China's first listed humanoid robot maker
Unitree Robotics began online and offline subscription for its STAR Market initial public offering on August 10, 2026, in what is being billed as the first pure-play humanoid robotics listing on China's A-share market. The Hangzhou-based company set its offer price at 150.80 yuan a share, implying a post-issue market capitalisation of about 60.99 billion yuan, or roughly 9 billion US dollars at an exchange rate near 6.79 yuan to the dollar.
Unitree is selling 40,446,434 shares, equal to 10% of its enlarged share capital of about 404 million shares. Gross proceeds are estimated at 6.099 billion yuan, with net proceeds of about 5.917 billion yuan after issuance expenses. That is well above the 4.202 billion yuan the company originally sought, making the deal a substantial over-raise. The stock will trade under code 688836, with online subscription code 787836; the payment deadline for successful bids is 16:00 on August 12.
Deal terms at a glance
| Item | Detail |
|---|---|
| Offer price | 150.80 yuan per share |
| Shares offered | 40,446,434 (10% of enlarged capital) |
| Gross proceeds | 6.099 billion yuan |
| Net proceeds | about 5.917 billion yuan |
| Original fundraising target | 4.202 billion yuan |
| Post-issue market value | 60.99 billion yuan |
| Issue price-earnings ratio | 219.23 times |
| Industry average P/E | 38.56 times |
A demanding valuation
The pricing values Unitree at 219.23 times earnings, according to its August 6 issuance announcement, against an industry average of 38.56 times. That premium of nearly six times the sector benchmark underlines how aggressively Chinese investors are positioning around embodied artificial intelligence, a theme that has driven much of 2026's technology rally. Brokerages estimate the online allotment ratio could be as low as 0.02%, one of the tightest of the year.
Strategic investors line up
The strategic placement roster reads like a map of China's AI and state-capital ecosystem. Model developer DeepSeek was allocated 933,400 shares, or 2.31% of the offering, with a 36-month lock-up. An investment vehicle affiliated with Tencent, Shanghai Qishan Investment, took 2.23%. The national social security fund and Kunlun Capital, an arm of China National Petroleum Corporation, also participated, alongside a total of nine institutions.
Early venture backers stand to book substantial gains. Meituan, Sequoia, Matrix Partners China and Shunwei Capital are reported to be sitting on returns measured in tens of times their entry cost, with some smaller funds up more than a hundredfold.
Context: a hot listing window
Unitree arrives less than a month after domestic DRAM champion ChangXin Technology debuted on the STAR Market, where its first-day market value topped 3 trillion yuan. The pipeline behind it is crowded: 51 embodied-intelligence companies are queuing for Hong Kong listings, according to market tallies published this week.
For policymakers, the listing is a showcase for the STAR Market's mandate to fund hard technology. For investors, it is a test of whether valuations built on robotics prototypes and pilot deployments can survive contact with quarterly earnings. Trading debut arrangements have not yet been announced.