Unitree Robotics is scheduled to be listed on August 19, raising 6.1 billion yuan. Backed by Liang Wenfeng and Tencent, it will become the first humanoid robot stock to land on the Sci-Tech Innovation Board.

Unitree Robotics Co., Ltd. (abbreviated as "Unitree Robotics", stock code: "688836") will be listed on the Sci-Tech Innovation Board on August 19, 2026.

Unitree Robotics' offering price is 150.8 yuan, with 40.4464 million shares issued, raising 6.1 billion yuan.

The strategic shareholders of this offering of Unitree Robotics include the National Social Security Fund, Hangzhou DeepSeek Artificial Intelligence Basic Technology Research Co., Ltd., CNPC Kunlun Capital Co., Ltd., China Southern Power Grid Industry Finance Holding Group Co., Ltd., Tianyi Capital Holdings Co., Ltd., Shanghai Qishan Investment Co., Ltd., CITIC Securities Investment Co., Ltd., Unitree Robotics Employee No.1 Asset Management Plan, Unitree Robotics Employee No.2 Asset Management Plan, with a total subscription of 1.22 billion yuan.

Among them, the National Social Security Fund Portfolio 601 subscribed 51.38 million yuan, the National Social Security Fund Portfolio 502 subscribed 49.26 million yuan, and the National Social Security Fund Portfolio 109 subscribed 40.11 million yuan.

Hangzhou DeepSeek Artificial Intelligence Basic Technology Research Co., Ltd. (DeepSeek) subscribed 141 million yuan, CNPC Kunlun Capital Co., Ltd., China Southern Power Grid Industry Finance Holding Group Co., Ltd., Tianyi Capital Holdings Co., Ltd., and Tencent's Shanghai Qishan Investment Co., Ltd. each subscribed 136 million yuan, CITIC Securities Investment Co., Ltd. subscribed 122 million yuan, Unitree Robotics Employee No.1 Asset Management Plan subscribed 200 million yuan, and Unitree Robotics Employee No.2 Asset Management Plan subscribed 67 million yuan.

After IPO, the National Council for Social Security Fund, DeepSeek, Kunlun Capital, China Southern Power Grid Industry Finance, Tianyi Capital, and Qishan Investment all hold 0.2233% of the shares, with 0.11% voting rights.

The shares issued by Unitree Robotics in this offering account for 10% of the total share capital. Based on this calculation, the valuation of Unitree Robotics exceeds 60 billion yuan. Once listed, Unitree Robotics will become the first humanoid technology stock on the Sci-Tech Innovation Board.

Expected revenue in the first half of the year exceeds 1 billion yuan

According to the prospectus, Unitree Robotics' revenue in 2023, 2024 and 2025 was 159 million yuan, 392 million yuan and 1.7 billion yuan respectively; net profit was -11.15 million yuan, 94.5 million yuan and 278 million yuan respectively; net profit after non-recurring items deduction was -18.02 million yuan, 77.5 million yuan and 591 million yuan respectively.

Unitree Robotics' revenue in the first quarter of 2026 was 423 million yuan, and the growth rate dropped to 68.49% from 332.64% in the same period of the previous year. Meanwhile, due to the substantial increase in period expenses such as R&D expenses and sales expenses, the net profit after non-recurring items deduction dropped to 40.25 million yuan from 84.8365 million yuan in the same period of the previous year, a year-on-year decrease of 52.55%.

Unitree Robotics expects its operating revenue from January to June 2026 to be about 1.052 billion yuan to 1.128 billion yuan, an increase of 35.62% to 45.41% compared with 776 million yuan in the same period of the previous year. Also due to the rapid increase in period expenses such as R&D investment, the net profit after non-recurring items deduction is expected to be about 236 million yuan to 283 million yuan, a year-on-year decrease of about 21.97% to 6.43%, and the year-on-year decline will be significantly narrowed and rebounded compared with the first quarter of 2026.

Meituan and HSG are important shareholders

Before this offering, Wang Xingxing directly holds 86,714,964 shares of the company, accounting for 23.8216% of the total share capital of the company, and is the controlling shareholder of the company.

Meanwhile, under the voting right differential arrangement, the voting right proportion of Wang Xingxing's directly held shares is 63.5457%. Combined with the Shanghai Yuyi Equity Incentive Holding Platform he controls, the total voting right proportion he controls in the company is 68.7816%. Therefore, Wang Xingxing is the controlling shareholder and actual controller of the company.

After this offering, the total voting right proportion controlled by Wang Xingxing will drop to no more than 65.3090%.

After IPO, Wang Xingxing holds 21.4395% of the shares, Shanghai Yuyi holds 9.8472%, Hanhai Information holds 6.8502%, Ningbo HSG holds 5.5890%, Astrend IV holds 3.9820%, Matrix Partners No.1 holds 3.8338%, Jinshi Growth holds 3.7368%, Robot Fund holds 3.4436%, Jiaxing Huamao holds 2.8686%, Junwan Hongyi holds 2.7629%;

Source Code Capital holds 2.3431% of the shares, Zhongwang Investment holds 1.8980%, Vertex holds 1.6276%, Jiaxing Ruili holds 1.4662%, Hexagon holds 1.1980%;

Xinjiang Venture Capital holds 1.1599% of the shares, Guanggu Phase II holds 1.1009%, Matrix Partners No.3 holds 1.0737%, Zhejiang Rongteng holds 1.0682%, Chengdu Longzhu and Zhongguancun Science City each hold 0.9169%, Rongteng Phase II holds 0.8298%, Xiamen Yaheng holds 0.8144%, Jisi Investment holds 0.8082%, Decent Investment holds 0.7796%, Guangzhou Chuxin holds 0.5840%, Hangzhou Chuxin holds 0.5495%;

China Mobile Hechuang, Tencent Technology, and Wuxi Jinqiu each hold 0.5388% of the shares, Hupo Anyun holds 0.5377%, Jiangsu Jianquan holds 0.5341%, and Alibaba's Hangzhou Haoyue holds 0.4041%.

In the initial stage of listing, since the share lock-up period of original shareholders is 36 months or no less than 12 months, the share lock-up period of the sponsor's related subsidiary's follow-on investment is 24 months from the date of the company's listing, the restricted period of shares subscribed by the special asset management plan established by the company's senior management and core employees participating in this strategic placement is 36 months or 12 months, the restricted period of shares subscribed by other strategic placement investors is no less than 12 months, and 10% of the total number of shares finally allocated to offline investors has a restricted period of 6 months.

The total share capital of the company after issuance is 404,464,340 shares, of which the number of unrestricted circulating shares in the initial stage of the new share listing is 30,087,720 shares, accounting for 7.44% of the total share capital after this issuance. In the initial stage of the company's listing, the number of circulating shares is small, and there is a risk of insufficient liquidity.

This article is from the WeChat official account Lei Di (ID: touchweb), author: Lei Jianping, published with authorization from 36Kr.