What is Unitree and why are China's humanoid robot makers racing to list?

Beijing — Chinese robotics firm Unitree has set a price of 150.8 yuan per share for its Shanghai initial public offering, with subscriptions opening on Monday. The company aims to raise 6.1 billion yuan ($904 million) in the deal, making it the first mainland-listed humanoid robot maker. Unitree was established in 2016 by engineer Wang Xingxing and is based in Hangzhou.

The company gained global attention with its affordable quadruped robots, or "robot dogs," such as the G1, H1, and R1 models. These robots have been featured in viral demonstrations showcasing their ability to run, dance, and even perform martial arts.

Unitree competes with major players like Tesla and Boston Dynamics, as well as a growing number of Chinese startups in the field of humanoid robotics. The company's revenue increased more than fourfold to nearly 1.7 billion yuan in 2025, with adjusted net profit reaching approximately 600 million yuan. Unlike many other humanoid startups, Unitree is currently profitable.

Over 40 percent of its sales in each reporting period disclosed in its prospectus comes from overseas, indicating strong international demand. Unitree's success demonstrates that China is indeed a major player in the development and advancement of humanoid robots.