Unitree, also known as Yushu Technology, is seeking to raise 6.1 billion yuan through its initial public offering on Shanghai's STAR Market, selling 40.45 million new shares, which represents 10% of its enlarged share capital. The company's valuation exceeds earlier estimates of up to 50 billion yuan, reflecting strong investor interest.
The IPO occurs against a backdrop of increasing trade and technology tensions between the U.S. and China, with potential implications for Unitree's future sales in the U.S. market. Although Unitree's existing humanoid and four-legged robots have received U.S. approvals, future models may face restrictions due to new U.S. regulations.
In the past year, U.S. sales contributed 13.3% to Unitree's revenue, which totaled 1.7 billion yuan in 2025, with humanoid robots becoming the largest segment. However, the company has experienced a slowdown in growth this year, with first-quarter revenue increasing by 68.5% to 422.8 million yuan, while profits fell significantly due to increased spending on research and marketing.
The proceeds from the IPO will be allocated towards developing new robot software and hardware, launching new products, and establishing a manufacturing base