Chinese humanoid robot maker Unitree Robotics has attracted 9.8 million retail investor applications for its Shanghai initial public offering, underscoring the extraordinary enthusiasm surrounding artificial intelligence and robotics in China’s equity markets.
The demand left individual investors with odds of roughly 1 in 5,500 of receiving an allocation. The retail tranche was oversubscribed by more than 5,500 times after the final allocation process, while the initial subscription demand exceeded 8,000 times, triggering a clawback mechanism that shifted additional shares from institutional investors to retail buyers. The final winning rate was approximately 0.018%.
Unitree raised approximately 6.1 billion yuan ($904 million) by selling 40.4 million shares at 150.8 yuan each, valuing the company at roughly 61 billion yuan (about $9 billion). The IPO values the robotics company at around 219 times projected 2025 earnings, highlighting the premium investors are willing to pay for exposure to the humanoid robotics sector.
The company will become the first mainland China-listed humanoid robot manufacturer, marking a milestone for one of Beijing’s strategic technology priorities. Unitree plans to use the IPO proceeds to accelerate development of AI models for robots, expand manufacturing capacity, and commercialize new humanoid products.
Investor enthusiasm has been fueled by Unitree’s position as one of China’s leading robotics companies and by expectations that humanoid robots could become one of the next major growth markets for artificial intelligence. The company has gained global attention through its affordable robot dogs and humanoid robots, while demand for AI-related stocks has driven a sharp rally in China’s technology sector this year.
Despite the overwhelming demand, analysts caution that Unitree’s valuation leaves little room for disappointment. The company still faces challenges including scaling commercial adoption, maintaining rapid earnings growth, and navigating geopolitical risks after the United States imposed restrictions on new Chinese humanoid robot models. Whether Unitree can justify its premium valuation will likely become one of the most closely watched questions in China’s AI sector following its market debut.
