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Unitree prices Shanghai IPO at $9 billion valuation
The IPO targets about 6.1 billion yuan in proceeds, with subscriptions due to open August 10 on the STAR Market.
Chinese humanoid robot maker Unitree has priced its Shanghai IPO at 150.8 yuan per share, valuing the company at around 61 billion yuan, or about $9.04 billion, Reuters reported. The deal is set to make Unitree the first mainland-listed humanoid robot maker.
According to the company’s filing, Unitree, also known as Yushu Technology, is seeking to raise 6.1 billion yuan by selling 40.45 million new shares on Shanghai’s STAR Market, representing 10% of its enlarged share capital. Reuters said the valuation is above an earlier target of up to 50 billion yuan.
The IPO comes amid rising U.S.-China trade and technology tensions, with Washington tightening access to U.S. technology and markets, including restrictions on foreign-made humanoid and four-legged robots. In response, Beijing has imposed export curbs and sanctions on selected U.S. entities, and Unitree said future robot models could face barriers despite existing U.S. approvals.
Unitree plans to use IPO proceeds to develop robot software and hardware, launch new products, and build a manufacturing base, based on the prospectus cited by Reuters. The filing also said U.S. sales accounted for 13.3% of revenue last year, and it warned that tariffs, export controls, or the loss of approvals could hurt overseas growth and disrupt imported parts supplies.