On 19 August, Unitree Technology (688836.SH) listed on the Shanghai Stock Exchange’s STAR Market, becoming the first pure-play humanoid-robot stock on the A-share market. Priced at 150.80 yuan per share, it opened at 1,100 yuan, pushing its market capitalisation above 400 billion yuan. At that open, a single winning IPO lot could be worth up to 470,000 yuan in paper gain.
The company issued 40.4464 million new shares, 10 per cent of post-issue capital, with no secondary shares sold. At the issue price it expected to raise about 6.099 billion yuan, and after fees the net proceeds of 5.917 billion yuan came in nearly 1.9 billion yuan above the 4.202 billion yuan it had planned to invest, an oversubscription of about 1.9 billion yuan. The funds go mainly to robot-model R&D, robot-body development, new-product development and a manufacturing base, with close to half aimed at core embodied-AI model breakthroughs.
The online tranche drew 9.7846 million valid subscriber accounts, a STAR Market record, and after the clawback the online winning rate was just 0.0181 per cent. Estimates using this year’s average first-day gain of 466 per cent on STAR Market listings, or the 276.04 per cent average across A-share debuts, put a single lot’s gain at 200,000 to 350,000 yuan. Unitree blew past both.
As the global leader in quadruped and humanoid robots, Unitree ships at scale. In 2025 it delivered more than 5,500 humanoids, the world’s largest tally, and its quadrupeds have sold over 33,000 units cumulatively, with overseas revenue consistently above 40 per cent. Full-year 2025 revenue was 1.699 billion yuan at a 60.13 per cent gross margin, rare among whole-machine makers actually turning a profit, across industrial inspection, emergency response and commercial service.
As the A-share market’s first core humanoid-robot listing, Unitree’s aftermarket performance is expected to set a valuation anchor for the whole sector, reshaping capitalisation expectations for the queue of companies behind it and re-rating upstream parts such as reducers, servo motors and sensors, pulling the industry from technology validation into scaled commercial payoff.
Editor’s note: This is an adapted translation of the original Gasgoo Embodied Intelligence report. It has been trimmed and restructured for readability for an international business audience.