Unitree becomes mainland China's first listed humanoid robot maker, closing up 460%
The Hangzhou company raised 6.1bn yuan and rose as much as 629% intraday, on 2025 revenue of about $250m from robots still mostly used for demonstrations.
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- Unitree Robotics raised 6.1 billion yuan ($904 million) in its Shanghai STAR Market listing and began trading on August 19 at an IPO price of 150.80 yuan.
- The stock rose as much as 629% intraday before closing 460% above the offer price, making it the first publicly traded humanoid robot maker on the mainland.
- Founded in Hangzhou in 2016 by Wang Xingxing, the company reported 2025 revenue of 1.7 billion yuan (about $250 million), with more than 40% from overseas sales.
- Chinese manufacturers dominated humanoid shipments in 2025, with Unitree and AGIBOT each shipping more than 5,000 units, though most remain used for demonstrations and research.
Unitree Robotics began trading on Shanghai's STAR Market on August 19, becoming the first humanoid robot maker to list on the Chinese mainland. The company raised 6.1 billion yuan ($904 million) at an offer price of 150.80 yuan per share. The stock rose as much as 629% during the session before giving back some of the gain to close 460% above the IPO price.
Unitree was founded in Hangzhou in 2016 by Wang Xingxing and is among China's largest humanoid robot makers by sales. It reported 2025 revenue of 1.7 billion yuan, roughly $250 million, with more than 40% of that coming from outside China — a meaningful export share for a Chinese hardware company in a category the United States also treats as strategic.
The scale of the first-day move says more about demand for exposure to humanoid robotics than about Unitree's current business. Chinese manufacturers led global humanoid shipments in 2025, with Unitree and AGIBOT each shipping more than 5,000 units, well ahead of US competitors. But as the Associated Press noted in its coverage, most of those machines are still deployed for demonstrations, performances and research rather than production work.
A 460% first-day close on roughly $250m of revenue prices in a transition from demo units to deployed labour that has not happened yet, and Unitree is now the public comparable every other humanoid company will be valued against — including the US ones still private. For anyone building in robotics, this sets the fundraising environment for the next year; for anyone buying, the shipment lead Chinese makers hold is the more durable fact than the share price.