Humanoid Robot Maker Unitree Advances Toward $618 Million Shanghai IPO
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The Unitree Robotics booth at the 2026 World Intelligence Industry Expo in Tianjin on May 31, 2026. Photo: VCG
Unitree Robotics has cleared a key regulatory hurdle for a Shanghai STAR Market listing, putting the startup on track to become the first humanoid robot developer listed on China’s domestic A-share market.
The swift approval underscores Beijing’s push to accelerate listings by high-tech companies as China seeks greater self-reliance in strategic sectors including robotics and advanced semiconductors.
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- Unitree Robotics received STAR Market listing approval in 73 days, aiming to raise 4.2 billion yuan ($618 million) for humanoid robot development.
- Revenue grew to 1.7 billion yuan in 2025 with net profit of 280 million yuan, but Q1 2026 net profit fell 47.7% due to higher spending.
- Quick IPO reflects China's push for high-tech listings; Unitree is first humanoid robot developer listed on A-share market.
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Who’s Who
- Unitree Robotics
- Unitree Robotics cleared a key hurdle for a Shanghai STAR Market IPO, becoming the first humanoid robot developer listed on China's A-share market. Founded in 2016, it expanded into humanoids in 2023. The company aims to raise 4.2 billion yuan to fund R&D and facilities. Its IPO review took just 73 days.
- Moore Threads
- Moore Threads is a Chinese chip designer that previously held the STAR Market IPO speed record, completing the review process in 88 days before being surpassed by Unitree Robotics. It is part of China’s push for self-reliance in advanced semiconductors.
- MetaX Integrated Circuits (Shanghai) Co. Ltd.
- MetaX Integrated Circuits (Shanghai) Co. Ltd. is a chip designer that previously held the STAR Market IPO review speed record of 116 days, before being surpassed by Unitree Robotics. It is one of the high-tech companies benefiting from Beijing's push for faster listings in strategic sectors.
- MiniMax
- MiniMax is a Hong Kong-listed large language model developer that announced plans to pursue a STAR Market offering in China. The company is part of a broader acceleration in mainland tech listings, alongside other high-tech firms.
- ChangXin Memory Technologies Inc.
- ChangXin Memory Technologies Inc., a memory-chip maker, updated its STAR Market prospectus in May and advanced its listing plans, as reported in a recent article about accelerated tech IPOs in China.
- Yangtze Memory Technologies Co. Ltd.
- Yangtze Memory Technologies Co. Ltd. is a Chinese memory-chip maker. In May 2025, it updated its STAR Market prospectus and advanced its listing plans on the Shanghai Stock Exchange, alongside other tech companies accelerating domestic listings.
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What Happened When
- 2016：
- Unitree Robotics founded, initially focused on quadruped robots.
- 2022：
- Unitree posted net loss of 22.1 million yuan.
- 2023：
- Unitree expanded into humanoid robots and posted net loss of 11.15 million yuan.
- 2024：
- Unitree turned profitable, reporting net income of 94.5 million yuan.
- 2025：
- Unitree performed at the Spring Festival Gala and reported annual revenue of 1.7 billion yuan, net income of 280 million yuan.
- 2025：
- Unitree performed at the Spring Festival Gala.
- June 2025：
- Unitree completed its latest market-based funding round at a post-money valuation of 12.7 billion yuan.
- First quarter of 2026：
- Unitree generated 420 million yuan in revenue (up 68.5% year-on-year) and net profit fell 47.7% to 50 million yuan.
- March 20, 2026：
- Shanghai Stock Exchange formally accepted Unitree’s IPO application.
- May 25, 2026：
- Unitree filed an updated prospectus for its STAR Market IPO.
- 2026：
- Shanghai Stock Exchange’s Listing Committee approved Unitree’s IPO application; IPO review took 73 days.
- 2026：
- Unitree must submit registration filing to the China Securities Regulatory Commission.
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