EXPLAINER: Why are China's humanoid robot makers racing to list in the stock market?

Chinese robot maker Unitree has priced its Shanghai initial public offering at 150.8 yuan per share, with subscriptions to start on Monday, as it seeks to raise 6.1 billion yuan ($904 million) in a deal that would see it become the first mainland-listed humanoid robot manufacturer.

Below are some facts about Unitree, and why it is leading several Chinese robotics companies towards public listings.

WHAT IS UNITREE?

Founded in 2016 by engineer Wang Xingxing, Hangzhou-based Unitree first became known for relatively inexpensive quadruped robots — or robot dogs.

Its G1, H1 and R1 humanoids have gone on to attract global attention through viral demonstrations showing them running, dancing and performing martial arts. The company competes with Tesla, Boston Dynamics and a growing field of Chinese startups seeking to build machines that can eventually work in factories and homes.

Unitree's revenue rose more than fourfold to nearly 1.7 billion yuan in 2025. Unlike many humanoid startups, it is profitable, reporting adjusted net profit of about 600 million yuan. Its overseas revenue accounted for more than 40% of sales during each of the reporting periods disclosed in its prospectus.

WHY IS UNITREE IMPORTANT?

Unitree has shown that China can manufacture sophisticated robots at prices far below many overseas competitors, drawing on the country's extensive supply chains for motors, sensors, batteries and other components.

It has also become a symbol of Beijing's drive to dominate embodied intelligence, an emerging field that combines AI models with machines capable of navigating and interacting with the physical world.

But its commercial success does not yet prove humanoids can replace workers. Current demand mostly stems from universities and government-backed projects using robots for education, research and demonstrations. Humanoids still struggle with reliability, dexterity and performing varied tasks for long periods without human intervention.

WHY ARE ROBOT MAKERS SEEKING LISTINGS?

Developing humanoids requires heavy spending on engineers, robot-training data, AI models and manufacturing capacity — years before demand from factories or households is certain.

Therefore, public markets offer companies the capital to keep developing their technology while government support and investor interest remain strong.

Leju Robotics, which makes the Kuavo humanoid, filed an application in May to list on Shenzhen's ChiNext market. Shanghai-based AgiBot, another leading humanoid producer, began preparations for a Hong Kong IPO in July.

-Reporting by Eduardo Baptista; Editing by Kevin Buckland/Reuters