Chinese Robotics Giant Unitree Soars in STAR Market Debut

Unitree Robotics, a leading Chinese humanoid robot manufacturer, garnered significant attention with its initial public offering (IPO) on the Shanghai Stock Exchange's technology-focused STAR Market (Science and Technology Innovation Board). The company's shares began trading on Wednesday, August 19, marking a pivotal moment for the sector, driven by unprecedented investor demand and a strong debut performance. Unitree has become the first humanoid robot maker to list on mainland China's A-share market.

The IPO saw 40.45 million shares sold at an offering price of 150.80 Chinese yuan per share, raising approximately 6.1 billion Chinese yuan (about US$904 million) in capital. The company's pre-trading valuation was set at roughly 61 billion Chinese yuan (US$9 billion). Retail investor demand was extraordinary, oversubscribing the available shares by more than 8,000 times, setting a new record for the STAR Market. This intense interest also contributed to Unitree's application process being one of the fastest approvals in the STAR Market's history.

Founded in 2016 and based in Hangzhou, Unitree is renowned for its humanoid robot models such as H1 and G1. In 2025, the company reported revenues of 1.7 billion yuan (approximately $235 million), with a net profit of 278 million yuan and a gross margin exceeding 60%. The company's profitability is notable, especially considering that most startups in the humanoid robot sector have yet to achieve positive earnings. Humanoid robots accounted for 51% of total revenue in 2025, surpassing quadruped robots as the largest revenue contributor. Unitree was a global leader in humanoid robot shipments in 2025, with 5,511 units. However, according to a Smart Analytics Global (SAG) report, AGIBOT surpassed Unitree in the first half of 2026, taking the market lead with 8,400 units shipped, while Unitree moved to second place.

On its debut day in Shanghai, Unitree's shares opened at 1,100 yuan, surging 629% above their IPO price, briefly pushing the company's market capitalization to approximately 445 billion yuan (US$66 billion). The stock later pulled back below 900 yuan. This initial performance underscores significant investor appetite for the humanoid robot sector. Unitree's IPO also coincided with the World Robot Conference in Beijing, further amplifying the general excitement surrounding the industry.

This IPO aligns with China's strategic goals in technological independence and artificial intelligence. The STAR Market's mission to support innovative, high-growth companies enables firms like Unitree to gain greater prominence on the global stage. Notable strategic investors in Unitree include DeepSeek, Tencent's Qishan Investment, and PetroChina's Kunlun Capital.

Analysts and market experts view Unitree's IPO as a critical benchmark for the humanoid robot industry. It establishes a precedent for valuing other companies in the sector, allowing investors to more directly compare factors such as technology, product maturity, and commercialization potential. The prevailing expectation is that the widespread adoption of humanoid robots in industrial and commercial applications will be key to the sector's future growth, with Unitree continuing its pioneering role in this evolving landscape.