The Unitree IPO priced on Shanghai’s Star Market at 150.8 yuan per share, valuing the Hangzhou-based robotics firm at 60.99 billion yuan (US$9 billion). The company will sell 40.45 million new shares to raise 6.1 billion yuan, above an initial target of 4.2 billion yuan.
The long-awaited listing, buoyed by retail investor interest and high-profile AI backers, is widely billed as “mainland China’s first humanoid stock.”
Unitree IPO attracts DeepSeek and strategic partners
Backers in the strategic placement include AI unicorn DeepSeek and Tencent Holdings, alongside state-backed China National Petroleum Corp, China Southern Power Grid, China Telecom, Citic Securities and the National Council for Social Security Fund.
DeepSeek invested 141 million yuan subject to a three-year lock-up and agreed to co-develop AI models and embodied-intelligence technology with Unitree. The two firms also committed to give each other priority access in areas such as robot procurement and AI model services, Unitree said.
The IPO is seen as a valuation benchmark for the embodied-AI sector. “Unitree’s IPO would serve as a valuation anchor — and effectively the ceiling — for other companies in the embodied-intelligence space,” said Zheng Hualiang, founder of Leap VC, a Hangzhou-based venture capital firm investing in AI hardware and foundational models.
