China’s Unitree, one of the country’s most prominent humanoid robot makers, is expected to make a blockbuster stock market debut in Shanghai next week, with private-market trading pointing to steep gains from its initial public offering price, according to a report by Reuters.
Shares of Unitree are being valued at sharply higher levels on private trading platforms outside China. Platforms including EquityZen, UpMarket and Hiive indicate that the stock could nearly triple, while derivatives traded on crypto platforms such as Hyperliquid and Gate suggest an even bigger potential jump, the report stated.
The excitement surrounding Unitree has been fuelled by its humanoid robots, which have attracted global attention for their ability to run, dance and perform martial arts. According to Reuters, the company’s IPO was more than 8,000 times oversubscribed by retail investors, setting a record for a technology startup listing on Shanghai’s STAR Market.
Chinese media have also reported that some successful IPO subscribers have been approached by scalpers offering to purchase their shares for 410 yuan, representing a premium of about 170% over Unitree’s IPO price of 150.8 yuan. The company’s listing date is expected to be announced on Friday.
Profitability Sets Unitree Apart
Unitree is entering the public markets at a time when investor enthusiasm for humanoid robotics is accelerating. The company competes with major global players including Hyundai Motor Group-owned Boston Dynamics and Tesla.
While several Chinese robotics companies have already listed in Hong Kong, Unitree is set to become the first general-purpose robotics company to debut on mainland China’s stock exchanges. The company is also regarded as the world’s largest humanoid robot maker by sales.
A key attraction for investors is that Unitree is already profitable, distinguishing it from many emerging companies in the humanoid robotics industry that remain focused on developing commercial applications.
Reuters reported that Unitree is also benefiting from strong investor expectations around government support for China’s robotics sector. Beijing has identified robotics and advanced technology as strategic industries to strengthen China’s technological capabilities and compete with the United States.
Founder Wang Xingxing was among technology entrepreneurs who attended a summit hosted by Chinese President Xi Jinping early last year. Unitree has also received backing from prominent Chinese technology companies, including Tencent, Alibaba and DeepSeek.
A strong Unitree debut would add to the recent momentum in China’s technology IPO market. Chipmaker CXMT surged more than fivefold in its Shanghai debut just weeks ago, highlighting strong investor appetite for high-profile technology listings.
Small Float Adds to Scarcity Premium
Unitree raised about 6.1 billion yuan ($905 million) in its IPO by selling only 10% of its enlarged share capital. The relatively small portion of shares available to public investors has further fuelled expectations of strong demand once trading begins.
According to Reuters, Hiive was pricing Unitree shares at around $62 early on Friday, implying an upside of roughly 176% from the IPO price. Other private-market platforms were indicating even higher valuations.
Derivatives linked to Unitree shares also pointed to substantial gains. A contract tied to the company’s stock and traded through a platform operated by Trade.xyz was priced at around $90 on Hyperliquid early on Friday.
Some market participants have offered even more aggressive forecasts, with one trader in Hangzhou, where Unitree is headquartered, predicting that the shares could rise as much as eightfold on their first trading day.
Hype Comes With Risks
Despite the enthusiasm, Unitree’s valuation could also expose investors to significant downside if expectations around the humanoid robotics industry prove too optimistic.
The company faces increasing competition and still has a limited number of mature applications for humanoid robots in industrial and factory environments. Chinese robotics companies could also face restrictions on selling their products in the United States, creating an additional challenge for their global expansion plans.
Reuters reported that some market participants have warned that the sector’s long-term growth potential may not fully justify the valuations being assigned to companies such as Unitree.
The contrast between strong IPO demand and the sector’s still-developing commercial prospects could make Unitree’s debut a key test of investor appetite for China’s next-generation technology companies.
For now, the combination of a limited IPO float, record retail oversubscription, strong private-market pricing and government support for robotics has created expectations of a potentially spectacular debut. The bigger question will be whether Unitree can sustain those valuations after the initial burst of IPO enthusiasm fades.
