Unitree IPO Opens With Bids Implying Up to 55 Billion Yuan Valuation

China’s Unitree Robotics opened investor book-building for its Shanghai initial public offering on Wednesday, setting up a crucial market test for one of the country’s hottest embodied AI bets as some institutional indications pointed to a valuation well above its target.

The Hangzhou-based company said in its latest prospectus on July 30 that it plans to raise 4.2 billion yuan ($620 million) by selling at least 10% of its shares, implying a valuation of about 42 billion yuan. A mutual fund manager told Caixin some bids in the Wednesday inquiry process suggested a valuation closer to 55 billion yuan.