Unitree Robotics shares surged 542% in early trading on the Shanghai Stock Exchange’s STAR Market after the Hangzhou-based humanoid robot maker raised roughly 6.1 billion yuan ($905 million) in its initial public offering.
The Shanghai Debut and Order Book Mechanics
Unitree Robotics opened its trading debut with massive institutional and retail backing, sending shares to 968.1 yuan after touching an intraday high of 1,100 yuan. According to company prospectuses and filings reported by Reuters and CNBC, the IPO raised about 6.1 billion yuan ($905 million) by offering 10% of its enlarged capital. Demand for the listing shattered records on the STAR Market, with the retail tranche achieving an oversubscription rate exceeding 8,000 times.
Here is the math. The offering price was set at 150.8 yuan per share. When trading commenced, the initial buying pressure drove valuations sharply upward, resulting in a first-day gain of 542%. Prior to the official public offering, strong demand had already appeared on private equity and derivatives platforms. According to Jeff Ko, chief analyst at CoinEx, platforms like Hiive priced Unitree shares near $62 ahead of listing, pointing to a heavy scarcity premium. Derivative trades on venues such as Hyperliquid and Gate had signaled a potential jump of nearly four times.
The Bottom Line
- IPO Proceeds: Unitree raised 6.1 billion yuan ($905 million) by issuing a 10% stake in the company.
- First-Day Volatility: Shares peaked at 1,100 yuan before settling at 968.1 yuan, marking a 542% surge over the offering price.
- Backing and Scale: The offering drew strategic investments from prominent firms including Tencent Holdings (HKG: 0700), Alibaba Group Holding (NYSE: BABA), and artificial intelligence startup DeepSeek.
Strategic Backing and Market Position
Unlike many early-stage robotics ventures that rely exclusively on speculative funding, Unitree enters the public market backed by commercial scale. The Hangzhou-based firm competes globally with Hyundai Motor Group-owned Boston Dynamics and Tesla (NASDAQ: TSLA). Crucially, the enterprise maintains profitability, differentiating itself from many peers in the bipedal humanoid space. But the balance sheet tells a different story regarding institutional alignment, as the company enjoys perceived state support amidst technology competition between Beijing and Washington.
Corporate filings indicate that Chinese artificial intelligence developer DeepSeek deployed roughly 140.8 million yuan into the offering. Additional institutional backing comes from tech giants Tencent and Alibaba. Founder Wang Xingxing maintains strong visibility within domestic tech circles, having secured a prominent seat at a leadership summit hosted by Chinese President Xi Jinping.
| Metric | Figure |
|---|---|
| IPO Proceeds Raised | 6.1 billion yuan ($905 million) |
| Capital Offered | 10% of enlarged capital |
| Retail Oversubscription | Over 8,000 times |
| First-Day Peak Price | 1,100 yuan |
| First-Day Closing/Holding Price | 968.1 yuan (up 542%) |
Broader Industry Growth and Macro Projections
The debut follows memory chipmaker CXMT’s listing on the STAR Market, where shares climbed more than 466% on their first day. Market analysts anticipate that these valuations will prompt additional humanoid robotics developers, such as UBTech and Dobot in Hong Kong, alongside mainland peers like Leju Robotics and Agitbot, to accelerate their public market timelines.
In June, Morgan Stanley revised its forecast for China’s humanoid robot shipments to 50,000 units for the year, doubling its previous projection of 28,000. The financial institution estimates that the Chinese humanoid robot market will expand from $2 billion to $15 billion by 2030. Furthermore, pilot projects across the country are expected to transition into broader deployments, with full-size humanoids projected to account for 30% of shipments initially, climbing to 70% by 2028.
Unitree’s product catalog ranges from bipedal humanoid units capable of stable walking and object manipulation to four-legged models utilized for hazardous site inspection. Days prior to its market debut, the company introduced a bipedal model named “Superman,” which boasts a standing jump height of two meters and a top running speed of 12.66 meters per second.
Disclaimer: The information provided in this article is for educational and informational purposes only and does not constitute financial advice.
