Unitree, a Chinese robotics firm, has recently set its Shanghai IPO price at 150.8 yuan a share, with subscriptions opening on Monday. The listing aims to raise 6.1 billion yuan ($904 million), which would make it the first humanoid robot manufacturer to go public on a mainland exchange.
Below are some facts about Unitree, and why it is leading several Chinese robotics companies towards public listings.
Founded in 2016 by engineer Wang Xingxing, Hangzhou-based Unitree first became known for relatively inexpensive quadruped robots — or robot dogs.
Its G1, H1, and R1 humanoids have gone on to attract global attention through viral demonstrations showing them running, dancing, and performing martial arts. The company competes with Tesla, Boston Dynamics, and a growing field of Chinese startups seeking to build machines that can eventually work in factories and homes.
Unitree’s revenue rose more than fourfold to nearly 1.7 billion yuan in 2025. Unlike many humanoid startups, it is profitable, reporting adjusted net profit of about 600 million yuan. Its overseas revenue accounted for more than 40 per cent of sales during each of the reporting periods disclosed in its prospectus.
Unitree has shown that China can manufacture sophisticated robots at prices far below many overseas competitors, drawing on the country’s extensive supply chains for motors, sensors, batteries, and other components.
It has also become a symbol of Beijing’s drive to dominate embodied intelligence, an emerging field that combines AI models with machines capable of navigating and interacting with the physical world.
But its commercial success does not yet prove humanoids can replace workers. Current demand mostly stems from universities and government-backed projects using robots for education, research, and demonstrations. Humanoids still struggle with reliability, dexterity, and performing varied tasks for long periods without human intervention.
Developing humanoids requires heavy spending on engineers, robot-training data, AI models, and manufacturing capacity — years before demand from factories or households is certain.
Therefore, public markets offer companies the capital to keep developing their technology while government support and investor interest remain strong.
Leju Robotics, which makes the Kuavo humanoid, filed an application in May to list on Shenzhen’s ChiNext market. Shanghai-based AgiBot, another leading humanoid producer, began preparations for a Hong Kong IPO in July.
