Chinese humanoid and quadruped robot manufacturer Unitree completed a landmark initial public offering on August 19, 2026, entering the Shanghai Stock Exchange’s technology-focused STAR Market (STAR Market). Priced at an initial public offering value of 150.80 yuan per share—yielding an initial market capitalization of approximately 61 billion yuan (about 12.7 trillion won)—the stock experienced an unprecedented first-day rally.
Historic Shanghai STAR Market Debut and Share Surge
At the opening bell, Unitree shares surged 629.44% to trade at 1,100 yuan, pushing the intraday market capitalization to a peak of nearly 4449 billion yuan (approximately 92 trillion won). By the close of trading, the stock settled at 845 yuan, representing a 460.3% gain above the offer price and a closing market capitalization of roughly 3418 billion yuan (70.7 trillion yuan). The debut surpassed market expectations, which had anticipated a valuation between 40 billion and 50 billion yuan.
The offering drew intense demand during its pre-listing subscription phase. Approximately 9.78 million retail investors participated, generating a subscription competition rate of 5,526 to 1 and driving total retail orders to 8.1 trillion yuan. The offering’s strategic allocation tranche drew backing from artificial intelligence large-model enterprises, internet giants, and long-term state funds, with the National Council for Social Security Fund participating as the primary strategic investor. Through the issuance of 40,446,434 new shares—representing 10% of its total issued stock—Unitree raised 6.1 billion yuan.
Production Scale, Financial Growth, and Cost Reductions
Founded in 2016, Unitree established its market position through rapid volume expansion and internal supply chain integration. The company reported 2025 revenues of 1.699 billion yuan, marking a substantial increase from 392.8 million yuan in 2024 and 159.1 million yuan in 2023. Unitree stands out among humanoid manufacturers by maintaining profitability, posting a net income excluding non-recurring gains and losses of 590.75 million yuan last year.
Unitree’s shipment growth accompanied aggressive price reductions across its product lines. The average selling price of the company’s humanoid robots dropped from 593,000 yuan in 2023 to 260,000 yuan in 2024, and further to roughly 160,000 yuan last year, representing a 72% decrease over two years. Concurrently, its core business gross profit margin rose from 44.2% in 2023 to 60.1% in 2024.
The manufacturer achieved these figures by internalizing core components such as motors, reducers, and controllers, while repurposing joint and motion control technologies developed across its quadruped robot lines. Having introduced models including the H1 in 2023, the G1 in 2024, and the R1 and H2 last year, Unitree offers direct retail pricing starting at approximately 13,500 dollars for the G1, 5,900 dollars for the R1, and 29,900 dollars for the H2. In terms of volume, the company shipped 5,511 humanoid robots last year, capturing a 32% share of the global market. Cumulative shipments for humanoid units reached approximately 18,000 by July (STAR Market).
Market Valuation and Global Implications
The public offering assigned Unitree a price-to-earnings ratio of 219.23 based on its initial price, considerably higher than the broader robotics industry average. Analysts note that the valuation prices in substantial future growth expectations within the physical artificial intelligence sector. Reuters noted that Unitree’s debut demonstrates how quickly China can scale production in strategic industries where Western firms initially developed early concepts.
| Metric / Category | Details |
|---|---|
| Listing Exchange | Shanghai Stock Exchange STAR Market (STAR Market) |
| Offer Price | 150.80 yuan per share (Hankyung) |
| First-Day Peak Valuation | 629.44% increase; intraday market capitalization near 4449 billion yuan (Asiae) |
| First-Day Closing Price | 845 yuan (460.3% gain); closing market capitalization of 3418 billion yuan (Investchosun) |
| Capital Raised | 6.1 billion yuan via 40,446,434 newly issued shares (weekly.donga.com) |
| 2025 Humanoid Shipments | 5,511 units (32% global market share) (weekly.donga.com) |
Despite the strong market entry, industry observers highlight certain commercial and regulatory limits. Data from economic publications indicate that a significant portion of deployments remain concentrated in research, education, performance, and demonstration applications rather than heavy industrial tasks. Furthermore, geopolitical headwinds persist; the United States Federal Communications Commission moved to restrict imports of foreign humanoid and quadruped robot models, and Unitree has been included on United States Department of Defense lists concerning Chinese military-linked enterprises.
Unitree plans to direct 48.1% of the capital secured through its public offering toward developing intelligent robot models and upgrading its hardware into an integrated physical artificial intelligence platform.
