Robot sector soars! Yushu Technology's STAR Market IPO registration becomes effective.

China's Securities Regulatory Commission (CSRC) has officially approved Unitree Technology's IPO registration on the STAR Market. The leading humanoid robot manufacturer is now just one step away from its A-share listing, with only the price inquiry and issuance left to complete. Following the announcement, the robotics concept sector saw a strong afternoon rally, with market sentiment heating up significantly.

On July 2, the CSRC disclosed that it had approved Unitree Technology Co., Ltd.'s initial public offering registration. The approval is valid for 12 months, requiring the company to strictly follow the prospectus and issuance plan submitted to the Shanghai Stock Exchange. This means Unitree Technology has completed all regulatory review procedures, and the price inquiry and issuance process will soon commence.

Driven by this news, A-share robotics stocks saw a notable afternoon surge. More than 40 stocks, including Leaderdrive, Tuopu Group, Joyson Electronics, Guangyang Shares, and Fengguang Precision, hit their daily price limits. Dozens of other stocks, such as Wanda Bearing, Haozhi Electromechanics, Fengli Intelligence, and Orbbec, saw gains exceeding 10%.

Full Process Completed in 104 Days, Setting the Fastest Review Record This Year

Unitree Technology's listing journey has been remarkably efficient. The company submitted its STAR Market IPO prospectus to the Shanghai Stock Exchange on March 20, which was accepted for review. Its initial public offering application was approved by the SSE's listing committee on June 1, and it obtained the CSRC's registration approval on July 2, completing the entire process in 104 days.

Notably, the period from acceptance to approval by the listing committee took only 73 days, setting the fastest IPO review record so far in 2026. In comparison, Changxin Technology, another highly anticipated listing during the same period, took 148 days to pass the committee review.

The SSE's listing committee determined that Unitree Technology meets the conditions for issuance, listing, and information disclosure. A-share markets are about to welcome the first listed company primarily focused on humanoid robot manufacturing, marking a milestone in the capitalization process for the embodied intelligence sector.

Fundraising Exceeds 4.2 Billion Yuan, with Overall Valuation Likely Far Above 42 Billion

According to the previously released prospectus, Unitree Technology plans to raise 4.2B yuan from this IPO. The selected listing standard is an expected market value of no less than 10 billion yuan. The company's post-money valuation in its most recent market-based equity financing round stood at 12.7 billion yuan.

Based on a minimum issuance ratio of 10%, the company's overall valuation is at least 42 billion yuan, with the industry generally expecting the actual market value to be much higher. The raised funds will primarily be used for intelligent robot model and hardware R&D, new intelligent robot product development, and the construction of intelligent robot manufacturing bases.

From a shareholder structure perspective, the second-largest institutional shareholder, Meituan, holds a 9.6488% stake. Based on the abovementioned valuation, the equity value exceeds 4 billion yuan, implying a potential paper gain of over 3 billion yuan compared to its early-stage investment cost. Other early institutional investors, such as Sequoia Capital China and Matrix Partners China, are also entering their exit windows simultaneously.

Profitable Hardware Manufacturer, Claiming Global No. 1 in Humanoid Robot Shipments

Unitree Technology was founded in 2016 by Wang Xingxing, a post-90s entrepreneur. It is one of the "Six Little Dragons of Hangzhou" and a leading embodied intelligence company, as well as one of the few hardware manufacturers in the industry to achieve sustained profitability.

Financial data shows that in 2025, the company's revenue was approximately 1.7 billion yuan, with a net profit of about 278 million yuan. Its non-GAAP net profit has shown rapid growth. Meanwhile, the company has shipped over 5,500 humanoid robots, claiming the top spot globally.

Unitree Technology stated that this listing aims to enhance its capital strength, further improve its full-industry-chain independent innovation capabilities and comprehensive competitive advantages in the field of embodied intelligence, continuously enrich its product matrix, and lead the technological innovation trends and large-scale application scenarios for high-performance general-purpose robots.

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