Unitree Technology Co., Ltd. has entered the execution phase of its Shanghai STAR Market initial public offering by offering exactly 40,446,434 new A-shares.[E3] Those shares represent 10 percent of the enlarged capital after the issue, bringing total share capital to 404,464,340.[E3] Price inquiry is fixed for 5 August with online and offline subscription set for 10 August.[E1] The entire offering consists of primary shares and contains no secondary sale of existing stock. CITIC Securities is the sponsor and lead underwriter.
The company targets a raise of RMB 4.202 billion, which would imply a valuation of roughly RMB 42 billion at the full target price set in the book-build process. Strategic placement is initially set near 20 percent of the issue, covering the sponsor subsidiary, employee plans and strategic cooperators. The payment deadline is 12 August. Listing and first trading will occur as soon as possible once the issue is complete. As of 1 August the offering itself remains incomplete and first trading has not started.[E2][E3]
Public ownership of this major humanoid maker will measure China’s robotics race through the economics already achieved. Revenue reached RMB 1,699 million to RMB 1,708 million in 2025, a rise of 335 percent from the prior year. Main-business gross margin stood at 60.13 percent while humanoids contributed roughly 51.5 percent of main revenue. Humanoid shipments exceeded 5,500 units, which the company claims as the global lead. Net profit attributable to shareholders rose to RMB 278 million after the company turned profitable in 2024.[E4]
Net proceeds after expenses flow to four projects totaling RMB 4,201.7112 million. Intelligent robot model research and development for embodied AI receives RMB 2,022.4593 million, or nearly half the total. Robot body and ontology research takes RMB 1,109.7380 million while new intelligent robot product development is allocated RMB 445.40 million. The remaining RMB 624.1139 million, equal to 14.9 percent, funds construction of the intelligent robot manufacturing base. Approximately 85 percent of the proceeds are therefore weighted toward research and development.[E6]
Manufacturing capacity of 75,000 humanoids and 115,000 quadrupeds a year remains a plan that requires two years of construction and reaches full output only at T+5. Current production runs in leased facilities that already operate at high utilization. Overseas sales accounted for 43.65 percent of main revenue in 2025, down from more than 55 percent in 2023 and 2024, and the company flags tariff and restriction risks to overseas growth. The top five customers represented about 12 percent of sales with the largest single client below 4 percent. No extreme single-supplier concentration is disclosed for core components.[E4][E5]
Founder and chairman Wang Xingxing remains the actual controller under dual-class voting rights after the offering. Self-developed motors, reducers and related components have underpinned the expansion of gross margins despite declines in average selling prices. Current products still rely more on motion-control systems and third-party large language models for interaction. Generalization of embodied models and durability of dexterous hands are listed as open challenges in the filings. The dual-class structure ensures the founder retains voting control post-listing.
Unitree has a 0.82 probability of beginning public STAR Market trading by 30 September 2026, with a weighted standard deviation of 0.04. The lowest panel estimate is 0.76 for the same deadline. CSRC registration, final pricing, allocation or subscription alone do not meet the threshold. The first public trading day settles the forecast. Completion of the 10 August subscription and the remaining post-issue steps are still open.