Unitree prices its IPO at 150.8 yuan — a humanoid maker valued at 219 times earnings

Unitree Robotics (Yushu Technology) has set the price for its Shanghai STAR Market listing at 150.8 yuan per share, according to the issuance announcement filed with the Shanghai Stock Exchange under code 688836. The company is selling 40,446,434 new shares, about 10 percent of its enlarged capital, which raises roughly 6.1 billion yuan and implies a market capitalisation near 61 billion yuan — some 9 billion dollars. The pricing puts Unitree on a trailing price-to-earnings ratio of 219.23, against a sector average of 38.56 quoted in the same filing. Public subscription opens on 10 August. Entities linked to DeepSeek and Tencent are listed among the strategic investors. Unitree would be the first humanoid-robot maker listed on a mainland Chinese exchange. The company reached that point on the back of quadrupeds such as the Go2 and a humanoid line running from the H1 through the G1 to this year's H2 — products that undercut Western competitors by an order of magnitude on price. The multiple the market has accepted says less about current profits than about how much of the humanoid industry investors expect Unitree to end up owning.