Unitree Robotics’ STAR Market IPO has become a focal point in China’s capital market, with the company pricing its shares at 150.80 yuan each. The deal is expected to raise about 6.099 billion yuan, giving the company an implied post-offering market value of roughly 60.993 billion yuan. As one of Hangzhou’s so-called “Six Little Dragons,” Unitree is widely seen by the market as the first major A-share humanoid robotics listing.
IPO review cleared in 73 days
Unitree submitted its IPO application in March 2026 and passed the review in June. The full process took 73 days, setting the fastest record since the STAR Market’s pre-review mechanism was put in place.
Online allotment rate fell to a record low
In the secondary market, the company has emerged as one of this year’s hottest IPO subscription targets. On Aug. 12, Unitree disclosed an online allotment rate of just 0.0181%, the lowest on record for the STAR Market. That works out to about one successful subscriber for every 5,500 investors.
Based on estimates using first-day price gains, one winning lot of 500 shares could bring in about 200,000 yuan to 300,000 yuan in potential profit.
Strategic investors include DeepSeek and state-backed funds
The strategic placement lineup included the National Social Security Fund, DeepSeek, CNPC Kunlun Capital, China Southern Power Grid Industrial and Financial Holdings, Tianyi Capital, Tencent-affiliated investment institutions and CSC Investment.
DeepSeek received an allocation of 933,400 shares. The two companies plan to cooperate in general artificial intelligence, high-performance robotics and AI large models.
Humanoid and quadruped robots form the core business
Unitree’s main business covers humanoid robots and quadruped robots. In the first half of 2026, the company shipped 5,900 units, held about 31% of the global market, and reported that more than 90% of its core components were developed and manufactured in-house.
Early investors stand to see outsized returns
The IPO has also produced large paper gains for several investors. Early backer Yin Fangming invested 2 million yuan in 2016 for a 15% equity stake. Based on the company’s offering valuation, that stake is worth about 1.685 billion yuan, implying a return of more than 840 times.
Meituan, Sequoia China, Matrix Partners China, Shunwei Capital, Tencent, Alibaba and Ant Group also hold stakes in the company.
Listing seen as a valuation reference point
According to industry views cited in the report, Unitree’s listing could provide the embodied intelligence robotics sector with its first valuation benchmark in the secondary market. That, in turn, may shift capital attention from technology concepts toward proof of commercialization capability, with more robotics companies expected to seek listings later.