Unitree Technology IPO Priced at 150.8 Yuan, Subscription Opens Aug 10

On the evening of August 6, Unitree Technology Co., Ltd. announced its IPO on the STAR Market, setting the issue price at 150.80 yuan per share.

Based on post-IPO total share capital of 404.46 million shares, the company's market value at listing is estimated at approximately 60.99 billion yuan.

The company plans to issue 40.45 million new shares, accounting for 10% of post-IPO capital, with total funds raised expected to be about 6.10 billion yuan, and net proceeds of around 5.92 billion yuan after deducting issuance costs.

The issue price-to-earnings ratio (diluted) reaches 219.23 times, with a static price-to-sales ratio of 35.89 times for 2025, both higher than the industry average of 38.56 times, prompting a warning of potential price decline post-listing.

Strategic placement includes an initial allocation of 8.09 million shares (20% of the offering), with investors such as DeepSeek, Tencent-related entities, social security funds, and CNOOC Kunlun Capital participating.

Online and offline subscription dates are both August 10, 2026, with payment due on August 12. The online initial issuance is 6.47 million shares, with a per-account subscription limit of 6,000 shares, requiring 60,000 yuan of Shanghai market value.

Due to high market interest, institutions estimate the winning rate at approximately 0.02% to 0.03%.

As a benchmark case under the pre-review mechanism, Unitree's registration process took just over 100 days from acceptance on March 20 to approval on July 2. Proceeds will fund intelligent robot model research (2.02 billion yuan), robot body R&D (1.11 billion yuan), and construction of new product development and manufacturing bases.

Founder Wang Xingxing retains 65.31% voting rights via a special voting rights structure. This IPO milestone highlights the embodied intelligence sector's rapid shift from concept to mass production.