Shares of Chinese humanoid robot maker Unitree Robotics soared on their debut on the STAR Market of the Shanghai Stock Exchange. The shares surged 629.44% at the opening and closed 460.34% higher, giving the company a market capitalization of CNY341.77 billion. Unitree has become the first humanoid robot stock on the A-share market, signifying the transition of China's humanoid robotics industry from technological accumulation to large-scale commercialization. Moreover, the company's path to capitalization demonstrates that China's hard-tech route has proven viable, which will encourage more enterprises with original technology to enter the public markets, a Chinese expert said. On the first day of trading, it opened at CNY1,100 per share, with the total market capitalization once reaching CNY444.9 billion. Calculated at the opening price, one successful allotment of 500 shares yielded a floating profit of CNY474,600.
Unitree issued 40.45 million shares in this offering, accounting for 10% of the total share capital after the issuance. The issue price of CNY150.80 per share ranked second among STAR Market IPOs this year, with total proceeds reaching approximately CNY6.099 billion, the company told the Global Times. Online subscription enthusiasm was high. The number of valid subscription accounts for the offering reached 9.7846 million, making it the new stock with the most accounts participating in IPO subscriptions since the launch of the STAR Market, the company said.
In addition, the allotment rate fell below 0.02% – a historic low for the STAR Market – the price-earnings ratio far exceeded the industry average, and the valuation rose more than 4,000-fold over a decade. Every figure underscored just how extraordinary this IPO is, experts said. “The capital market has demonstrated extreme enthusiasm for the embodied intelligence sector. As the first humanoid robot stock, it highlighted a frenzied influx of capital driven by scarcity premium and market sentiment,” Chen Jing, Vice President of the Technology and Strategy Research Institute, told the Global Times. Chen said that the capital market is bullish on Unitree, primarily due to the dual scarcity of its full industrial-chain autonomy and controllability, combined with its position as a global leader.
According to its prospectus, the company's humanoid robot shipments exceeded 5,500 units in 2025, achieving a global market share of 32.4% and ranking first worldwide. The self-developed and self-produced rate of core components exceeds 90%. From motors and reducers to controllers, all have achieved independent controllability, establishing a full-stack self-research technological barrier. The company's revenue grew from CNY159 million in 2023 to CNY1.699 billion in 2025, with a compound annual growth rate of 226.78%. It turned from a loss of CNY18.02 million to a profit of CNY591 million over those years, making it one of the few companies in the embodied intelligence sector to achieve scaled profitability.
