--- title: "Unitree prices its STAR Market IPO at RMB 150.80 — China's first humanoid (人形机器人) maker goes public" date: 2026-10-21 category: Capital & Markets site: NeuroAI canonical: https://neuroai.site/a/na-capital-unitree-star-ipo language: en --- # Unitree prices its STAR Market IPO at RMB 150.80 — China's first humanoid (人形机器人) maker goes public > Unitree (宇树科技) cleared its STAR Market review in 73 days and set an IPO price of RMB 150.80 per share, raising RMB 4.2B and becoming the first humanoid-robot maker listed in China. A young founder walked into a listing hearing and left with an approval stamp that most hardware startups wait years to earn. His company builds machines that look like people and, until recently, lost money doing it. The public market is now being asked to decide what a walking, stacking robot is actually worth. The company is **Unitree (宇树科技)**, founded in 2016 by Wang Xingxing (王兴兴). On 1 June 2026 its STAR Market (科创板) application cleared the listing committee — just **73 days** after acceptance, the fastest hard-tech IPO review of the year on the A-share boards. In early August it set a final offer price of **RMB 150.80 per share**. ## The fastest hard-tech hearing Speed was the headline. The 73-day run from acceptance to approval beat the typical multi-month grind for pre-profit hardware names. Unitree planned to issue **40,446,400 shares**, equal to 10% of post-issuance share capital of 404 million shares, and to raise **RMB 4.202 billion (≈ US$590M)**. At the set price its initial issued-market value was about **RMB 60.9 billion (≈ US$8.6B)**. Subscription opened on 10 August 2026 with payment due two days later. That makes Unitree the first Chinese company built around humanoid robots (人形机器人) to reach a public exchange at home — earlier humanoid names such as UBTECH (优必选) and Dobi (越疆) went to Hong Kong instead. ## The numbers on the table Unitree is rare among robot makers because it already books profit. Reported 2025 results: revenue of **RMB 1.699 billion (≈ US$239M)**, net profit of **RMB 278M (≈ US$39M)** and a non-GAAP net profit of **RMB 591M (≈ US$83M)**. Humanoid shipments hit **5,500 units** in 2025 — ranked first globally by Huaxin Securities. Component self-development exceeds **90%**, and the humanoid product gross margin was cited at **63.2%**. The near-term picture is less smooth. Q1 2026 revenue was **RMB 423M (≈ US$60M)**, but net profit fell to **RMB 50.0M (≈ US$7M)**, down 47.7% year on year. The company guided H1 2026 revenue of **RMB 1.052–1.128 billion (≈ US$148–159M)** and net profit of **RMB 258–306M**. Growth is real; margin pressure is too. ## Why Unitree is different Two things separate Unitree from peers that have only a compelling video. First, a hardware ecosystem: by making most parts in-house it keeps unit costs low while holding margin high. Second, a commercial footprint that predates the humanoid hype — its quadruped dogs and research platforms already ship in volume, so the humanoid line sits on an existing supply chain rather than a slide deck. The risk the market must price is the classic one for a first-of-kind listing: a high issue valuation against a business still scaling into profitability, with a product category whose real-world orders are only now forming. ## The investor roster Unitree's cap table is a who's-who of Chinese internet and industrial capital. Its pre-IPO C round, closed in June 2025, was led by a China Mobile fund, Tencent (腾讯), Jinqiu Capital (锦秋资本), Alibaba (阿里), Ant Group (蚂蚁集团) and Geely Capital (吉利资本), with most earlier holders following on. That round raised roughly **RMB 700M (≈ US$99M)** at a post-money value above **RMB 12 billion**. Its last market-based financing, also June 2025, carried a pre-money value of **RMB 12.0B** and post-money of **RMB 12.7B**. Across 11 rounds since 2016, Meituan (美团), Sequoia China (红杉中国), Matrix Partners (经纬创投), Shunwei (顺为资本) and state vehicles including the Beijing Robotics Industry Fund also took seats. Founder Wang Xingxing holds **23.82%** of shares directly and controls **68.78%** of voting power through special voting rights and an employee pool — a structure designed to keep founding control after the listing. ## A pricing anchor view According to Zhang Jiakang (张家康), founder of Gengxin Capital, quoted in China Securities Journal, Unitree's listing gives the embodied-intelligence sector its first real pricing anchor. Until now the only listed humanoid comparables were industrial and service-robot makers; a company whose core competence is motion control and a general body tells the whole chain — from joint motors to scenario integrators — that the humanoid path is validated by the capital market. That logic is why the comparison set matters. UBTECH (优必选), listed in Hong Kong in December 2023, carried a market value near **HK$53.8B (≈ US$6.9B)** in early June 2026 on 2025 revenue of **RMB 2.0B (≈ US$282M)**, with humanoid sales of **RMB 820M (≈ US$116M)** from 1,079 units. Dobi (越疆), listed in Hong Kong in late 2024, was near **HK$13.8B (≈ US$1.8B)** on 2025 revenue of **RMB 490M (≈ US$69M)**. Unitree's ≈ US$8.6B issued value sits above both on stronger revenue and a claimed global shipment lead. ## Honest limitations - The RMB 150.80 price, 40.45M-share issuance, RMB 4.202B raise and RMB 60.9B issued value are from the company's IPO announcements reported by China News Service and China Securities Journal. - The 73-day acceptance-to-approval figure is widely reported; exact business-day counting can vary by how holidays are treated. - Profit, shipment (5,500 units) and 63.2% margin figures come from a Huaxin Securities research note cited in media, not from a standalone audited disclosure in this summary. - Comparable market values for UBTECH and Dobi are point-in-time marks from early June 2026 and move daily. - This is a factual capital-markets account, not investment advice; it does not recommend buying the stock. ## What readers can do now - **Read the prospectus for lock-up and use-of-proceeds.** Founder super-voting control and the escrow of pre-IPO investors shape both governance and share supply after listing. - **Benchmark against UBTECH and Dobi.** Track whether Unitree's ≈ US$8.6B issued value holds up against their Hong Kong marks as humanoid revenue scales. - **Watch the component chain, not just the brand.** A >90% self-build rate means suppliers of motors, reducers and controllers are the quieter beneficiaries; monitor those names for order confirmation rather than headline robots. --- Published by NeuroAI (https://neuroai.site/) — https://neuroai.site/a/na-capital-unitree-star-ipo Free to quote with attribution and a link to the original.