Announced in late July 2026, the listing of Unitree Robotics involves 40.45 million new shares, representing 10% of its share capital post-issuance, according to the document published by the Shanghai Stock Exchange. The operation aimed to raise approximately 4.2 billion yuan, around 620 million dollars, an amount reported by Caixin Global on 31 July 2026—before the price consultation.

At that date, the listing implicitly valued the Hangzhou-based manufacturer at around 42 billion yuan, or approximately 5.9 billion dollars according to Forbes. This estimate from 30 July 2026 predates the price fixation: it describes an offer in the process of being calibrated, not a final result.

The calendar placed the price consultation on 5 August 2026 and the opening of subscriptions on 10 August 2026. The share price was to be finalised following this consultation.

Humanoids overtake quadrupeds

The revenue split has shifted: humanoid robots account for nearly 52% of total revenue and are overtaking quadrupeds, reports Caixin Global.

  • 2025 Revenue: 1.7 billion yuan, compared to 159 million yuan in 2023 (Forbes)
  • Gross Margin: 60% (Caixin Global, sole source)
  • 2025 Shipments: approximately 5,500 humanoids according to Forbes, presented as the first global volume—another count from the same media outlet records 4,200 units

Processed in 104 days and founder control

The listing file was processed in 104 days, a timeframe that Caixin Global presents as the shortest in the history of the STAR Market.

Founded in 2016 in Hangzhou, the company leaves voting rights control to its founder Wang Xingxing, via Category A shares carrying a voting rights ratio of 10 to 1, Forbes specifies.

An operation launched after the US market closure

On 28 July 2026, the Federal Communications Commission added advanced foreign-made robotic equipment—humanoids and quadrupeds—as well as connected inverters, to its “Covered List”, preventing any new model from obtaining the equipment authorisation required for the US market. The measure targets only new models: devices already authorised and already purchased remain usable.

Unitree had obtained FCC homologation for its R1 humanoid on 22 June 2026, followed by the H2 humanoid and the A2 quadruped on 30 June 2026, a few weeks before the listing—reported by a single specialist media outlet. Beijing reacted immediately: the Ministry of Foreign Affairs opposed on 29 July 2026 “the extension by the United States of the national security concept to repress Chinese companies”, and the Ministry of Commerce demanded on 30 July 2026 the immediate removal of the listing, warning that it would take “resolute countermeasures” if Washington persisted.

The amounts cited here are those announced in late July 2026, before the price consultation on 5 August: they describe the offer as it was calibrated, not the final outcome of the operation.