Unitree Robotics IPO Oversubscribed 5,526x by Retail Investors

Unitree Robotics, the Chinese humanoid robot maker, recorded an extraordinary retail oversubscription of 5,526 times for its Shanghai initial public offering. Individual investors placed orders totaling approximately 8.1 trillion yuan, or $1.2 trillion, reflecting massive demand.

This level of interest involved 9.8 million orders for shares, surpassing CXMT Corp’s 7.1 trillion-yuan retail order book from last month. Unitree Robotics sold 40.4 million shares at 150.8 yuan each, raising 6.1 billion yuan ($904 million).

Key IPO Figures

• Retail Oversubscription: 5,526 times
• Retail Order Value: 8.1 trillion yuan ($1.2 trillion)
• Shares Sold: 40.4 million
• Share Price: 150.8 yuan
• Total Raised: 6.1 billion yuan ($904 million)

The company is set to debut on Shanghai’s STAR Market this month, becoming mainland China’s first publicly traded humanoid robot manufacturer. This underscores China’s strategic push to leverage capital markets for AI and robotics advancements.

Strategic Investor Backing

Strategic investors also participated significantly in the offering. AI startup DeepSeek secured a 2.31% stake with a three-year lockup period. Other major state-owned enterprises, including China National Petroleum Corp., China Southern Power Grid Co., and China Telecom Corp., also invested.

This collaboration with DeepSeek is expected to bolster Unitree’s capabilities in developing embodied-intelligence models for its humanoid robots. The company’s dancing robots have already gained global recognition, notably at the annual Spring Festival Gala.

Valuation and Operations

Unitree’s IPO values the company at 35.89 times sales, exceeding industry peers like Hong Kong-listed UBTech Robotics Corp. and Shenzhen Dobot Corp. Its business model focuses on integrated, in-house actuator design, a vertical integration strategy similar to carmaker BYD Co.

This approach significantly reduces expenses and boosts sales. In 2025, Unitree shipped over 5,500 humanoid robots, achieving a global leading position, and its cumulative sales of quadruped robots surpassed 33,000 units.

Revenue for Unitree dramatically increased to 1.7 billion yuan in 2025 from 393 million yuan the previous year. The company reported a net profit of 278 million yuan and a gross margin exceeding 60% in the same period.

The successful IPO is expected to create momentum for other Chinese robotics companies considering public listings, such as Leju Robotics and Deep Robotics, with Shanghai AgiBot Innovation Technology reportedly initiating a Hong Kong listing process.