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Wency Chen

Shares of Unitree Robotics surged 629 per cent above their initial public offering price to open at 1,100 yuan in their Shanghai trading debut on Wednesday, giving China’s best-known humanoid robot maker a market capitalisation of about 445 billion yuan (US$66 billion).
The opening pop from its IPO price of 150.80 yuan gave way to a pullback later in the session, with the stock closing at 845 yuan. That still represented a 460 per cent gain on day one, leaving the company with a market valuation of about 342 billion yuan. About 23.2 billion yuan worth of Unitree shares changed hands during the debut.
The blockbuster debut has created colossal paper wealth for early stakeholders. Wang Xingxing, the company’s 36-year-old founder, holds about 121.4 million shares, putting his net worth at about 103 billion yuan at market close.
Meituan, Unitree’s largest outside shareholder, saw its 8.7 per cent post-IPO stake rise to nearly 30 billion yuan by market close, yielding a return of about 70 times its original investment.
Unitree’s gains stood out against a declining overall market, although its debut failed to spark a broader tide across the robotics sector. The Star Market Composite Index fell 7.2 per cent, while the benchmark Shanghai Composite dropped 2.4 per cent.
Unitree’s debut coincides with the opening of the World Robot Conference in Beijing, one of China’s biggest annual robotics gatherings. The conference runs from Wednesday to Sunday and features product launches, industry forums and robot contests.
The Hangzhou-based company, listed on the tech-focused Star Market, raised about 6.1 billion yuan by selling 40.45 million shares, or 10 per cent of its enlarged share capital. The offering valued Unitree at about 61 billion yuan before trading began.


As the first listing of a humanoid robot maker on a mainland exchange, the offering drew intense interest. Nearly 9.8 million retail investment accounts competed for just 9.7 million shares in the online tranche, resulting in a final allocation rate of only 0.018 per cent.
Artificial intelligence start-up DeepSeek and tech giant Tencent Holdings joined the strategic placement alongside state-backed investors including China National Petroleum, China Southern Power Grid, China Telecom, Citic Securities and the National Council for Social Security Fund.
The IPO is set to serve as a valuation benchmark for China’s booming embodied-AI sector, where private investors have already pushed several leading start-ups beyond 20 billion yuan in valuation. Robotics has become a national priority as Beijing steps up its technology competition with the US.
Deep Robotics, Leju Robotics, AgiBot, X Square Robot and LimX Dynamics are among the Chinese robot makers pursuing public listings.
Unitree generated 1.7 billion yuan in revenue in 2025, more than four times the previous year’s level. Humanoid robots contributed about 868 million yuan, surpassing quadrupeds at roughly 698 million yuan. The company sold 5,215 humanoids and 23,037 quadrupeds during the year, while overseas markets accounted for more than 40 per cent of revenue.
Revenue rose 68.5 per cent year on year to 423 million yuan in the first quarter of 2026. Unitree said last week that it had cumulatively produced about 18,000 bipedal humanoids across multiple models as of July.
The company on Monday showcased its latest model, dubbed Superman, which it said could jump 2 metres (seven feet) from a standing start and reach a top running speed of 12.66 metres per second. In May, it also unveiled a rideable transforming mech, priced at 3.9 million yuan.


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Stock jumps as first listing by humanoid robot maker draws 9.8 million retail investment accounts competing for just 9.7 million shares


Stock jumps as first listing by humanoid robot maker draws 9.8 million retail investment accounts competing for just 9.7 million shares.


Unitree Robotics surges 629% to US$66 billion valuation in Shanghai share debut

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Stock jumps as first listing by humanoid robot maker draws 9.8 million retail investment accounts competing for just 9.7 million shares

Stock jumps as first listing by humanoid robot maker draws 9.8 million retail investment accounts competing for just 9.7 million shares