On August 19, Unitree Technology Co., Ltd. (stock abbreviation: Unitree, stock code: 688836.SH), a global leader in general‑purpose robotics, was successfully listed on the STAR Market of the Shanghai Stock Exchange, becoming the "first humanoid robot stock on the A‑share market."

The offering price was RMB 150.80 per share, with a P/E ratio of 219 times. The company's market capitalization reached approximately RMB 61 billion after listing, and the total funds raised amounted to nearly RMB 6.1 billion. With a subscription success rate of only 0.018%, the shares were extremely difficult to obtain – truly "one lot hard to come by."

From the IPO application acceptance on March 20, to the listing committee meeting on June 1, to the registration becoming effective on July 2, the subscription opening on August 10, and the official listing on August 19 – Unitree completed the key STAR Market review process in just over 100 days, a record‑breaking pace.

Unitree focuses on quadruped robots, humanoid robots, core robot components, and embodied intelligence models, building a full‑stack product system covering "mobility + manipulation + interaction."

Currently, Unitree has multiple series of core quadruped robot products, such as the Go series, A series, and B series, which are used in scientific research, education and teaching, as well as vertical industries like energy, chemicals, and smart manufacturing.

In terms of humanoid robots, Unitree has launched the H series, G series, GD01 series, and others.

At the same time, Unitree has also developed extended supporting products such as dexterous hands, dexterous robotic arms, and 4D LiDAR, further improving the product chain and covering more application scenarios.

According to the prospectus, the company will focus its raised funds on core areas such as intelligent robot models, hardware technology, new product development, and capacity construction – bridging gaps in the industry chain from R&D to manufacturing and accelerating the commercialisation of embodied intelligence products.

Global Shipment Leader in 2025
What Does Unitree Bring to the Industry Chain?

With nearly RMB 6.1 billion in raised funds being "poured in," how many orders can the industry chain expect?

Industry professionals say that Unitree's listing is a clear positive for the entire chain in the medium and long term. About half of the funds raised are to be invested in the R&D of intelligent robot large models, and through these capital expenditures, new orders will be generated for the upstream supply chain.

In 2025, Unitree shipped over 5,500 humanoid robots, ranking first globally, and is one of the few humanoid robot companies worldwide to achieve large‑scale profitability. The industry generally believes that the greatest significance of Unitree's STAR Market listing lies in establishing a public pricing benchmark, steering the market from thematic investment toward industry‑based valuation.

An analyst from China Securities (CSC) stated that Unitree will set a clear valuation anchor for subsequent companies. The offering price exceeded expectations, indicating investor recognition of both the humanoid robot track and Unitree itself. After listing, we can track the development status of leading companies more clearly.

Luxury Strategic Placement Lineup
DeepSeek, Tencent, and CNPC All on Board

According to earlier announcements, Unitree's IPO strategic placement investors encompass four categories: industrial capital, central state‑owned enterprise platforms, insurance funds, and employee stock ownership plans. Nine investors were allocated a total of 8.0893 million shares, accounting for 20% of the total issuance.

l   DeepSeek received 933,399 shares, valued at RMB 141 million, with a lock‑up period of 36 months.

l   Companies under Tencent, CNPC (China National Petroleum Corporation), and China Southern Power Grid also participated, along with national‑level funds and large insurance institutions.

Yang Chao, Chief Strategy Analyst at China Galaxy Securities, previously noted that the participation of DeepSeek and several central SOE industrial capitals essentially reflects the demand for software‑hardware industrial synergy – the combination of AI large models with humanoid robot OEMs is expected to accelerate the iteration of embodied intelligence technology, and the backing of central SOE capital will also help expand deployment scenarios in industrial and energy sectors.

Industry insiders remind that strategic placement shares can only be traded after the lock‑up period expires, so there will be no immediate selling pressure on the secondary market in the short term. Under the high valuation, the collective "endorsement" of industrial capital signals long‑term confidence. The real test, however, is whether the company's technological advantages can be consistently translated into stable revenue and profit growth.

Source: CCTV Finance, Robot Outlook