Chinese humanoid robot manufacturer Unitree Robotics completed a listing on the Shanghai Stock Exchange. The company's shares jumped nearly 630% during trading, after which some gains were lost — closing at 845 yuan, more than 460% above the offering price.

Placement parameters

  • venue — STAR Market of the Shanghai Stock Exchange, the local equivalent of Nasdaq;
  • raised approximately 6.1 billion yuan (roughly $905 million);
  • offering price — 150.80 yuan per share;
  • subscription exceeded 8,000 times — a record for this venue.

The opening price valued the company at 445 billion yuan — comparable to Apple supplier Luxshare Precision.

Company leadership

The company was founded in 2016 by entrepreneur Wang Xingxing in Hangzhou. Among placement participants is Chinese AI company DeepSeek, which invested approximately 140.8 million yuan.

The manufacturer's robots gained wide recognition after performing a dance choreography at a New Year gala concert — the country's largest television event. Shortly before the listing, the company unveiled a new robot called Superman, capable of jumping up to two meters high and reaching speeds of 12.66 meters per second.

Market scale

According to research group Omdia, of approximately 15,000 humanoid robots shipped globally last year, Unitree and fellow Chinese manufacturer AGIBOT each shipped over 5,000 — significantly outpacing American competitors.

Morgan Stanley raised its forecast for humanoid robot shipments in China to 50,000 units this year from a previous estimate of 28,000. The bank expects the Chinese market to grow from $2 billion in the current year to $15 billion by 2030.

Cautious assessments

Investor euphoria is outpacing practical technology implementation. Analysts note that most such robots are primarily used for demonstrations, performances, and research rather than real-world scenarios.

As noted by Morningstar research analyst Kanyuyisiao Li, the real test will be whether companies — Chinese or American — can ensure reliable operation and attractive investment returns during large-scale industrial and commercial deployment.

Experts point out that the technology remains limited by both hardware and software factors, with years remaining before full-scale deployment of bipedal robots in manufacturing or homes.

What's next

The listing is another major Chinese tech company debut on STAR Market: a month earlier, memory chip maker CXMT gained 466% on its first trading day.

Other robot manufacturers are expected to follow Unitree, including Leju Robotics and AgiBot. As noted by Counterpoint Research analyst Ethan Qi, this listing is viewed as a key milestone for the industry and may serve as a benchmark for upcoming IPOs.

For investors in emerging markets, this case is instructive: interest in the technology sector can drive valuations weakly linked to current financial metrics. When evaluating any stocks amid a buying frenzy, it's worth distinguishing between placement demand and price stability in subsequent months.

This material is informational in nature and is not an investment recommendation.