China’s Yushu Technology surged 629.4% at the open on its Shanghai debut.
Yushu Technology, known as Unitree Robotics, is being the mainland’s first publicly traded humanoid robot maker.
The Hangzhou-based firm priced its offering on Shanghai’s technology-heavy STAR Market at 150.80 yuan per share, according to an exchange filing. The sale will consist of 40.4 million shares, or 10% of its enlarged share capital following the IPO, valuing the company at about 61 billion yuan. Unitree will open IPO subscription on Aug. 10.
Unitree’s planned listing comes as embodied artificial intelligence looms as a key future battleground in the global AI race. Humanoid robots have become one of Beijing’s strategic priorities, and Unitree is emerging as one of the country’s most prominent players.
Unitree shipped more than 5,500 humanoid robots last year, ranking first globally, according to its IPO prospectus for its listing on the STAR Market under stock code 688836, released last month. Cumulative sales of its quadruped robots exceeded 33,000 units.
The company’s IPO follows a period of rapid growth. Revenue surged to 1.7 billion yuan in 2025, from 393 million yuan the year before, according to its prospectus. Net profit was 278 million yuan last year, while its gross margin exceeded 60%.
The robot maker said it plans to use approximately 4.2 billion yuan of its IPO proceeds to fund embodied AI model development, humanoid robot research, new product programs and manufacturing expansion projects.
Unitree’s founder Wang Xingxing will remain firmly in the driving seat even after the share sale. Wang and entities under his control are expected to hold approximately 31.29% of the company’s equity interest after the IPO.
Unitree’s business model is based on delivering significant cost and performance advantages by designing integrated, in-house actuators rather than assembling components from multiple suppliers. By applying a vertical integration strategy across its product range — similar to carmaker BYD Co. — the company reduces expenses and drives up sales volume, though it still needs to combine this hardware success with stronger robot intelligence and software applications.
