Chinese Robot Maker Unitree to Raise $900 Million in Shanghai IPO

Chinese humanoid robot manufacturer Unitree has priced its Shanghai initial public offering at 150.8 yuan per share to raise 6.1 billion yuan, or approximately $900 million. The company is expected to become the first mainland listed humanoid robot manufacturer. Retail investor demand for the offering was high, with the IPO being oversubscribed 5,500 times. Founded in 2016 by Wang Xingxing, the Hangzhou based company first gained recognition for its quadruped robots before developing the G1, H1, and R1 humanoid models. Unitree reported adjusted net profit of about 600 million yuan and revenue of nearly 1.7 billion yuan in 2025, with overseas sales accounting for more than 40 percent of its revenue. The company competes with firms such as Tesla and Boston Dynamics. While Unitree leverages China's supply chains to produce robots at lower costs, current demand is primarily driven by government projects and universities rather than widespread commercial replacement of workers. Other Chinese firms, including Leju Robotics and AgiBot, are also pursuing public listings to fund the high costs of AI and hardware development.