Unitree sets IPO price with limited float

Unitree Technology has set its IPO price at 150.80 yuan per share, valuing the robotics company at roughly 61 billion yuan after the offering based on its planned expanded share count of 404.4643 million shares. The company plans to sell 40.4464 million new shares, representing 10% of its post-offering equity, raising about 6.1 billion yuan before expenses.

The pricing places Unitree among China’s most highly valued embodied-intelligence companies, but it also gives public-market buyers limited immediate access to the stock. Only about 7.36% of the company’s shares are expected to be freely tradable on the first day, according to the offering structure described in its prospectus.

Unitree is scheduled to hold an online roadshow on Aug. 7, followed by online subscriptions beginning Aug. 10. Its listing comes as Chinese robotics companies seek public capital to fund increasingly expensive work on humanoid machines, robot-control software, sensors, and artificial-intelligence models.

Small online allocation limits retail access

The initial online tranche includes 6.4710 million shares, equal to 16% of the total offering. With subscriptions structured in lots of 500 shares, Unitree’s IPO will have 12,942 winning numbers, or fewer than 13,000 successful lots.

The allocation works out to roughly two winning lots for every 10,000 valid subscription numbers, based on the figures in the offering materials. That level of scarcity could make the stock one of the more difficult domestic IPOs for individual traders to obtain at the offering price.

Most of the deal has been directed elsewhere. Strategic placements account for 8.0893 million shares, or 20% of the offering, with lockup periods ranging from 12 to 24 months. Offline institutional placement accounts for another 25.8861 million shares, or 64% of the sale.

Together, those restrictions leave an estimated 29.77 million shares available for trading when Unitree debuts. A small freely tradable float can amplify price swings if demand is strong, though it can also create sharp reversals once locked shares become eligible for sale.

Valuation rests on long-term robotics expectations

Unitree’s prospectus lists an issuance price-to-earnings ratio of 219.23 times, far above the 38.56-times industry average cited in the filing. The gap shows the offering is being priced around expectations of future growth in intelligent robotics rather than the company’s current earnings base.

The company’s existing profit structure remains centered on robot dogs, according to the filing. Unitree has become widely known for quadruped robots used in research, industrial inspection, education, and demonstrations, while humanoid robots have become the higher-profile part of China’s race to commercialize embodied AI.

Embodied AI refers to artificial intelligence designed to operate through machines that can perceive and act in the physical world. For humanoid robotics companies, the commercial challenge is turning advances in movement, vision, manipulation, and language models into products that can perform useful tasks reliably outside controlled demonstrations.

Unitree’s filing says its self-developed general embodied large model has not yet been deployed at scale in its robot products. That disclosure puts its 60.99 billion yuan planned allocation for an intelligent-robot model research and development project at the center of the company’s IPO narrative. Based on the stated fundraising total, the intended R&D commitment is effectively aligned with nearly all of the planned gross proceeds, suggesting the company sees software and model development as its largest future capital requirement.

China’s robotics financing race has intensified

China’s embodied-intelligence field has become crowded rapidly. The article cited an incomplete count showing that more than 300 startups had been established in the sector during the previous two years. By August, at least five had valuations above 20 billion yuan, while nearly 50 were reportedly preparing listings in Hong Kong or mainland China.

Unitree’s path through the STAR Market has been unusually quick. The company moved from filing acceptance on March 20 to registration approval on July 2 in 104 days, according to the article, described as a record pace for the market.

That speed coincided with strong public-market interest in robot-related shares. The article said more than 50 A-share robotics stocks either rose by their daily limit or gained more than 10% on July 3, following Unitree’s registration approval. The rally proved fragile: the CSI Robot Index later fell 12.77% in a single week during July, while the STAR 50 recorded a three-day cumulative decline of 10.5%.

The broader July selloff added pressure to high-valuation growth sectors. The article said A-share market capitalization declined by more than 12 trillion yuan during the month, with the Shanghai Composite falling 6.4%, the Shenzhen Component losing 16.21%, and the ChiNext Index dropping 23%.

Early backers stand to see large paper gains

Unitree’s planned listing would deliver substantial paper gains for several early shareholders. Meituan, which holds 9.65% through entities including Hanhai Information and Chengdu Longzhu, is identified in the article as the largest external institutional shareholder.

Sequoia China holds 7.11% after investing 15 million yuan at a 150 million yuan post-money valuation in an early round and later increasing its total investment to about 102 million yuan, according to the article. Matrix Partners China holds 5.45%, Shunwei Capital holds 3.98%, and a CITIC-linked group holds 4.49%.

The shareholder list also reflects how rapidly Unitree’s valuation has expanded. In June 2025, the company completed a Series C round at a post-money valuation of 12.7 billion yuan, with funds affiliated with China Mobile and companies including Tencent, Alibaba, Ant Group, Geely Capital, and Jinqiu named as co-leads.

The IPO price would value Unitree at nearly five times that Series C level. The proposed deal therefore places a demanding public-market benchmark on a company whose next phase depends on proving that its humanoid and AI ambitions can develop into scalable revenue beyond robot dogs.