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Unitree becomes first humanoid robot maker to list on China's public markets

Unitree becomes first humanoid robot maker to list on China's public markets

Money Moves

Shares of the world's top-selling humanoid maker close up 460% in Shanghai; a 2025 profit and rival listing plans now set the public-market bar for the sector.

August 19th, 2026: Unitree soars in Shanghai debut

Overview

Updated Sep 4

Unitree, the world's top-selling humanoid robot maker, began trading on Shanghai's STAR Market on August 19, 2026. Its IPO drew orders more than 8,000 times the shares on offer, a record for the exchange, and shares closed up 460% at 845 yuan after spiking to 1,100 yuan intraday.

Unitree turned its first full-year profit in 2025, with revenue of 1.71 billion yuan ($250 million) and net profit of 278 million yuan ($41 million). Humanoid robots accounted for more than half of that revenue. Rivals are preparing to follow it public: Chery Automobile's robotics division confirmed it is in listing talks, even as US regulators move to restrict foreign robot imports.

Why it matters

For the first time, buyers of a Chinese stock can bet directly on humanoid robots, and Unitree's price now sets the benchmark for the whole sector.

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Key Indicators

+460%
First-day close
Shares closed at 845 yuan, up 460.3% from the 150.80 yuan offering price.
+629%
Intraday peak
Shares touched 1,100 yuan before paring gains into the close.
$904M
Raised in IPO
About 6.1 billion yuan raised on the Shanghai STAR Market.
8,000x
Oversubscription
Retail demand topped the shares on offer more than 8,000 times, a STAR Market record.
5,500+
Humanoids shipped in 2025
More humanoid units than any other maker worldwide.
278M yuan
2025 net profit
First full-year profit on revenue of 1.71 billion yuan ($250 million).

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People Involved

Organizations Involved

Timeline

August 2016 August 2026

8 events Latest: August 19th, 2026 · 3 weeks ago
Tap a bar to jump to that date
  1. Unitree soars in Shanghai debut

    Latest Market debut

    Shares spike as much as 629% intraday, then close up 460.3% at 845 yuan. It is the first humanoid maker on mainland public markets.

  2. Chery robotics division confirms listing talks

    IPO

    Chery Automobile's robotics division told Reuters it was in talks over potential listing venues, signaling more Chinese humanoid makers may go public.

  3. Record retail demand reported

    Financial

    The IPO draws orders more than 8,000 times the available shares, a STAR Market record, ahead of trading.

  4. IPO priced at 150.80 yuan

    Financial

    Unitree sets its offering price, valuing the company near 61 billion yuan, about $9 billion.

  5. US FCC bans imports of future foreign-made robots

    Regulatory

    The Federal Communications Commission barred imports of future models of foreign-made humanoid and quadruped robots, including Unitree's.

  6. Pentagon adds Unitree to Chinese military company list

    Regulatory

    The US Defense Department identified Unitree as a contributor to China's defense industrial base, restricting US military use of its robots.

  7. Dancing robots at the Spring Festival Gala

    Public breakthrough

    Unitree humanoids perform a synchronized dance on China's Lunar New Year broadcast, making the brand a household name.

  8. Unitree founded in Hangzhou

    Origin

    Wang Xingxing registers Unitree in a small Binjiang District office after leaving drone maker DJI.

Scenarios

1

Unitree holds its debut premium into year end

Possible Resolves by End of 2026

Discussed by: Bullish retail investors and STAR Market coverage in CNBC and South China Morning Post

Demand stays strong and Unitree keeps most of its first-day gain. If quarterly shipments and profit rise, the stock stays well above its 150.80 yuan offer price, cementing a rich valuation for the sector's benchmark name.

2

Debut hype fades and shares fall below their offer price

Possible Resolves by Aug 19, 2027

Discussed by: Skeptics citing the 857-times-earnings valuation flagged by market analysts

First-day buyers priced in years of growth. If humanoid demand disappoints or China's IPO frenzy cools, the stock could sink under its offering price, echoing thematic listings that popped then dropped. A close below 150.80 yuan would mark that reversal.

3

A rival Chinese humanoid maker follows Unitree onto the STAR Market

Possible Resolves by Aug 19, 2027

Discussed by: Robotics-sector analysts at KraneShares and Counterpoint Research

Unitree's reception could pull competitors public. If a maker such as AgiBot files for or completes a mainland listing, it would show the IPO window has opened for the whole sector, not just the first mover.

4

Regulators step in to cool STAR Market IPO speculation

Unlikely Resolves by Feb 19, 2027

Discussed by: Observers of the China Securities Regulatory Commission's past interventions

Record oversubscription and a 629% pop invite scrutiny. If regulators tighten first-day trading rules, pricing, or retail access after Unitree, it would signal official concern about froth in robotics listings.

5

US import restrictions squeeze Unitree's overseas sales

Possible Resolves by End of 2026

Discussed by: Reuters, FCC rulemaking and Pentagon designation

The FCC in July banned imports of future models of foreign-made humanoid and quadruped robots. The Pentagon added Unitree to a Chinese military company list in June, barring US military purchases. Unitree's sales so far lean on Chinese research and education buyers, so the near-term hit may be small, but wider restrictions could cut off export growth.

Historical Context

3 moments from history that rhyme with this story — and how they unfolded.

May 2019

Beyond Meat IPO (2019)

Plant-based meat maker Beyond Meat went public in New York at $25 a share and closed its first day up 163%, the best U.S. IPO debut in years. It was the first pure-play name in a buzzy new category.

Then

The stock kept climbing for months as investors chased the meat-alternative story.

Now

As competition rose and growth slowed, shares fell far below the IPO price, wiping out early enthusiasm.

Why this matters now

Beyond Meat shows the risk in being the first listed name in an unproven category: the debut pop reflects the story, not yet the numbers behind it.

July 2020

Cambricon Technologies STAR Market debut (2020)

Chinese AI-chip designer Cambricon listed on the STAR Market and its shares more than tripled on the first day. Investors treated it as the purest public bet on China's push for homegrown artificial-intelligence silicon.

Then

The stock's valuation soared far past the company's modest revenue, drawing warnings about froth.

Now

Shares swung wildly for years before the business grew into part of its price, rewarding patient holders.

Why this matters now

Like Unitree, Cambricon was the first clean public proxy for a hyped hard-tech theme, and its debut showed how STAR Market demand can outrun fundamentals.

July 2020

SMIC returns to Shanghai's STAR Market (2020)

China's largest chipmaker, SMIC, raised billions in a STAR Market listing and jumped more than 200% on debut. Beijing framed it as proof that strategic tech firms could raise big money at home.

Then

The raise gave SMIC a war chest for expansion amid U.S. export limits.

Now

The listing cemented the STAR Market as the venue for China's priority technology champions.

Why this matters now

Unitree's listing continues that policy pattern: keep a strategically favored tech leader public at home, where domestic demand can drive a large debut.

Sources

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