Unitree Robotics Sets IPO Price at RMB 150.80 per Share, Subscription Starts August 10

Unitree Robotics (688836.SH) disclosed its STAR Market IPO prospectus on the evening of August 6, setting the initial public offering price at RMB 150.80 per share, with online and offline subscription commencing on August 10.

At this price, the company's market capitalization upon listing is approximately RMB 60.993 billion, with total funds raised expected to be RMB 6.099 billion, and net proceeds after deducting issuance expenses of about RMB 5.917 billion.

The offering price corresponds to a static price-to-sales ratio of 35.89 times (diluted) for 2025, and a price-to-earnings ratio of 219.23 times (based on the lower of pre- and post-exceptional items), significantly higher than the industry average static P/E ratio of 38.56 times in the general equipment manufacturing sector.

The strategic placement list was unveiled, with the National Social Security Fund as the largest strategic investor, receiving a total of approximately 933,400 shares across three social security fund portfolios. DeepSeek was allocated 933,390 shares, valued at RMB 141 million, with a 36-month lock-up period. Other investors such as Tencent's Shanghai Qishan Investment, CNPC Kunlun Capital, Southern Power Grid's industry-finance holding, and Tianyi Capital each received 903,290 shares.

The total strategic placement reached 8.0893 million shares, accounting for 20% of the total offering. From acceptance on March 20 to approval on June 1, only 73 days elapsed, setting a new record for the fastest review on the STAR Market in 2026.

As the first humanoid robot stock on A-shares, its pricing is regarded as a valuation benchmark for the entire embodied AI sector. Huatai Securities noted that the robotics industry is shifting from 'theme-based pricing' to 'volume and demand validation pricing', and Unitree's pricing could become the anchor for sector repricing.

Financial data shows that from 2023 to 2025, Unitree's revenue jumped from RMB 159 million to RMB 1.699 billion, a compound annual growth rate of 226.78%, making it one of the few robotics companies globally to achieve profitable scale. The company expects first-half 2026 revenue of RMB 1.052 billion to 1.128 billion, up 35.62% to 45.41% year-on-year. Notably, the actual funds raised exceed the original plan of RMB 4.202 billion by nearly RMB 1.9 billion.

The online subscription code is '787836'. Winning one lot (500 shares) requires payment of RMB 75,400, with no upfront payment needed at the time of subscription.

The payment deadline is August 12; investors should take note.