Unitree, the fastest IPO this year

A milestone moment.

Today (June 1st), the website of the Shanghai Stock Exchange showed that the IPO application of Unitree Technology on the STAR Market has passed the review of the listing committee of the Shanghai Stock Exchange.

This is an extremely rapid process. From the acceptance of Unitree's IPO application by the Shanghai Stock Exchange on March 20th this year to today's review, it has only been 73 days, setting the fastest IPO record in 2026 so far.

Even in the history of the STAR Market, such a speed is rare. After all, Changxin Technology, which attracted wide attention last week, took 148 days.

Wang Xingxing's Decade: The Second Post - 90s Entrepreneur to Ring the Bell on the STAR Market

Unitree Technology plans to raise 4.202 billion yuan in this IPO. Calculated based on a public offering ratio of no less than 10%, the overall valuation of Unitree reaches 42 billion yuan.

However, in the view of the industry, this may be at least a company worth over 100 billion yuan.

Looking back on the past few years, Unitree has almost been the most prominent narrative in China's embodied intelligence track. Wang Xingxing, a post - 90s from Ningbo, was admitted to Zhejiang Sci - Tech University in 2009 and was able to independently develop a bipedal humanoid robot in college. After graduating from Shanghai University with a postgraduate degree, he briefly worked at DJI. In 2016, he officially resigned to start a business, and Unitree Technology was founded in Hangzhou.

Over the years, Unitree has gradually developed from a small team of 1 or 3 people to a company with over a thousand employees. Among them, what is best known is that Unitree has appeared on the Spring Festival Gala stage three times. This also allows the outside world to clearly see the technological leap and trend of the embodied intelligence industry.

It is worth noting that this is a rare profitable embodied intelligence enterprise in China. According to the prospectus, from 2023 to 2025, the company's revenues were 159 million yuan, 393 million yuan, and 1.699 billion yuan respectively; the net profits were - 11 million yuan, 95 million yuan, and 278 million yuan respectively. The company expects that the operating income from January to June 2026 will be between 1.052 billion yuan and 1.128 billion yuan, with a year - on - year increase of 35.62% to 45.41%.

Currently, Unitree Technology mainly focuses on quadruped robots, humanoid robots, and robot components. Among them, the humanoid robot business stands out. In recent years, its revenue has officially exceeded that of quadruped robots and has become the company's largest growth driver. The prospectus mentioned that in 2025, the company's humanoid robot shipments exceeded 5,500 units (excluding wheeled dual - arm robots), ranking first in the world.

No one in the venture capital circle doesn't talk about Unitree and Wang Xingxing.

The financing story behind it is full of drama. Not from a prestigious school and with an unremarkable team, Unitree had an unfavorable start in financing. The first sum of money Wang Xingxing received was from an individual investor Yin Fangming from Beijing, when the valuation was only over 10 million yuan. The first money from an institution was provided by AnChuang Accelerator and Variable Capital in 2018.

The turning point came in 2020. The Pre - A round of financing of tens of millions of yuan from Sequoia China Seed Fund and Deshun Investment meant that Unitree Technology entered the mainstream vision of the venture capital circle. Sequoia once described Wang Xingxing as an outlier and increased its investment later.

In addition, the investors of Unitree Technology also include: Vertex Ventures, Cherry Ventures, Shunwei Capital, Matrix Partners, Dunhong Asset, Hexagon Group, Rongyi Investment, Shenzhen Capital Group, Meituan, Golden Stone Investment, Source Code Capital, China Internet Investment Fund, Mida Junshi, Beijing Robot Industry Investment Fund, Meituan Longzhu, Zhongguancun Science City, Amber Capital, Shanghai Science and Technology Innovation Fund, CITIC Securities, Tencent, Jinqiu Fund, Alibaba, Ant Group, Geely Capital, etc. Later, it was "scrambled for" several times, and even the price of old shares kept rising.

The prospectus shows that as of now, among institutional shareholders, Meituan is the second - largest shareholder, holding about 9.65% of the shares; Sequoia China, Matrix Partners, and Shunwei Capital follow closely, with shareholding ratios of about 7.11%, 5.45%, and 4.42% respectively. Wang Xingxing himself holds more than 23% of the shares.

The investors behind finally waited for the moment of return. Wang Xingxing is expected to become the second post - 90s entrepreneur to stand on the bell - ringing stage of the STAR Market after Liu Jingkang of Insta360.

The Life - and - Death IPO Race

Some are happy while others are sad.

It is worth mentioning that Unitree Technology is the second company to apply under the "pre - review mechanism" of the STAR Market. This mechanism allows companies to conduct confidential reviews and early rectification of inquiries before formal application, thus greatly compressing the review process after formal acceptance.

Thus, we witnessed the fastest review this year. This also makes the outside world sense the government's emphasis on embodied intelligence.

The benchmark effect of Unitree is expected to quickly activate the capital vitality of the entire embodied intelligence industry chain. This is the era speed of China's hardcore technology breakthrough.

Of course, a visible IPO race is bound to start.

Like Unitree, Galaxy Universal and Zhipu Robotics are also highly anticipated. In March this year, Galaxy Universal just announced a new round of financing of 2.5 billion yuan. An investor of Galaxy Universal once told the investment community that Galaxy Universal is likely to be one of the first embodied intelligence companies to go public. After Zhipu Robotics made a tender offer for Shanghai Weixing New Materials, a STAR Market company, last year, the investment community learned from investment institutions that after the merger and acquisition, Zhipu Robotics will continue to strive for an IPO on the Hong Kong Stock Exchange as planned.

In addition, Yun Shen Chu, which is in the same "Six Little Dragons in Hangzhou" as Unitree, has had its STAR Market IPO application accepted and has entered the first - round inquiry. In May, Leju Intelligence's IPO application on the ChiNext was accepted by the Shenzhen Stock Exchange, becoming the first company to apply under the fourth set of listing standards of the ChiNext. Xinghai Tu, Zhongqing Robotics, and Songyan Power have all completed shareholding system reforms... IPO is a matter of life and death and even determines whether a company can stay in the game.

Peers also urgently need a "listing example". The capital market's dual recognition of Unitree in terms of rapid review and high - valuation premium is essentially a bet on the future trillion - level track dividends of embodied intelligence, but it also puts forward strict requirements for the company's subsequent development.

After Unitree, it may mean that the IPO path, which is like thousands of troops crossing a single - log bridge, has become a little narrower. I believe many people have mixed feelings about this.

Faster, even faster. No one wants to fall behind.

This article is from the WeChat official account "Investment Community" (ID: pedaily2012), written by Yang Jiyun and reprinted by 36Kr with permission.