Unitree IPO: Priced at ¥150.80, Lists ~19 August — China's Profitable Robot Champion at US$9bil (2026)

China’s robot-dog (and now humanoid) champion Unitree Robotics has priced its Shanghai STAR Market IPO at ¥150.80 a share— about US$22.34 — after the fastest listing review in the board’s history. Subscription closed Monday, ballot results land tomorrow (14 August), and the stock is expected to start trading around 19 August. We’ve pinned it to the Robotics tab of the live heat list so you can watch the debut.

The deal in 30 seconds

40.45 million new shares (no founder sell-down), roughly ¥6.1 billion (≈US$900 million) gross, with proceeds going to robot R&D, capacity and embodied-AI algorithms. The review took just 104 days from acceptance to registration — a STAR Market record, and a loud signal of how badly Beijing wants its robotics champion listed.

Why this one is different: it makes money

Humanoid robotics is a sector priced on dreams — Figure AI raised at US$39 billion with essentially no revenue. Unitree is the opposite trade: 2025 revenue of ¥1.7 billion (≈US$250m) grew 335% at a 60% gross margin with ¥600 million (≈US$89m) of core profit, and it shipped more humanoids than anyone on Earth. At ≈US$9 billion, the market leader is priced at roughly a quarter of its pre-revenue American rival.

What the debut might look like

Three weeks ago we covered CXMT’s mega-IPO and the crypto market pricing it before listing. The follow-through was violent: CXMT opened +466% and still trades +511% above its offer price. Unitree carries the same ingredients — tiny 10% float, a national-champion story, and a pre-IPO perp already trading on Hyperliquid at several times the offer price. STAR debuts have no first-five-day price limit; expect fireworks in both directions.

The Malaysian angle

• You (still) can’t subscribe: STAR Market IPO balloting is onshore-only — the full explanation is in our earlier piece on applying via moomoo.
• Ride the theme instead: the listed robotics complex — Tesla📈’s Optimus, Nvidia📈’s robotics stack, the Japanese and Korean names — all sit on the Robotics tab, where Unitree is now pinned at its IPO price until it starts trading.

The bottom line

A profitable market leader, a record-speed approval, a tiny float and a precedent that just went +511% — Unitree’s debut is the next big event on the AI-robotics-crypto theme we’ve tracked all summer. Watch it live from listing day on the Robotics heat list.

Sources & further reading

• eHangzhou (official) — Unitree unveils STAR Market IPO pricing at ¥150.80
• Odaily — Unitree IPO timeline confirmed: 2025 financials and listing expectations
• TechTimes — profitable robot maker vs the US$39b no-revenue Figure AI
• KraneShares — a complete guide to the Unitree IPO
• @RoboStrategy on X — the IPO-timeline thread that flagged the schedule