billion yuan.

Rising competition and external risks

According to China's Ministry of Industry and Information Technology, more than 140 companies were involved in the development or production of humanoid robot bodies in the country as of 2025. The Xi leadership has included embodied AI in the 15th Five-Year Plan through 2030 as a future industry to be nurtured, but 'involution', in which companies flock to high-growth sectors, has also begun to emerge.

Unitree said in disclosure materials that 'market competition is becoming more intense by the day.' Practical challenges remain as well. Of the humanoid robots shipped from January to September 2025, only 9% by value were used in manufacturing, logistics and other work sites.

U.S.-China tensions are also weighing on the outlook. The U.S. Federal Communications Commission introduced import restrictions on advanced foreign-made robots in late July. According to Unitree, its main products have already obtained FCC certification, but robots it develops in the future may be unable to be shipped in the United States. Sales to the U.S. accounted for 13% of revenue in the year ending December 2025.

At the listing ceremony, Wang said, 'Let's realize AGI, the ultimate dream of humanity, together.' However, at an investor briefing in early August, he also said the industry is still at an early stage.

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