Unitree prices its Shanghai listing at a $9bn valuation — the first humanoid maker to go public in mainland China

Unitree Robotics priced its offering on the Shanghai STAR Market at 150.8 yuan per share, selling 40.45 million new shares — roughly a tenth of the enlarged company — and raising about 6.1 billion yuan, or some 850 million dollars. That values the Hangzhou company at 61 billion yuan, close to 9 billion dollars: above its own earlier target of 50 billion and about 45 percent above the 104 yuan that analysts had pencilled in. It is the first listing on a mainland Chinese exchange by a company whose business is mostly humanoid robots. Unitree built its name on four-legged machines — the Go2 sells from 1,600 dollars, the industrial B2 goes to research and inspection customers — but according to the offering documents humanoids are now its largest single source of revenue. The G1 starts at 13,500 dollars and the full-size H2 at about 29,900, an order of magnitude below Western machines of comparable size. DeepSeek took a strategic stake of 933,399 shares, worth roughly 19.6 million dollars, locked up for three years. The listing lands a week after the US Federal Communications Commission put Chinese robot makers on its Covered List, which stops new models from being authorised for the American market — a door that closes just as Unitree gains the balance sheet to push through it elsewhere.