Unitree’s STAR Market subscription drew fervent demand, putting a roughly 61 billion yuan value on a humanoid maker that only recently turned a profit.
OFweek reported that Unitree Technology launched its STAR Market subscription, with online code 787836 and stock code 688836. The final issue price was set at 150.80 yuan per share, implying a post-issue price-to-earnings multiple of 219.23 times and a market value of about 60.99 billion yuan. Each online lot is 500 shares, so one winning lot costs 75,400 yuan. Before the clawback, the initial online tranche was 6.471 million shares, about 12,900 lots, and several brokers estimated an online winning rate between 0.02 per cent and 0.05 per cent.
From the preliminary book-building, 367 institutions managing 12,161 allocation objects joined, with an offline valid subscription multiple of 2,618.30 times. The final price reached 97.4 per cent of the 154.88 yuan quote ceiling, near the top of the range. Unitree expects to raise about 6.099 billion yuan, some 1.898 billion yuan above the original 4.201 billion yuan plan, a 45 per cent overshoot. The hot book-building shows the market is willing to pay a higher premium for Unitree’s future growth. Before this issue, Unitree’s pre-money value was about 12 billion yuan in June 2025, so the post-issue value near 61 billion is roughly a fivefold rise in just over a year. Sky-high subscription, top-of-range pricing, clear overshoot and fast-rising value all signal strong enthusiasm.
Not every robotics listing pops
But “robotics IPO jumps” is not a rule. UBTECH listed in Hong Kong in December 2023 at 90 Hong Kong dollars, about 37.6 billion Hong Kong dollars post-issue, and closed up just 0.94 per cent, despite over 760,000 robots sold across more than 50 product lines, because full-size humanoids were not yet at scale and it stayed in the red. Geek+ listed in Hong Kong in July 2025 at 16.80 Hong Kong dollars, about 22.2 billion Hong Kong dollars, up 5.36 per cent, priced with restraint as it stayed loss-making. Estun, which makes industrial-robot bodies and automation systems, rose 43.97 per cent on its 2015 SME board debut but fell 16.02 per cent on its 2026 H-share listing as 2025 net profit was only about 44.97 million yuan on 4.888 billion yuan revenue. Scale and theme alone do not set the first-day move. Profit, price, listing rules and sentiment all matter.
Unitree, by contrast, posted about 1.699 billion yuan revenue and 278 million yuan net profit in 2025, with humanoids at 51.78 per cent of revenue and over 5,500 units shipped. It pairs the humanoid story with shipments and profit, which is why the market grants a higher value. Yet the 61 billion yuan issue already bakes in high hopes. In the first quarter of 2026, revenue rose 68.49 per cent but attributable net profit fell 52.55 per cent. In the first three quarters of 2025, about 73.6 per cent of humanoid revenue came from research and education, with industry use near 9 per cent, so factory and service scale still needs proving. The 219-times multiple reflects not just current profit but three unproven assumptions: humanoid volumes keep climbing, industrial use rises sharply, and profit returns after more R and D.
Editor’s note: This is an adapted translation of the original OFweek report. It has been trimmed and restructured for readability for an international business audience. The full original (in Chinese) is at https://robot.ofweek.com/2026-10/ART-898890-12003-30707387.html.