TECH

Beyond the Backflips: Unitree Robotics Faces High Expectations Ahead of Shanghai Debut

By Du Zhihang

Published: Aug. 7, 2026 7:43 p.m. GMT+8

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Photo: IC Photo

Unitree Robotics is on the cusp of a landmark stock market debut.

On Thursday, the Chinese robotics startup priced its Shanghai initial public offering at 150.8 yuan a share ($22.3), valuing the company at 61 billion yuan and securing a strategic investment from a star-studded roster of tech heavyweights and state funds, including AI model developer DeepSeek, the investment arm of China National Petroleum Corp. and a Tencent Holdings Ltd. subsidiary.

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Unitree Robotics priced its Shanghai IPO at 150.8 yuan/share, valuing it at 61 billion yuan and planning to raise 6.1 billion yuan.
The IPO carries a PE ratio of 219.23, far above the industry average of 38.56, and set a record review time of 104 days.
The Chinese robotics firm, backed by DeepSeek and Tencent, evolved from robot dogs to humanoid robots H1 and G1, showcased at the Spring Festival Gala.

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Explore the story in 3 minutes

1. Unitree Robotics, a Chinese startup, is on the verge of a landmark initial public offering (IPO) on the Shanghai Stock Exchange [para. 1]. It priced its offering at 150.8 yuan ($22.3) per share, securing strategic investments from AI developer DeepSeek, an arm of China National Petroleum Corp., and a Tencent subsidiary, valuing the firm at 61 billion yuan [para. 2]. The company plans to issue 40.4 million shares, equal to 10% of its enlarged share capital, and is expected to raise net proceeds of about 5.9 billion yuan [para. 3]. The IPO's price-to-earnings (PE) ratio is 219.23 times, vastly exceeding the industry average of 38.56 [para. 4].

2. Unitree's journey to the IPO set a new record [para. 5][para. 10]. The Shanghai Stock Exchange accepted the application on March 20, the listing committee reviewed it by June 1, and the CSRC granted approval by July 2, making the entire process 104 days [para. 10]. The company was the second to use the exchange's pre-review mechanism, which involved extensive communication before the formal application [para. 11]. Subscriptions are due to open on Aug. 10 following an online roadshow on Aug. 7 [para. 5].

3. The high valuation has beaten initial expectations, marking a "Sizzling debut" for early investors [para. 6][para. 7]. Zheng Juncong of Vertex Ventures China, an investor since 2020, expected a final valuation of only 3 to 5 billion yuan when Unitree's robot dogs could only perform simple actions [para. 8]. The expansion of the AI era, sparked by ChatGPT, created a trillion-yuan market and resulted in a 100-fold return on Vertex's investment [para. 9].

4. The "AI catalyst" and rapid development of large models reignited Unitree's enthusiasm for humanoids [para. 12][para. 14]. Founded in 2016, Unitree initially focused on robot dogs and had given up on humanoids due to limitations in traditional technologies [para. 13]. It launched the H1 in 2023, touted for its ability to maintain balance under physical disturbances, and in May 2024 introduced the G1, a lightweight humanoid robot with a base price of just 99,000 yuan, far undercutting rivals [para. 15][para. 16].

5. This year, Unitree's robots took center stage at the Spring Festival Gala, performing complex martial arts and parkour, a significant improvement over the previous year's simple dance [para. 17][para. 18]. The upgrade, titled "Beyond performances," was enabled by advances in AI algorithms and 3D lidar systems that help the robots coordinate movements and reposition after complex maneuvers [para. 18][para. 19].

6. Despite these feats, humanoid robots still struggle to interact with real-world environments, limiting their practical applications largely to entertainment and basic customer service [para. 20]. A person close to the Shanghai Stock Exchange cautioned that physical stunts should not be overhyped, as the greater challenge is developing a "smart brain" for instantaneous thinking and decision-making like a human [para. 21].

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Who’s Who

Unitree Robotics: Unitree Robotics' Shanghai IPO was priced at 150.8 yuan a share, valuing it at 61 billion yuan. Investors include DeepSeek and Tencent. Founded by Wang Xingxing in 2016, it makes robot dogs and humanoid robots that performed at the Spring Festival Gala. Its IPO review set a record of 104 days.

DeepSeek: According to the article, DeepSeek (深度求索) is an AI model developer that was a strategic investor in Unitree Robotics' Shanghai IPO, part of a star-studded roster of tech and state fund backers.

China National Petroleum Corp.: According to the article, the investment arm of China National Petroleum Corp. is a strategic investor in Unitree Robotics' Shanghai IPO. The IPO was priced at 150.8 yuan a share, valuing the company at 61 billion yuan. Other strategic investors included DeepSeek and a Tencent subsidiary.

Tencent Holdings Ltd.: According to the article, Tencent Holdings Ltd. acted as a strategic investor in Unitree Robotics' Shanghai IPO through a subsidiary.

CXMT Corp.: CXMT Corp. (长鑫存储技术有限公司) is a Chinese chipmaker mentioned in the article. It was the first company to use the Shanghai STAR Market's pre-review IPO mechanism, a process subsequently followed by Unitree Robotics for its landmark debut.

Vertex Ventures China: Vertex Ventures China, led by founder Zheng Juncong, was an early investor in Unitree Robotics. Investing in 2020, they expected a modest 3-5 billion yuan valuation. Unitree's recent IPO, valued at 61 billion yuan, has delivered the firm a 100-fold return, driven by the rapid expansion of AI applications.

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What Happened When

2016：: Unitree Robotics was established, initially focusing on robot dogs.

2020：: Vertex Ventures China invested in Unitree; Unitree's robot dogs could only perform actions like standing and bowing, with applications limited to scientific research and factory inspections.

August 2023：: Unitree unveiled its first humanoid robot H1, touted as capable of maintaining balance and walking briskly even under disturbances.

2024：: In a Caixin interview, founder Wang Xingxing said the company tried humanoids years ago but gave up due to limitations; AI technologies revived enthusiasm.

May 2024：: Unitree introduced the lightweight humanoid robot G1 with a base price of 99,000 yuan.

2025 Spring Festival Gala：: Unitree's humanoids performed a simple dance routine with limited movement.

March 20, 2026：: Shanghai Stock Exchange formally accepted Unitree's IPO application.

June 1, 2026：: Listing committee reviewed Unitree's IPO application (73 days after acceptance).

July 2, 2026：: Unitree received registration approval from China Securities Regulatory Commission (104 days total from application acceptance to approval).