Unitree wins CSRC approval for a $618M Shanghai STAR Market IPO

The China Securities Regulatory Commission approved Unitree's registration for a Shanghai STAR Market IPO — the last regulatory hurdle. The Hangzhou robot maker plans to raise about 4.2 billion yuan ($618M) selling at least 40.4 million shares (a ~10% stake, implying a valuation near $6.2B), with a debut possible as early as late July. Unitree reported ¥1.7B revenue and ¥591M adjusted profit for 2025 — a rare profitable humanoid maker — though its prospectus also shows Q1 2026 adjusted profit down ~52% year over year on heavier R&D and sales spending, even as revenue grew 68%. Proceeds go to robot AI models, hardware R&D and a manufacturing base.

Why it matters

This is the first major public listing of a profitable pure-play humanoid company, and it prices the sector: ~$6.2B for the segment leader gives every private humanoid valuation a public benchmark. It also opens the retail-capital spigot for Chinese robotics at the moment strategic money (Ant Group among others) is already flooding in.

What to watch

Final pricing and the first-day pop — and whether Figure, Apptronik and Agility re-mark their private rounds against it.