China's "Yushu Technology" submits registration for IPO!
73 days to lightning-fast approval, racing to become the first robot stock on the A-share market

China's Shanghai Stock Exchange disclosed on June 2nd that the status of Yushu Technology's IPO review on the Sci-Tech Innovation Board has changed to "Submitted for Registration," indicating that the substantive review by the SSE has been completed, and the materials have been submitted to the China Securities Regulatory Commission for the final issuance registration stage. Yushu plans to raise 4.2 billion RMB (about 618 million USD), with a valuation of 42 billion RMB, making it the "First A-share Company Specializing in Humanoid Robots."
(Background summary: Yushu Robotics Prospectus Reveals: The World's No.1 Humanoid Robot Shipments, Commercialization Driven by Schools and Research Institutions)
(Additional background: Nvidia Partners with Chinese Startup Yushu Technology Unitree! Huang Renxun Promotes "Humanoid Robot AI Platform")

Table of Contents

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• Revenue multiplied 13 times in three years
• Half of China's tech circle is on the shareholder list
• The double-sided story of the first humanoid robot stock

Key Highlights

• Yushu Technology's IPO status changed to "Submitted for Registration" on 6/2, completing the process in only 73 days from acceptance to approval, fastest on the Sci-Tech Innovation Board in 2026
• Planning to raise 4.2 billion RMB, with a valuation of 42 billion, revenue of 1.7 billion in 2025 (13 times over three years), gross margin 60%
• Meituan holds 9.65% stake as the second-largest shareholder, Tencent, Alibaba, Lei Jun, ByteDance, and BYD all involved

A robot company founded in Hangzhou in 2016 completed the entire review process on the Sci-Tech Innovation Board in 73 days, doubling the previous record held by Changxin Technology at 148 days. During the SSE Listing Review Committee's 31st meeting on June 1st, Yushu Technology's initial public offering application was approved, and today the status was updated to "Submitted for Registration," entering the final registration process with the CSRC.

The China Securities Regulatory Commission usually completes registration within 20 working days (generally without substantive re-examination). After that, Yushu can initiate the IPO pricing and officially list on the Sci-Tech Innovation Board.

Revenue multiplied 13 times in three years

Yushu Technology was founded by Wang Xingxing, born in 1990. He serves as Chairman, CEO, and CTO, directly holding 23.82%, and controlling 68.78% voting rights through an AB share structure. Based on a valuation of 42 billion RMB, Wang Xingxing's personal wealth will exceed 14 billion RMB.

The company focuses on R&D, manufacturing, and sales of high-performance general-purpose robots, with product lines including quadruped robots (Go2, A2, B2 series) and humanoid robots (G1, H1, R1, H2 series), extending to core components like dexterous hands, collaborative robotic arms, and optical radar.

Yushu's revenue growth is astonishing: 122 million RMB in 2022, 159 million RMB in 2023, 392 million RMB in 2024, and soaring to 159M RMB in 2025, a 13-fold increase over three years. Net profit in 2025 is 278 million RMB, with gross margin rising from 44% in 2023 to 60.13%.

The business structure is also shifting: humanoid robot revenue share jumped from less than 2% in 2023 to 51.53% in the first three quarters of 2025, replacing quadruped robots as the primary revenue source. In 2025, shipments of humanoid robots exceeded 5,500 units, making it the global leader by shipment volume.

Half of China's tech circle is on the shareholder list

Yushu's shareholders list is almost a microcosm of China's tech investment scene. Meituan holds 9.65%, with an unrealized gain of over 3 billion RMB. Sequoia China owns 7.11%, Matrix Partners 5.45%, Shunwei Capital (Lei Jun's firm) 4.42%, CITIC Securities 4.49% (also acting as the sponsor).

The pre-IPO round in June 2025 attracted major capital including Tencent, Alibaba, Ant Group, Geely Capital, China Mobile, Shenzhen Venture Capital, ByteDance, and BYD, with unrealized gains nearly tripling within a year. CITIC Securities, as both underwriter and shareholder, is not uncommon on the Sci-Tech Innovation Board, but the conflict of interest warrants attention.

Of the planned 392M RMB fundraising, nearly half (1.7B RMB) will be invested in developing large-scale embodied intelligence models, with the rest allocated to robot hardware R&D (1.11 billion), new product development (445 million), and manufacturing base construction (624 million). The emphasis on R&D over manufacturing reveals Yushu's ambition: it aims not just to be a hardware manufacturer but to build an AI model-driven platform company.

The double-sided story of the first humanoid robot stock

The title of "First A-share Humanoid Robot Stock" has already been established. Yushu has partnered with NVIDIA to launch the H2 reference design based on Isaac GR00T, and in May released the WVLA2.0 embodied intelligence large model. It will appear on CCTV's Spring Festival Gala for two consecutive years in 2025 and 2026. Directed by Zhang Yimou, "Yangbot" features quadruped robots performing acrobatic tricks that have gone viral worldwide. Japan Airlines is also testing G1 robots for cargo handling at Haneda Airport.

However, Yushu's R&D expense ratio sharply dropped from 31.4% in 2023 to about 8% in the first three quarters of 2025. The 2 billion RMB IPO funds are partly used to compensate for past R&D cuts made to accelerate profit achievement. The main buyers of humanoid robots are still schools and research institutions, with a significant gap from factory production lines and household scenarios.

Frequently Asked Questions

What does "Submitted for Registration" mean for Yushu Technology's IPO?

It indicates that the SSE has completed substantive review and submitted the materials to the CSRC. The CSRC usually completes registration within 20 working days, after which the company can initiate IPO pricing and list on the Sci-Tech Innovation Board.

What are Yushu Technology's main products?

Main products include quadruped robots (Go2, B2 series) and humanoid robots (G1, H1, R1 series). In 2025, shipments of humanoid robots exceeded 5,500 units, making it the global leader, accounting for over 50% of revenue.