SHANGHAI — The world's largest humanoid robot maker by sales is set to list in Shanghai this week after an initial public offering that has already raised 6.1 billion yuan ($905 million) and triggered unprecedented retail demand.
Chinese robot maker Unitree Robotics (688836.SS) will make its stock market debut on Shanghai's STAR Market on August 19, according to a bourse filing Monday, becoming the first general-purpose robotics company to debut in mainland China.
The Hangzhou-based company said its retail tranche was more than 8,000 times oversubscribed, a record for the city's tech-focused STAR Market, which is seen as China's version of the Nasdaq. The company priced its shares at 150.80 yuan per share, seeking to raise 6.1 billion yuan ($904 million).
The deal values Unitree at roughly 61 billion yuan, or about $9 billion, at 219 times its 2025 earnings and 36 times sales.
The frenzy underscores intense investor enthusiasm in China for humanoid robotics. Unitree raised the funds by selling just 10% of its enlarged capital, stoking expectations of a sharp first-day pop.
Offshore, private trading platforms are already pricing in a surge. On platforms like EquityZen, UpMarket and Hiive, Unitree shares are tipped to almost triple, while derivative contracts on crypto exchanges Hyperliquid and Gate point to gains of almost four times. Chinese media reported scalpers offering 410 yuan per share for IPO allocations — a 170% premium to the offer price.
Founded in 2016 by engineer Wang Xingxing, Unitree first became known for relatively inexpensive quadruped robot dogs before moving into humanoids famous for running, dancing and performing martial arts.
Unitree is not the first Chinese humanoid maker to list — Hong Kong has at least two, UBTech and Dobot — but it is the world's biggest by sales and arrives on the public market already profitable, with backing from Tencent, Alibaba and DeepSeek and perceived state support after Wang secured a front-row seat at a summit hosted by President Xi Jinping last year.
A blockbuster debut would follow chipmaker CXMT, which soared more than five times in its Shanghai debut weeks earlier, brightening the outlook for tech listings in the world's second-largest economy.
Analysts caution fundamentals may be stretched. "It's questionable whether the robotics sector's long-term promise justifies the current price tag," one trader noted, pointing to limited mature factory applications and potential U.S. market restrictions.