Chinese robotics company Unitree has taken a formal step toward a stock market debut in Shanghai. On March 20, the Shanghai Stock Exchange accepted the company’s application for a listing on the STAR Market, while Unitree also published a draft prospectus. That means the IPO process is now official, although the offering still requires further review and approval before pricing and a final listing date can be announced.
According to the draft filing and recent reporting, Unitree is seeking to raise about 4.202 billion yuan, or roughly $610 million. The company plans to issue at least 40.45 million new shares, with CITIC Securities acting as sponsor and lead underwriter.
The proposed use of proceeds shows where Unitree wants to expand next. The company says the capital is intended for research and development in intelligent robot models, robot bodies, new robot products, and the construction of a manufacturing base. The filing indicates that Unitree is trying to use the IPO not only to raise money, but also to scale both product development and production capacity.
The timing of the offering comes as Unitree reports rapid growth. Reuters said the company recorded 2025 operating income of 1.708 billion yuan, up 335 percent year on year, while net profit rose 674 percent. Humanoid robots have become the main growth driver, accounting for 51.5 percent of main business revenue in the first nine months of 2025, compared with 27.6 percent in 2024.
The filing is being watched closely because it could become an early public-market test of investor appetite for humanoid robotics in China. The Shanghai exchange’s English-language market digest described Unitree as seeking to become the first humanoid robot stock on the A-share market. Reuters also noted that the transaction could rank among China’s larger recent tech listings.
At the same time, the IPO arrives while the humanoid robotics market is still in an early commercial phase. Reuters reported that Unitree has expanded market share partly through its lower-cost G1 model, even as margins on that product are lower. Real-world deployment remains limited, with current use cases still concentrated in areas such as reception and tour guidance rather than broad industrial automation.
Unitree had already begun the IPO preparation process in 2025. Reuters reported in July 2025 that the company had entered the tutoring phase for a possible listing, and later reported that Unitree was targeting a valuation of up to 50 billion yuan in connection with its Shanghai plans. Those figures were reported by Reuters citing sources, but the confirmed current milestone is the exchange’s acceptance of the application and the publication of the draft prospectus on March 20, 2026.
