Unitree Technology's IPO registration approved, stirring up high-end properties in Hangzhou

On July 2nd, the China Securities Regulatory Commission approved the registration application of Unitree Technology for its initial public offering of stocks and listing on the Science and Technology Innovation Board. This means that the "first stock in the humanoid robot industry" is just one step away from being officially listed.

After the listing, the overall valuation of Unitree Technology is approximately 42 billion yuan. Some employees who have been granted equity incentives will see a significant increase in their net worth. This is a wealth effect of delayed gratification. The stocks in the employees' hands will take 3 to 5 years to be cashed out, but the industrial value of Binjiang District, where Unitree Technology is located, never waits.

From a GDP (Gross Domestic Product) of less than 70 billion yuan in 2014 to exceeding 300 billion yuan in 2025; from a stretch of farmland to having a listed company per square kilometer; from being known as the "Hangzhou High - tech Zone" to the "China Digital Valley" - Binjiang District has completed a leap in regional energy level in about a decade.

Unitree Technology is the latest achievement of this experiment. More enterprises like Unitree Technology are growing on this 72 - square - kilometer land.

Part One

What has Unitree Technology brought to the region?

Approximately 4 kilometers southeast of Unitree Technology's old headquarters in Fengda Creative Park, a new landmark called the "China Digital Valley Building" is rising. This is Unitree Technology's new office and also a new landmark for data factor reform and an innovation platform for the development of artificial intelligence and embodied intelligence industries.

On June 11th, a reporter from NBD (National Business Daily) saw at the "China Digital Valley Building" that keywords such as "incubation and acceleration", "industrial empowerment", and "capital drive" appeared frequently in the exhibition area.

Floors 3 to 12 of Building 3 in the China Digital Valley are labeled "Unitree Technology". The NBD reporter saw that a group of foreign teams had just finished visiting the first - floor exhibition hall and were preparing to leave.

"There are such foreign visiting groups every day," a staff member told the NBD reporter. "Ordinary citizens can also make their own appointments to visit for free."

On June 11th, in front of the exhibition hall of Hangzhou Unitree Technology, a foreign visiting group is ending their visit.

What has Unitree Technology brought to the region by taking root here?

Gu Binbin, the person - in - charge of the Comprehensive Management Department of Hangzhou High - tech Innovation and Entrepreneurship Group, told the NBD reporter: "Artificial intelligence is a strategic emerging industry that Hangzhou City and the High - tech Zone (Binjiang) have focused on deploying. It is also the core track for cultivating new productive forces. As a state - owned enterprise of the innovation and entrepreneurship platform, Hangzhou High - tech Innovation and Entrepreneurship Group undertakes the core functions of regional industrial cultivation, ecological construction, and resource coordination. It builds a full - chain support system for a large number of innovation entities, including Unitree Technology, around the overall situation of the development of the digital economy and intelligent industries in Hangzhou and Binjiang District."

Relying on the institutional and mechanism advantages of the national high - tech zone, the national independent innovation demonstration zone, and the Free Trade Binjiang Block in Hangzhou High - tech Zone (Binjiang), Hangzhou High - tech Innovation and Entrepreneurship Group is deeply involved in the layout of cutting - edge industries such as artificial intelligence, data factors, and embodied intelligence. Its business covers the entire industrial chain, including the transformation of scientific and technological achievements, the application of scenarios, and the capital - driven traction, and it connects the upstream and downstream of the industry with state - owned capital.

On May 16th, the National Artificial Intelligence Application Pilot Base (Embodied Intelligence) was officially unveiled in Hangzhou High - tech Zone (Binjiang). Unitree Technology, as a leading enterprise, is deeply involved in the co - construction of the base.

Gu Binbin said: "Relying on this national - level public technology platform, enterprises can be deeply involved in the formulation of technical standards, the co - creation of scenarios, and the verification of results, effectively reducing R & D and pilot - scale costs and shortening the cycle of result transformation. At the same time, by giving full play to the resource integration advantages of the national - level base, it helps enterprises to connect with industrial, scientific research, and market resources inside and outside the province, and build a cross - regional coordinated development pattern."

The "leading goose effect" of leading enterprises is also fully manifested. Gu Binbin introduced: "Currently, the overall occupancy rate of the China Digital Valley has exceeded 90%. The enterprises that have settled in are mainly science and technology innovation enterprises in the fields of artificial intelligence and data factors. At the same time, a number of science and technology service and ecological cooperation organizations have gathered, and the industrial ecosystem is continuously improving."

The agglomeration of industries ultimately leads to the gathering of talents. Public data shows that in 2025, 43,073 various types of talents were newly introduced in Binjiang District, and the proportion of postgraduate and doctoral students exceeded 20%.

The reporter learned from the Party - Mass Service Center of the High - tech Zone (Binjiang) that there are also growth and incubation platforms for the improvement of young people's abilities and the development of start - up enterprises.

"Different training courses are held here every week, with 20 to 25 participants in each session. There is also a maker camp now, targeting the current popular theme of 'AI + 1 - person company' and the relevant maker groups," a staff member introduced the regular services for entrepreneurs to the reporter. "There have been more than 26,000 members since 2020, so each class is always full."

Part Two

The 'New Technology Elites' will become an important force in housing consumption

Regarding the future housing needs of the "new technology elites", Li Yujia, the chief researcher of the Housing Policy Research Center of the Guangdong Urban Planning and Design Institute, said in an interview with the NBD reporter on July 2nd:

"Considering that the valuations of artificial - intelligence - related enterprises are very high and the entrepreneurial atmosphere is strong, the startup teams and middle - and high - level executives will benefit from the prosperity of the capital market. It is expected that a large number of new technology elites will emerge. These people are all around 30 years old and will be an important force in the local housing consumption market."

Currently, the housing needs of some "new Binjiang residents" are being converted into real purchasing power. The NBD reporter learned from an interview that in the Jinchuanyuan project, which is only 600 meters away from Unitree Technology's old headquarters, nearly 70% of the units were sold within a month of its opening.

Bi Yankui, the person - in - charge of the Jinchuanyuan project, told the reporter: "The average total price of each unit in the project ranges from 8 million yuan to 14 million yuan. As of the time of the interview (June 11th), more than 40 units had been sold in June."

"An employee of Unitree Technology has become an owner," Bi Yankui, the person - in - charge of the Jinchuanyuan project, introduced in an interview with the NBD reporter. "The 170 - square - meter unit has a total price of about 9.4 million yuan, and the payment method is a down payment plus a combined loan." Bi Yankui introduced that "from the opening at the end of May to June 11th, a total of more than 50 units were sold, and about 60% of the buyers are from technology enterprises in Binjiang."

"Among them, there are two buyers from Huawei and Alibaba respectively, and one from NetEase and Hikvision respectively," Bi Yankui said.

Just south of the Qiantang River, within a 3 - to 10 - minute drive from the core area of Binjiang, 3 of the "Six Luxury Residential Projects in Hangzhou" are clustered.

Among them, Wangtianji holds the record of the "land king" in terms of the floor price in Hangzhou at 77,409 yuan per square meter; Aoying Century Mansion precisely targets the new elites aged 35 to 45, and there were 27 customers competing for one unit during its first opening; The average price of China Overseas Wanchao Jiuxu has exceeded 100,000 yuan per square meter, and it was sold out twice after two openings... These luxury residential projects are becoming the next stop for the asset allocation of the new technology elites.

The listing of Unitree Technology has not brought an immediate "cash bonus", but the "delayed release" of wealth from many technology enterprises in the region has led to a long - term re - evaluation of the value of the Hangzhou real estate market.

Shangguan Jian, the director of the Hangzhou Shell Research Institute, said straightforwardly in an interview with the NBD reporter: "The overall housing demand in Binjiang District, including the activity of the second - hand housing market and the amplitude of price adjustment, indeed reflects the industrial thickness of this region. Enterprises like Unitree Technology have an obvious supporting effect on the high - end market in the region."

"In the past, the driving effect of technology companies on the Hangzhou real estate market was relatively straightforward. The most typical example is when Alibaba moved from Binjiang to the Future Science and Technology City, which had a very obvious pulling effect on the area. However, the 'Six Technology Luxury Projects' are still 'young dragons'. Compared with Alibaba, in terms of both scale and the size of the high - net - worth population, they are different, and the purchasing demand they release is also different," Shangguan Jian added.

Shangguan Jian believes that the impact of Unitree Technology's listing on the market needs to be viewed in the long - term: "With the development of the digital technology and artificial intelligence industries in Hangzhou, more industrial chain enterprises will be attracted, which will in turn attract more population inflows. In the long run, it is of great significance to Hangzhou's urban competitiveness, residential attractiveness, and rental demand."

The housing demand in Binjiang District is also spilling over.

"People from high - tech enterprises in Binjiang District are buying houses on both sides of the Qiantang River," Bi Yankui introduced. "The new technology and Internet elites first consider buying houses within the region, but the supply of new houses in the region is limited. In addition to considering second - hand houses, rigid - demand and improvement - oriented homebuyers will also spill over to other regions."

In Xiaoshan District, which is adjacent to Binjiang District, the sales of multiple projects have continued to be hot this year. Statistics from the China Index Academy show that among the top 10 in terms of the sales amount of commercial residential buildings in Hangzhou from January to May 2026, 367 units were sold in the Binjiang Xingyao Jinshangguanlan project, 231 units in the Poly Tianjun project, and 120 units in the Greentown Xiaolanyuhua Mansion project.

"In the first half of 2026, new - house transactions with a single - unit price of more than 10 million yuan have become an important driving force in the market," Li Yujia said.

"Currently, the Hangzhou real estate market is in a stable stage. The increasing home - buying demand of employees in technology enterprises has a positive effect on the return of overall market confidence and the improvement of home - buying enthusiasm," Shangguan Jian said.

Part Three

One listed company per square kilometer on average

Behind the industrial value is the highest technology concentration in the province in Binjiang District.

In 2025, the number of invention patents per 10,000 people in Binjiang District reached 1,010.6, ranking first in the province; the total annual technology transaction volume was 42.87 billion yuan, ranking first in the province for consecutive years. With only 0.5% of the city's area, Binjiang District created 13.2% of the city's economic volume.

The enthusiasm of enterprises to acquire land and build buildings here is also rising. On May 28th, Zhejiang Leapmotor Technology Co., Ltd. acquired a commercial and financial land in the Binjiang International Business District of Hangzhou Olympic Sports Center for approximately 687 million yuan. Diagonally opposite is "Wangtianji", one of the Six Luxury Residential Projects in Hangzhou.

Another listed company, Zhonghe Technology, is also accelerating its layout. In September 2025, Zhonghe Technology won the bid for the land plot No. 3 in Binjiang District (Binzheng Gongchu [2025] No. 3) with a total price of 22.36 million yuan. It plans to invest approximately 717 million yuan to build the "Binjiang Global Headquarters and R & D Center".

As early as April 2023, Qianxun Holdings won the bid for a land plot in the Yongjiuhe Unit of Binjiang District for 22.06 million yuan and plans to build a "New Retail E - commerce Live - streaming Industrial Base" with a total investment of no less than 300 million yuan.

"This kind of land transfer reflects that the attractiveness of Binjiang District to enterprises is continuously increasing," Shangguan Jian said. "Many enterprises like Unitree Technology have developed step by step on this land. There are more than 70 listed companies on the 72 - square - kilometer land in the entire Binjiang District, with an average of more than one listed company per square kilometer, which shows the industrial thickness."

The next step for Unitree Technology is to continue to take root in Binjiang District.

The prospectus shows that the total investment in this fundraising project is 4.202 billion yuan. Among them, the investment in purchasing and renovating the R & D center for the local R & D center of intelligent robots is 655 million yuan, and the investment in the site of the intelligent robot manufacturing base project is 309 million yuan. The two projects are planned to be built in the Hangzhou High - tech Industrial Development Zone (Binjiang). The company has obtained the "Letter on Ensuring the Development Space of Hangzhou Unitree Technology Co., Ltd." issued by the Economic and Information Technology Bureau of the Hangzhou High - tech Development Zone (Binjiang).

From land policies to industrial space, from leading enterprises to industrial clusters, Binjiang District has completed a transformation of the urban development logic over time - industries lead regional value. It doesn't chase after trends but becomes the trend itself.

This article is from the WeChat public account "NBD Real Estate", author: Bao Jingjing. Republished by 36Kr with permission.