Unitree Robotics entered the public market Wednesday with an IPO valuation of about 60.99 billion yuan. By the closing bell, investors had repriced the Chinese humanoid robot maker at roughly 341.8 billion yuan, or $50.7 billion.
The stock closed at 845 yuan on Shanghai’s STAR Market, 460.34% above its 150.80-yuan offer price, after opening as high as 1,100 yuan. At the opening price, Unitree briefly carried a market capitalization above 444 billion yuan before giving back part of the gain.
Reuters reported that the first-day rise compared with an average gain of roughly 279% among Chinese IPOs this year.
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Unitree issued approximately 40.45 million shares at 150.80 yuan each, representing 10% of its post-IPO share capital. Gross proceeds reached about 6.10 billion yuan, equivalent to roughly $905 million.
The final proceeds were also substantially higher than the 4.20 billion yuan Unitree originally planned to raise when it filed for the listing earlier this year.
Demand had built well before Wednesday’s debut. Reuters reported that the retail portion of the IPO was more than 8,000 times oversubscribed before final allocation adjustments, while the eventual winning rate for retail investors was approximately 0.018%.
Unitree’s rally came on a day when the broader Chinese market moved sharply in the opposite direction. The CSI 300 fell around 3% Wednesday, according to Reuters.
Compared to its financials found in the company’s prospectus published by the Shanghai Stock Exchange, Unitree generated 1.70 billion yuan in revenue during 2025 and reported net profit of 278.21 million yuan.
But the annual revenue is a climb from 392.77 million yuan in 2024, more than quadrupling in one year. The company sold 33,294 quadruped robots and 5,632 humanoid robots between 2023 and 2025, with more than 5,500 of the humanoids shipped during 2025 alone.
Overseas revenue reached 731.66 million yuan in 2025, representing 43.65% of its main-business revenue.
The Associated Press reported that the US accounted for approximately 13% of Unitree’s 2025 revenue. However, this is poised to be challenged after the FCC added foreign-produced humanoid and quadruped robots to its Covered List in July, restricting authorization for new models on national-security grounds.
Existing models are not automatically barred, but Unitree has warned that the policy could affect future US sales, according to AP.
