China's robot company Unitree (宇树科技), which finished its listing review in 104 days, will officially list on the STAR Market of the Shanghai Stock Exchange. Ahead of its initial public offering (IPO), the company has begun the book-building process and is expected to start trading in mid-next month.
According to China's business outlet Caixin on the 31st, the number of Unitree IPO offering shares is 40,446,434, equal to 10% of total shares outstanding after listing. Total shares outstanding after listing will be 404,464,340. The offering includes strategic placement, an institutional tranche, and a public subscription; the public subscription will take place on Aug. 10. The listing date is expected to be around Aug. 20.
According to the prospectus, the company plans to raise 4.202 billion yuan (about 896.7 billion won) through this IPO. The corporate value is estimated at about 42 billion yuan (about 8.9624 trillion won). The funds raised will be invested in ▲ intelligent robot model development ▲ research and development of robot bodies ▲ development of next-generation intelligent robot products ▲ construction of an intelligent robot production base. In particular, 2 billion yuan (about 426.8 billion won) will be invested in the robot model development project alone.
Looking at the company's equity, Chair Wang Xingxing (王兴兴) is the largest shareholder with about 24%. Major shareholders with stakes of 5% or more include ▲ Shanghai Yuyi (11%) ▲ Meituan-affiliated (10%) ▲ HSG (formerly Sequoia China)-affiliated (7%) ▲ Matrix Partners (5%).
Unitree's main products are humanoids (human-shaped robots) and quadruped robots (robot dogs). As of last year, humanoids accounted for 52% of revenue. Annual revenue increased about 966%, from 159.13 million yuan (about 34 billion won) in 2023 to 1.69927 billion yuan (about 362.6 billion won) in 2025. Net income swung from a loss of 18.02 million yuan (about 3.8 billion won) to a profit of 590.75 million yuan (about 126.1 billion won).
However, as competition in China's robotics industry overheated, first-quarter revenue growth rate this year fell to 68% year over year. In addition, due to rising selling and administrative expenses and other costs, net income decreased 53% from a year earlier.
Unitree is drawing market attention for its "ultra-fast IPO." Unitree filed its listing application with the Shanghai Stock Exchange on Mar. 20 this year and passed the review on June 1, 73 days later. That is faster than the 88 days of MooreThread (摩尔线程), a Chinese graphics processing unit (GPU) company once synonymous with "ultra-fast review." Unitree then received registration approval from the China Securities Regulatory Commission on the 2nd of this month, completing the review in 104 days and setting the shortest record since the introduction of the STAR Market's "pre-review" system.