Hangzhou-based robotics company Unitree Technology opened subscriptions for its initial public offering on Shanghai’s STAR Market on August 10.

The company is offering 40.45 million shares at 150.8 yuan (US$22) each to raise about 6.1 billion yuan (US$904 million). Payments are due on August 12.

The sale values Unitree at about 61 billion yuan (US$9.04 billion) based on post-offering share capital. Unitree sells humanoid and quadruped robots.

Unitree said it generated 1.7 billion yuan (US$252 million) in revenue and 591 million yuan (US$87.6 million) in net profit, excluding non-recurring items, in 2025.

It expects first-half 2026 revenue of 1.1 billion yuan (US$156 million) to 1.1 billion yuan (US$167 million), up 35.62% to 45.41% year on year.

Net profit attributable to shareholders is expected to turn to a loss, mainly because of share-based compensation, while net profit excluding non-recurring items is forecast at 236 million yuan (US$35 million) to 283 million yuan (US$42 million), down 21.97% to 6.43%.

The prospectus said immature humanoid robot technology, limited financing channels, and developing demand could slow commercialization. It also said current funding mainly comes from private equity financing and accumulated funds, limiting expansion.

Shanghai’s STAR Market allows R&D-heavy tech companies, including some that are not yet profitable, to list under more flexible rules than China’s main boards.

🔗 Source: Cailianshe

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