Unitree Robotics, the Hangzhou-based humanoid robot manufacturer, officially launched its initial public offering on Shanghai’s sci-tech, technology, innovation and board (STAR) Market on August 10th, 2026, becoming the first A-share listed company focused on humanoid robot manufacturing. The company priced its Initial Public Offering (IPO) at 150.800 yuan per share, with an offering of 40.446 million shares representing 10.00 percent of its enlarged share capital. The IPO is expected to raise approximately 6.100 billion yuan in gross proceeds, with net proceeds estimated at around 5.920 billion yuan. The online subscription code is 787836, with the stock trading under the symbol 688836. The subscription period runs through August 10th, with payment settlement scheduled for August 12th.
The offering values Unitree at approximately 60.990 billion yuan post-IPO. The pricing implies a price-to-earnings ratio of 219.230 times, significantly above the industry average of 38.560 times. Strategic investors include DeepSeek, which committed up to 155 million yuan with a 36-month lock-up period, as well as Tencent’s investment arm and several state-owned enterprise funds including China National Petroleum Corporation and China Southern Power Grid. The company applied under the STAR Market’s second listing criteria, which requires an estimated market value of no less than 100 billion yuan.
Proceeds from the IPO will fund four core projects: the intelligent robot model research and development (R&D) project, the robot hardware R&D project, new intelligent robot product development, and the intelligent robot manufacturing base construction project. Nearly half of the funds are allocated to the intelligent robot model R&D project, which focuses on developing the “brain” and “cerebellum” systems for embodied intelligence. The company, founded in 2016, is among the few robotics firms globally to have achieved profitable operations, with revenue growing from 159.000 million yuan in 2023 to 1.699 billion yuan in 2025. For the first half of 2026, Unitree projects operating revenue between 1.052 billion yuan and 1.128 billion yuan.
With an estimated online subscription rate of just 0.020 to 0.030 percent, the offering is expected to be highly oversubscribed. Each successful bidder will receive a 500-share lot requiring a payment of 75,400 yuan, making it one of the year’s most capital-intensive new listings. Analysts have cautioned investors about the high valuation and potential volatility in the early trading period. As the first dedicated humanoid robot manufacturer to go public in China, Unitree’s listing is widely seen as a milestone for the country’s embodied intelligence industry, providing a valuation benchmark for the broader robotics sector.