# Unitree Robotics to debut after US$904 million Shanghai IPO, rides embodied AI wave > Source: > Published: 2026-08-19 00:18:29+00:00 # Unitree Robotics to debut after US$904 million Shanghai IPO, rides embodied AI wave The Chinese startup’s listing comes as firms shift attention beyond foundation models to real-world applications UNITREE Robotics is set to begin trading in Shanghai on Wednesday (Aug 19) after raising 6.1 billion yuan (US$904 million) in an initial public offering that will make it the first publicly traded humanoid robot maker in mainland China. The Hangzhou-based company, officially known as Yushu Technology, sold [40.4 million shares at 150.8 yuan apiece](https://www.businesstimes.com.sg/companies-markets/telcos-media-tech/unitrees-shanghai-ipo-5526-times-subscribed-retail-buyers), valuing the company at about 61 billion yuan. The retail portion was 5,526 times subscribed, according to Bloomberg calculations based on exchange filings, showing strong demand for the stock. Crypto futures tracking the company have soared ahead of the debut, indicating a jump of more than 300 per cent. [Embodied artificial intelligence](https://www.businesstimes.com.sg/opinion-features/unitrees-ipo-will-test-embodied-ai-valuation-shortcut) is emerging as one of the most closely-watched frontiers in the global AI race as Beijing steps up support for strategic technologies ranging from semiconductors to humanoid robots. ## Growing appetite for physical AI Unitree’s offering is tapping into [growing investor appetite for physical AI companies](https://www.businesstimes.com.sg/companies-markets/telcos-media-tech/robot-makers-rule-hottest-asia-stock-trades-physical-ai-boom) as attention shifts beyond foundation models and into real-world AI applications. In a sign of the demand, Unitree’s retail order book exceeded the 7.07 trillion yuan of bids generated by memory chip giant CXMT in its [blockbuster offering in July](https://www.businesstimes.com.sg/international/global/chipmaker-cxmt-vaults-top-chinas-valuation-466-surge-shanghai-debut). One reason behind the massive oversubscription rates is that regulators remain cautious about the valuations at which companies sell new shares to the public, requiring firms to have some comparison against peers in China and globally. Authorities have been known to discourage richly-priced IPOs in an attempt to protect individual investors from losses. When markets are buoyant, that can lead to companies getting smaller cash infusions than investors are willing to commit. The enthusiasm also underscores growing expectations that [deployment of humanoid robots](https://www.businesstimes.com.sg/international/global/humanoid-robots-power-next-leg-chinas-export-dominance) is beginning to accelerate. “The mass-production inflection point appears close,” JPMorgan Chase analysts including Tim Huang wrote in a note. He added that the investment case for China’s humanoid-robot industry rests on accelerating commercialisation, supply chain localisation opportunities and growing policy support. JPMorgan forecasts global humanoid robot shipments will rise to 60,000 this year and 1.75 million units by 2030, compared with 18,000 units in 2025. The bank sees China accounting for more than half of global demand. Unitree is among the companies that are expected to benefit if such growth materialises. The company shipped more than 5,500 humanoid robots in 2025, ranking first globally, according to its prospectus. Cumulative sales of its quadruped robots exceeded 33,000 units. Revenue surged to 1.7 billion yuan in 2025 from 393 million yuan a year earlier, while net profit reached 278 million yuan and gross margin exceeded 60 per cent. Founded by Wang Xingxing, Unitree became one of China’s best-known robotics startups [after its humanoid robots appeared at the country’s annual Spring Festival Gala](https://www.businesstimes.com.sg/international/chinas-robot-makers-ready-chinese-new-year-entertainment-spotlight) in February. Unitree’s IPO values the company at 35.89 times sales, according to the company’s prospectus. That compares with ratios of about 20 for industry peers listed in Hong Kong such as UBTech Robotics and Shenzhen Dobot. “At the IPO price, Unitree’s valuation already implies fairly optimistic expectations,” said Bo Ben, CEO of Lam Harmo Capital. “The long-term value proposition will depend on whether Unitree can translate its hardware lead into advances in AI capabilities.” Investors are increasingly focusing on world models and software systems that serve as the “brain” of humanoid robots rather than hardware performance alone, he said. ## Strategic investor backing The robot maker said it plans to use approximately 4.2 billion yuan of the IPO proceeds to fund embodied AI model development, humanoid robot research, new product programmes and manufacturing expansion projects. The IPO also drew attention because of the strategic investors backing the company. About 20 per cent of the offering was allocated to strategic investors [including AI startup DeepSeek](https://www.businesstimes.com.sg/companies-markets/deepseek-invests-us20-8-million-unitrees-shanghai-ipo), a Tencent-affiliated investment vehicle, and investment arms of major state-owned enterprises such as China National Petroleum, China Southern Power Grid and China Telecom. DeepSeek received a 2.31 per cent stake allocation with a lockup period of three years. The collaboration allows Unitree to draw on DeepSeek’s AI strength to develop embodied intelligence models for its humanoid robots. Tencent-linked investors also subscribed to the offering while agreeing to collaborate on robotics intelligence models and deployment scenarios. ## Barometer for embodied AI prospects Unitree’s successful listing could also build momentum for other Chinese robotics companies pursuing IPOs, including Leju Robotics and Deep Robotics. Another humanoid robot developer, Shanghai AgiBot Innovation Technology, has already begun preparations for a Hong Kong listing, according to local media reports. As the mainland’s first listed humanoid robot maker, Unitree’s debut may serve as a barometer for how investors view the commercial prospects of embodied AI. Whether that optimism proves warranted will depend on how quickly humanoid robots move from showcases and pilot projects into daily use. While pilot deployments are increasing and shipment forecasts point to rapid industry growth, many industry participants remain cautious about the pace of adoption, arguing that widespread commercial use will still depend on advances in AI models and real-world training data. BLOOMBERG Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free. 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