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Unitree Shares Close 460% Above IPO Price in Shanghai STAR Market Debut

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Shares of Chinese humanoid and quadruped robot maker Unitree Robotics surged in their trading debut on Shanghai's STAR Market on August 19, 2026, according to Reuters and the Associated Press. The stock opened at 1,100 yuan against an IPO price of 150.8 yuan and closed at 845 yuan, 460% above the offer price, Reuters reported.

The Associated Press reported that the shares rose as much as 629% during the session. Caixin Global, which reported the same opening price, said the first-day gain was the largest for a new listing so far this year.

Size of the offering

Unitree raised 6.1 billion yuan, about $904 million, according to AP. Caixin reported that the amount exceeded the company's original fundraising target of 4.2 billion yuan and that the offering was heavily oversubscribed. Reuters said the company sold 10% of its shares in the IPO and that the debut gave it a market value of about $50 billion.

Wang Xingxing founded Unitree in Hangzhou in 2016, according to AP. Reuters reported that his stake of about 20% was worth more than $11 billion on paper after the debut.

"It is a top-tier player, and its uniqueness commands premiums. Its price is dictated by political and economic considerations, rather than valuation models," Yan Kai, a venture capitalist at Ivy Capital, told Reuters.

Revenue and shipments

AP reported that Unitree's 2025 revenue was 1.7 billion yuan, about $250 million, and that more than 40% came from overseas. AP also reported that about 15,000 humanoid robots were shipped worldwide last year and that Unitree shipped more than 5,000 of them.

Reuters noted that the company is profitable even though relatively few of its robots are in commercial use.

US restrictions in the background

The listing came weeks after US regulators moved against foreign-made robots. The Federal Communications Commission added foreign-produced advanced robotic devices, which it describes as mobile robots such as humanoids and quadrupeds, to its Covered List on July 28, 2026, according to the FCC. AP reported that the restriction applies to Unitree's new models.

Reuters also reported that the Pentagon added Unitree to its list of Chinese military companies in June.

For buyers, the FCC has said that previously authorized models can continue to be sold and used, while new foreign-made models need a Conditional Approval from the Department of War before they can receive FCC authorization.

Sources