Unitree Clears Shanghai STAR Market IPO Review, Billed as China's First Embodied-AI Listing

Overview

Humanoid robot maker Unitree Robotics has cleared a major hurdle toward a public listing in Shanghai. According to the South China Morning Post, the Shanghai Stock Exchange’s STAR Market listing committee cleared the Hangzhou-based company’s initial public offering on Monday, one of the most closely watched offerings in China’s embodied-intelligence sector. State broadcaster CGTN described the approval as the first “embodied artificial intelligence” listing on the Chinese A-share market.

The approval is a procedural milestone rather than a completed listing. As The Robot Report notes, clearing the listing-committee review still leaves registration, issuance and pricing ahead before shares trade.

What We Know

Unitree filed to list on Shanghai’s STAR Market on March 20 and aims to raise 4.2 billion yuan (about $621 million), according to the South China Morning Post, which reported that the review process included two rounds of regulatory inquiries and an on-site inspection. TechNode reported that the approval came 73 days after the filing was accepted.

The Global Times reported that a notice released by the Shanghai Stock Exchange said Unitree’s IPO had met the requirements for issuance, listing and information disclosure. The company intends to direct proceeds toward robotics model research, new product development and manufacturing expansion, according to The Robot Report.

Unitree is among the largest sellers in the field. Rest of World described the company as “the world’s largest humanoid robot maker” and reported that it sold 5,500 humanoid robots in 2025. In a narrower window, The Robot Report said the company produced 3,701 humanoids and sold 3,551 in the first nine months of 2025.

The financial picture, as filed, shows rapid growth from a small base. Rest of World reported that revenue surged to 1.71 billion yuan ($250 million) in 2025 from 392 million yuan ($57 million) in 2024, and that the company posted an adjusted net profit of 600 million yuan ($90 million). The South China Morning Post reported 2025 revenue of 1.7 billion yuan and said the firm posted the highest net profit among its peers, at 590.8 million yuan.

The price of Unitree’s machines has fallen sharply as volumes have risen. According to Rest of World, the average price of the company’s humanoid robots was around 593,400 yuan ($85,000) in 2023 and fell to 167,600 yuan ($25,000) in 2025.

On ownership, TechNode reported that Meituan-backed entities hold a combined 9.65% stake, making the food-delivery giant the largest external shareholder.

A Broader Listing Wave

Unitree’s clearance comes as several Chinese robotics firms move toward public markets. The South China Morning Post reported that Dobot, already listed in Hong Kong, is pursuing a dual listing on Shenzhen’s ChiNext board, while Leju Robotics and Deep Robotics are advancing toward IPOs in Shenzhen and Shanghai, respectively.

Unitree’s profile has risen on the back of high-visibility hardware and partnerships. Earlier this month, NVIDIA and Unitree unveiled the Isaac GR00T reference humanoid platform aimed at academic research, as previously reported. The competitive backdrop is crowded: Rest of World noted rivals including UBTech Robotics and Tesla’s Optimus, and counted more than 100 humanoid companies in China.

What We Don’t Know

A listing-committee approval is not a trading debut, and key terms remain unsettled. The final share count, the offering price and the listing date had not been confirmed at the time of the approval. Reported profit figures also vary across outlets and metrics — from a net profit of 590.8 million yuan to an adjusted figure of 600 million yuan — reflecting differences in how the measure is defined, with the precise audited totals to be set out in the company’s final prospectus. Whether Unitree can convert its shipment lead into durable, recurring revenue, particularly outside research and novelty buyers, remains an open question that the offering does not resolve.