Unitree Robotics, a Hangzhou-based robotics company, is set to launch its initial public offering (IPO) on Shanghai’s Star Market next week, the company announced late Thursday. The firm plans to sell 40.45 million shares, representing 10 percent of its enlarged share capital, marking a significant entry amid rising competition between Chinese and U.S. robotics firms.
Following the IPO, Unitree founder Wang Xingxing and affiliated parties will retain a 31.29 percent stake in the company and control 63.51 percent of its voting rights. The company will begin book-building on Wednesday, with the offering price to be determined the following day. Final results are expected to be published on August 14.
Unitree’s public debut follows closely on the heels of ChangXin Memory Technologies’ (CXMT) listing, which recently saw its market capitalization briefly exceed 4 trillion yuan, becoming the most valuable company on mainland exchanges. The move is part of a broader trend of Chinese robotics companies seeking public capital amid strong international competition.
The IPO announcement came just days after the U.S. government imposed an effective ban on imports of new foreign-made advanced robotic devices, a measure widely interpreted as a response to China’s growing presence in the robotics industry. The ban targets humanoids, quadrupeds, and various connected mobile machines manufactured in China and several other countries.
Unitree stated in its updated IPO filing that its key models—including the G1, H2, and R1 humanoid robots as well as its Go2, B2, and A2 quadruped models—have received Federal Communications Commission (FCC) certification. This certification means these products are not subject to the new U.S. restrictions at present. The company also noted that the U.S. market accounted for 18.4 percent of its revenue in 2023, with projected shares of 15.5 percent and 13.3 percent in 2024 and 2025, respectively.
Despite these certifications, questions remain regarding the ability of new products under development—such as the Isaac GROOT (H2+), a humanoid designed in partnership with Nvidia and expected later this year—to secure U.S. approval amid increasing trade and regulatory tensions. Unitree warned that further U.S. trade, tariffs, or regulatory actions could negatively impact its growth. The company also remains on a Pentagon list of Chinese military-linked firms, which restricts its involvement with U.S. defense contracts.
According to Counterpoint Research, Chinese firms accounted for over 80 percent of the humanoid robots installed worldwide in 2025, underscoring the country’s dominance in this segment. Unitree, regarded as one of China’s most prominent robotics companies, had its IPO application approved by the Shanghai Stock Exchange in March, with registration cleared by the securities regulator on July 2.
The company reported robust financial results for 2025, posting 1.7 billion yuan in revenue and adjusted profits of 591 million yuan, contrasting with some sector peers who continue to operate at a loss. For example, fellow Chinese robotics firm UBTech Robotics, listed in Hong Kong, recorded 2 billion yuan in revenue but incurred losses of approximately 700 million yuan over the same period.