Chinese humanoid robot maker Unitree raised 6.1 billion yuan in an initial public offering that was over 8,000 times oversubscribed by retail investors, setting the stage for its Shanghai debut on Wednesday while unveiling a high-speed robot named Superman.
The race to commercialize humanoid robotics reached a high-water mark this week as Hangzhou-based Unitree prepares to become the first general-purpose robotics company to list on mainland China’s stock market. Ahead of a Wednesday trading launch in Shanghai, the company unveiled a new high-speed machine it dubbed “Superman” after developing the bipedal unit in just over three months.
Record Retail Demand on the STAR Market
Investor enthusiasm for the offering broke records on Shanghai’s tech-focused STAR Market. That overwhelming demand resulted in a final online winning lottery rate of approximately 0.018% after clawing back some shares from the institutional tranche of the offering, making shares significantly harder to secure than most China IPOs this year.
The company, set to become China’s first onshore-listed humanoid robot maker, priced its IPO last week at 150.80 yuan ($22.36), raising a total of 6.1 billion yuan ($905 million) and valuing the company at more than 60 billion yuan. Backed by some of China’s most influential technology companies including Tencent, Alibaba and DeepSeek, the manufacturer has cumulatively produced and delivered about 18,000 bipedal humanoid robots across multiple models as of July.
Other analysts urge caution following recent volatility in domestic technology shares. Wang Zhuo, partner of Shanghai Zhuozhu Investment Management, pointed out that the IPO is expensive, and the investment risk is already quite high, noting that Unitree generates much of its sales from research and demonstrations, but wider application is still far away.
Technical Milestones and Global Ambitions
The Shanghai debut coincides with the opening of the World Robot Conference in Beijing, adding to investor attention on a company whose humanoid robots have drawn global notice for running, dancing and performing martial arts. The newly revealed Superman robot achieved a standing jump of 2 meters and reached a top speed of 12.66 meters per second.
Photo: Reuters
The company, which competes with Tesla and Boston Dynamics, carries a rich valuation in its public debut. The IPO values Unitree at 219 times 2025 earnings, and 36 times sales.
Unitree needs to “keep growing rapidly to justify its rich valuations.”
Xiangcai Securities
Beyond domestic market dynamics, the company counts the U.S. as a significant market, and has also flagged geopolitical risks such as U.S. sales restrictions.
Trading Debut and Broader Tech Recovery
Ahead of Unitree’s Shanghai listing, derivative trading in offshore markets has pointed to a strong debut. Founder Wang Xingxing gained national prominence after securing a front-row seat at a summit hosted by Chinese President Xi Jinping for leading technology entrepreneurs last year. The upcoming launch also aligns with a broader recovery in Chinese technology stocks following last month’s selloff, with the STAR50 Index having rebounded about 15% from a three-month low hit in early August.
Why Did Unitree Build Its New Superman Robot? (China's Humanoid Superman?)
Senior Editor, Economy
An award-winning financial journalist and analyst, Daniel brings sharp insight to economic trends, markets, and policy shifts. He is recognized for breaking complex topics into clear, actionable reports for readers and investors alike.
