Unitree, China’s leading humanoid robot manufacturer, will begin trading on Shanghai’s STAR Market next week. Investors are eager to see how high the shares will climb.
The company’s initial public offering attracted retail investors at a record level, with subscriptions exceeding 8,000 times the available shares. Outside China, private share platforms like EquityZen and UpMarket have valued Unitree’s stock at nearly three times its IPO price, while crypto exchanges Hyperliquid and Gate suggest a potential fourfold increase.
Scalpers and derivatives fuel the frenzy
Chinese media reported that some IPO subscribers have been contacted by scalpers offering to buy shares at 410 yuan—170% above the 150.8 yuan offering price. On trading platform Hiive, shares are valued at roughly $62, suggesting a 176% gain, according to Jeff Ko, chief analyst at CoinEx.
A contract linked to Unitree on Hyperliquid, a 24-hour venue for leveraged bets, traded at around $90 early Friday. Wen Hao, a trader in Hangzhou, where the company is headquartered, said the stock could rise as much as eight times on its first day.
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The enthusiasm stems from more than speculation. Unitree earns profits, which is unusual among humanoid robot firms. It leads the industry in sales and became the first general-purpose robotics company to list in mainland China.
State backing and tech rivalry add to the appeal
Investors are also attracted by the company’s ties to government priorities. China has made robotics a key part of its effort to surpass the U.S. in technology. Unitree’s founder, Wang Xingxing, appeared at a 2023 summit with Chinese President Xi Jinping, and major backers include Tencent, Alibaba, and DeepSeek.
Jack Pearson, an investment principal at RoboStrategy, described the IPO as a significant moment for Chinese robotics, highlighting its scale and profitability compared to many loss-making peers.
The timing coincides with a rebound in Chinese tech listings. Chipmaker CXMT saw its shares jump more than fivefold during its Shanghai debut last month, reflecting renewed interest in high-growth stocks.
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Unitree secured 6.1 billion yuan ($905 million) by selling just 10% of its shares, leaving most of the company privately held. That limited supply has intensified expectations of a buying surge once trading starts.
Some analysts caution that the excitement may exceed fundamentals. The company faces strong competition, few mature industrial applications, and potential U.S. market restrictions. Jeff Mei, COO of crypto exchange BTSE, questioned whether the sector’s long-term potential justifies current valuations, citing SpaceX’s post-IPO decline as a warning.
For now, the momentum remains strong. Unitree’s robots, known for their agility in running, dancing, and martial arts, have drawn global attention. The IPO is set to become one of the year’s most anticipated market debuts.
The listing date will be announced later Friday.
