Unitree Robotics, China’s leading humanoid robot manufacturer, received final approval from the China Securities Regulatory Commission (CSRC) on July 2 to proceed with an initial public offering on Shanghai’s STAR Market. The clearance came 104 days after the company filed its application on March 20 — the fastest review on record since the exchange introduced its pre-review mechanism.
What the company makes
Founded in 2016 by engineer Wang Xingxing, Unitree builds both quadruped and humanoid robots for industrial, research, and consumer buyers. Its G1 humanoid — starting at around $16,000 — helped the company ship more than 5,500 humanoid units in 2025, ranking it first globally by volume. A larger H1 model, aimed at enterprise and research customers, sells for roughly $90,000. The company also supplies quadruped robots to major industrial operators including State Grid, PetroChina, and JD.com; cumulative quadruped sales have surpassed 33,000 units.
The numbers
Unitree plans to issue at least 40.4 million new shares and raise 4.202 billion yuan (approximately $620 million), implying a post-IPO valuation of around 42 billion yuan ($6.2 billion). In 2025 the company reported revenue of 1.699 billion yuan ($250 million) with a net profit margin of 35 percent — unusually high for a hardware manufacturer. More than 40 percent of revenue comes from overseas markets.
Use of proceeds
Proceeds are directed primarily toward developing large AI models that give robots more capable and autonomous reasoning. Secondary allocations cover new product designs and a dedicated smart manufacturing facility.
Context
The STAR Market is Shanghai’s technology-focused exchange for high-growth innovation companies, filling a role analogous to NASDAQ in the United States. Unitree’s debut, expected as early as late July, would make it one of the first pure-play humanoid robot companies to list on Chinese public markets at a time when global robotics investment is growing at its fastest pace in a decade.