Did the green channel for Unitree's listing get halted? A person familiar with the matter: It is expected to submit its listing application in January.
Has Unitree Technology, which is aiming for an IPO, hit a "speed bump"?
On January 4th, according to "NetEase Technology", the green channel for Unitree Technology's A-share listing has been stopped, but the listing itself has not been halted.
In response, a person familiar with the matter told Zimu AI, "Unitree is now going through the normal listing process. Unitree Technology had good profitability in 2025, and it is expected to submit the listing application in January 2026."
On the evening of the 4th, Biaonius reported that it seemed that Wang Xingxing, the founder of Unitree Technology, responded on his WeChat Moments, saying, "This is an old piece of misinformation from a few weeks ago that has been spread again. Don't take it seriously. There's no need to explain it to outsiders."
In response, Zimu AI sent an interview letter to Unitree Technology via email. As of press time, no response has been received from the company.
The so - called "green channel" for listing is a mechanism aimed at optimizing the review process and shortening the listing time. It improves efficiency through measures such as priority processing and simplified procedures. It mainly serves enterprises in key areas of national strategy, such as high - tech and specialized, refined, characteristic, and innovative "hard technology" enterprises.
Unitree Technology was founded in 2016 by Wang Xingxing. The company mainly develops products such as quadruped robots and humanoid robots. Its humanoid robot H1 appeared on the 2025 Spring Festival Gala. On November 15, 2025, the official website of the China Securities Regulatory Commission showed that Unitree Technology had completed its IPO counseling.
Since 2025, the embodied intelligence track has heated up, and many humanoid robot enterprises are aiming for IPOs. Previously, ZHIYUAN ROBOT, which became the actual controller of Shangwei New Materials, a listed company on the STAR Market through acquisition, was also rumored to be "back - door listing" and listing on the Hong Kong Stock Exchange, but both rumors were denied by ZHIYUAN.
The above - mentioned person familiar with the matter also said, "ZHIYUAN ROBOT is expected to list on the Hong Kong Stock Exchange, with a valuation of over HK$20 billion. It is expected to submit the listing application in the first quarter of 2026." Zimu AI verified this with ZHIYUAN ROBOT, and as of press time, no response had been received.
01
After the H1 appeared on the Spring Festival Gala, Unitree Technology hit the accelerator in 2025.
In July 2025, according to the official website of the China Securities Regulatory Commission, Unitree Technology signed the report for filing of listing counseling on July 7th, with CITIC Securities as the counseling institution.
Four months later, on November 15th, Unitree Technology completed its IPO counseling. According to Unitree Technology's plan, it would submit the listing application documents to the stock exchange between October and December 2025.
The filing report shows that the company's controlling shareholder and actual controller is Mr. Wang Xingxing, who directly holds 23.8216% of the company's equity and controls 10.9414% of the company's equity through Shanghai Yuyi Enterprise Management Consulting Partnership (Limited Partnership), with a total control of 34.7630% of the company's equity.
On the commercialization level, Unitree has achieved profitability.
According to Sina Technology, Zhao Nan, an early investor in Unitree Technology and the founder of SevenUp Capital, revealed that since 2020, Unitree's financial statements have shown a profit every year. The market leader of Unitree Technology also confirmed this news, saying that the profit is true.
At the 2025 Summer Davos Forum, Wang Xingxing revealed that Unitree's annual revenue has exceeded one billion yuan, and the company has about 1,000 employees.
In terms of financing, Qichacha information shows that Unitree Technology has completed 13 rounds of financing in total and is currently in the C4 round. At present, its valuation has exceeded 10 billion yuan. The investors behind it include not only state - owned capital such as the Beijing government - guided fund but also industrial investors such as Hexagon and Geely Automobile, as well as Internet giants such as Meituan, Tencent, and Alibaba.
In terms of product strategy, Unitree Technology is promoting price cuts to accelerate market penetration. After releasing the G1 priced at 99,000 yuan last year, it directly launched the smaller - sized R1 this year, priced at 39,900 yuan, lowering the consumption threshold.
Complementary to this is high - intensity brand marketing.
Since appearing on the 2025 Spring Festival Gala, Unitree robots have been active in the public eye throughout the year.
First, they entered the live - streaming rooms of Li Jiaqi and Luo Yonghao. Then, they reached a cooperation with "Jay Chou concept stock" MegaStar Legend to develop and create consumer - grade IP robots and IP derivatives. Not long ago, they also appeared as backup dancers at Wang Leehom's concert, performing consecutive backflips followed by a Thomas spin, which attracted praise from Elon Musk.
On January 3rd this year, the first offline robot store jointly created by Unitree Technology and JD.com opened at the Shuangjing store of JD MALL, displaying four robot products. Among them, the humanoid robot G1 is priced from 85,000 yuan and has functions such as Q&A, coffee making, and shopping guidance.
In addition, according to the WeChat public account "Sajia Junze", Unitree is competing for the sponsorship qualification of the 2026 Spring Festival Gala, with a bid of up to 100 million yuan. However, Unitree declined to comment.
02
While Unitree Technology is running at full speed, ZHIYUAN ROBOT is also racing forward.
In March 2025, ZHIYUAN ROBOT completed its Series B financing, ending the one - and - a - half - year Series A financing stage. Qichacha shows that since 2025, ZHIYUAN ROBOT has completed four rounds of financing, reaching the B4 round, attracting Internet giants such as Tencent and JD.com. Its valuation has reached 15 billion yuan.
ZHIYUAN ROBOT was founded in 2023 by "Zhuihui Jun", a genius from Huawei. In 2025, Deng Taihua, the actual person in charge behind it, emerged. He had worked at Huawei for more than 20 years and led Huawei's Ascend AI chips and Kunpeng computing power platform.
In July 2025, ZHIYUAN ROBOT became a shareholder of Shangwei New Materials. In October, Shangwei New Materials disclosed that ZHIYUAN ROBOT had obtained 63.6232% of the shares of Shangwei New Materials through agreement transfer and mandatory tender offer, becoming the controlling shareholder of Shangwei New Materials.
Not only did Deng Taihua become the actual controller of Shangwei New Materials, but Zhuihui Jun also took on a new role as the chairman of Shangwei New Materials.
Not long ago, Zhuihui Jun announced that Shangwei New Materials would enter the personal robot track under the brand of "Shangwei Qiyuan". On December 31, 2025, Shangwei New Materials launched a full - body force - controlled small - sized humanoid robot "Qiyuan Q1", a small - sized humanoid robot that can fit into a schoolbag.
On the commercialization level, Deng Taihua said that ZHIYUAN's sales revenue in 2025 is expected to exceed one billion yuan. As for whether it is profitable or not, no data has been disclosed.
Previously, ZHIYUAN was rumored to be back - door listing and listing on the Hong Kong Stock Exchange, but both rumors were denied by ZHIYUAN. However, the market has high expectations for ZHIYUAN. Since it became a shareholder of Shangwei New Materials, the latter's stock price has increased by 1100% in 2025.
Since 2025, the competition in the humanoid robot track has been fierce.
Taking Unitree Technology and ZHIYUAN ROBOT as examples, although their routes are different (ZHIYUAN mainly focuses on the software development of embodied intelligence large models, while Unitree focuses on hardware), when the embodied intelligence large models have not yet achieved "generalization", both sides still aim to seize the market as their current primary goal.
The competition in the B - end market is fierce. In June 2025, China Mobile (Hangzhou) Information Technology Co., Ltd. issued a procurement announcement. ZHIYUAN won procurement package 1 worth 78 million yuan; the short - listed candidates for procurement package 2 were Unitree and ZHIYUAN, and Unitree finally won it, worth 46.05 million yuan.
In the C - end market, ZHIYUAN's marketing is also in full swing. Not long ago, when the 5,000th mass - produced ZHIYUAN robot rolled off the production line, Huang Xiaoming was invited to attend. According to reports, ZHIYUAN bid 50 million yuan for the sponsorship qualification of the 2026 Spring Festival Gala. However, ZHIYUAN denied this news.
Since 2025, the embodied intelligence track has become hotter. IT Juzi shows that as of December 18th, 2025, at least 165 embodied intelligence enterprises have completed 303 rounds of financing; the financing amount is nearly 37 billion yuan, a nearly 260% increase compared to the whole year of 2024.
High - tech enterprises are flocking to seek listings, and domestic humanoid robot enterprises are also experiencing a listing wave. On October 22, 2025, Leju Robot completed the filing registration for counseling at the Shenzhen Securities Regulatory Bureau; on December 23, 2025, Yun Shen Chu launched its listing counseling and is known as another "first domestic humanoid robot stock on the A - share market" to sprint for listing.
The final outcome of the listing has not yet arrived, and the final ownership of the "first domestic humanoid robot stock on the A - share market" remains a suspense full of uncertainties.
This article is from the WeChat public account "Zimu AI", author: Xue Yaping. Republished by 36Kr with permission.