Unitree's Shanghai IPO more than 8,000 times oversubscribed by retail investors

Chinese robotics firm Unitree Robotics launched subscriptions for its initial public offering (IPO) on the Shanghai Stock Exchange’s STAR Market on August 10, following a preliminary offline price inquiry that revealed strong investor interest. The company, based in Hangzhou, is offering 40.446434 million shares at a price of 150.80 yuan (approximately US$22) per share, which accounts for 10 percent of its post-offering share capital. The IPO is anticipated to generate around 6.10 billion yuan in gross proceeds.

Following the elimination of invalid bids and the portion with the highest price in proposed subscriptions, the remaining offline subscriptions amounted to 71.463 billion shares, which is 2,760.67 times the initial offline offering size before adjustments for strategic placement, as per the issuance announcement.

Unitree primarily focuses on the development, production, and sale of high-performance general-purpose humanoid and quadruped robots, robot components, and embodied intelligence models. According to its prospectus, the company operates as a civilian robotics company with expertise in core robot parts, motion control, robot sensing, and related fields.

The prospectus reveals that Unitree sold 33,294 quadruped robots and 5,632 humanoid robots between 2023 and 2025. In 2025, humanoid robot shipments surpassed 5,500 units, excluding wheeled dual-arm robots.

China's securities regulator approved Unitree's IPO registration application on July 1.