Unitree Robotics Seeks $904 Million in Shanghai IPO

The Hangzhou-based robot manufacturer Unitree Robotics, also known as Yushu Technology Co., is seeking to raise approximately 6.1 billion yuan ($904 million) through an initial public offering on Shanghai's STAR Market. The move aims to make Unitree the first publicly traded humanoid robot maker in mainland China.

The company priced its offering at 150.80 yuan per share, selling 40.4 million shares that represent 10% of its enlarged share capital. Unitree reported shipping over 5,500 humanoid robots last year, a volume that ranked it first globally, while its 2025 revenue surged to 1.7 billion yuan.

Unitree plans to allocate 4.2 billion yuan of the IPO proceeds toward humanoid robot research, the development of embodied AI models, and the expansion of its manufacturing capabilities. Founder Wang Xingxing will maintain control of the company, holding approximately 31.29% of the equity following the offering.