Unitree, Maker of "Dancing Robots," Sets IPO Price

Corporate Value Soars 4.8 Times in One Year
First Humanoid Robot Company to Be Listed on Mainland China’s Stock Market
Sets New Record for Fast-track STAR Market Review

This year, Unitree, the developer behind the humanoid robot that performed a martial arts show on the Chinese Lunar New Year (Spring Festival) TV special, has set its initial public offering (IPO) price at 150.8 yuan per share. If the listing proceeds as scheduled, Unitree will become the first humanoid robot company to be listed on mainland China's stock market.

According to the Chinese economic media outlet Caixin on August 6, Unitree confirmed its IPO price at 150.8 yuan per share (approximately 31,705 KRW) on the STAR Market—China’s “Nasdaq equivalent” for technology stocks on the Shanghai Stock Exchange. The company’s valuation was assessed at 61 billion yuan (about 12.83 trillion KRW). This is almost five times higher than its last private investment round in June of the previous year, which valued the company at 12.7 billion yuan.

On June 10th, at the 20th Busan Contents Market (BCM) event, AI robots from Unitree, the number one humanoid robot company in China, performed rhythmic movements. Photo by Yonhap News Agency

In determining the offering price, a 2025 fully diluted price-to-sales ratio (PSR) of 35.89 times was applied. Caixin pointed out that this is higher than the industry average. Excluding non-operating income and expenses, the price-to-earnings ratio (PER) for 2025 stands at 219.23 times.

Unitree plans to issue approximately 40.45 million new shares, equivalent to 10% of its total shares. The scale of new funds to be raised is 6.1 billion yuan (about 1.29 trillion KRW), which is more than the originally planned 4.2 billion yuan. The company has announced that it will use the newly raised funds for research on AI models for robots, new product development, and expansion of production facilities.

Of the new issuance, about 8.09 million shares, representing 20%, have been allocated to nine strategic investors. Hangzhou DeepSeek AI Foundation Research, the parent company of DeepSeek, received an allocation worth about 155 million yuan. The lock-up period for these shares is 36 months. Also included on the list are Qisan Investment, part of the Tencent Group, and Tianyi Capital under China Telecom. For strategic investors other than Qisan Investment, the lock-up period is 12 months.

Founded in 2016, Unitree received widespread attention at the start of the year for delivering a significantly more advanced martial arts performance than in the previous year during the Spring Festival TV special, China’s biggest holiday program. About ten G1 robots showcased technical sophistication by wielding swords and nunchaku or executing 360-degree aerial spins as part of a complex martial arts routine.

The company’s revenue last year increased by 335% compared to 2024, reaching 1.71 billion yuan. Net profit came in at 287.6 million yuan, a 204% increase over 2024. In the first quarter of this year, Unitree’s revenue was 423 million yuan, a year-on-year increase of 68.49%. The company’s projected revenue for the first half of the year is between 1.052 billion yuan and 1.128 billion yuan.

The ultra-fast progress of the listing review process is also noteworthy. Unitree submitted its IPO application to the Shanghai Stock Exchange on March 20, passed the listing review committee inspection on June 1, and set a new record for the STAR Market with a 73-day timeline. Caixin pointed out that this beats previous “super-fast review” cases on the STAR Market, such as Moore Thread (88 days) and Moorechip Integration (116 days). In early July, the company also received quick approval from the China Securities Regulatory Commission, setting a 104-day record.

If this IPO proceeds without issues, Unitree will become the first humanoid robot manufacturer to be listed on mainland China’s stock market. Meanwhile, another humanoid company, UBTECH, is listed on the Hong Kong Stock Exchange. Retail subscription will take place on August 10 and the results are scheduled to be announced on August 14.

This content was produced with the assistance of AI translation services.