Unitree Robotics, a Hangzhou-based robot maker, opened at 1,100 yuan (US$160) on Shanghai’s Star Market on August 19 after raising 6.1 billion yuan (US$905 million) in what was billed as mainland China’s first humanoid robot initial public offering.

The stock jumped 629% from its IPO price of 150.8 yuan (US$22) at the open, taking Unitree’s value to about 445 billion yuan (US$66.1 billion) before falling below 900 yuan (US$130) in early trading.

The sale of 40.45 million shares represented 10% of Unitree’s enlarged share capital and valued it at about 61 billion yuan (US$9.05 billion) before trading began.

Nearly 9.8 million retail accounts sought 9.7 million shares online, for a allocation rate of 0.018%, vs. about 0.47% in July’s Star Market IPO of ChangXin Memory Technologies.

DeepSeek and Tencent joined the placement with state-backed investors including China Telecom and the National Council for Social Security Fund.

DeepSeek’s 141 million yuan (US$20.9 million) stake was locked up for three years.

Prospectus data show humanoid robots made up 51.78% of Unitree’s main business income in 2025, while adjusted net profit in the first quarter of 2026 fell 52.55% year on year to about 40.3 million yuan (US$5.97 million).

At that value, Unitree topped Siasun Robot & Automation, whose market capitalisation is about 24.5 billion yuan (US$3.64 billion).

🔗 Source: South China Morning Post

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