Wang Xingxing of Unitree has a net worth exceeding 18 billion yuan, and a number of new post-90s upstarts are also set to emerge.
On the evening of August 6, Unitree Robotics officially released the Public Offering Announcement for its Initial Public Offering of Shares and Listing on the Sci-Tech Innovation Board. The announcement shows that the offering price is set at 150.80 yuan per share, with a total offering volume of 40.446434 million shares, accounting for 10% of the total share capital after the offering, which will reach 404.46434 million shares. The total estimated raised capital is about 6.099 billion yuan, with a net amount of about 5.917 billion yuan. Calculated at the offering price, the total market value of Unitree Robotics has reached 60.99 billion yuan.
Before the offering, Wang Xingxing, the founder of Unitree Robotics, directly held 86.714964 million shares, accounting for 23.8216% of the total. Meanwhile, he indirectly held 9.5367% of the shares through Shanghai Yuyi, the employee equity incentive platform. The total direct and indirect shareholding ratio reaches 33.3583%, corresponding to a total equity market value of about 18.312 billion yuan. For comparison, when Wang Xingxing first appeared on the 2025 New Fortune 500 Rich List, his personal wealth was 6.69 billion yuan, which just crossed the threshold for being listed.
Equity structure of Unitree Robotics after the capital reserve was converted into share capital in June 2025 Image source: Announcement of Unitree Robotics
This entrepreneur, born in 1990 and serving as chairman, general manager and CTO at the same time, has leapt into the ranks of post-90s wealthy people in China thanks to the explosive valuation growth of the humanoid robot track.
Wang Xingxing studied mechanical and electrical engineering at Zhejiang Sci-Tech University for his bachelor's degree, and graduated from Shanghai University with a master's degree in mechanical engineering. Since his student days, he has been obsessed with mechanical hardware development and has outstanding hands-on ability. During his undergraduate years, Wang Xingxing made a small bipedal robot with materials costing only about 200 yuan. During his postgraduate studies, he broke away from the mainstream hydraulic drive idea of the industry at that time and independently developed the XDog quadruped robot prototype, and the relevant test videos attracted widespread attention in the robotics circles at home and abroad. After graduating with a master's degree, he briefly joined DJI as an engineer, and only a few months later he chose to resign and start his own business.
In August 2016, Wang Xingxing founded Unitree Robotics in Hangzhou. Due to the fact that the robot industry was a niche track in the early stage of entrepreneurship, the company once suffered from interrupted financing, with extremely tight funds on the account, so he had to pay out of his own pocket to keep the team running. In 2017, Unitree launched its first commercial quadruped robot Laikago, officially entering the market. Since then, it has successively launched quadruped and humanoid robot products such as Aliengo, Go1, Go2, H1 and G1, promoting the large-scale overseas expansion of domestic legged robots.
For the listing, Wang Xingxing did not monopolize the capital dividends. The company has built a wealth sharing mechanism covering core employees at all levels, and a group of post-90s technical backbones and business leaders will usher in the window of cashing in their wealth after the listing.
According to the offering arrangement and preliminary inquiry announcement disclosed by Unitree Robotics, the company has set up two special employee asset management plans to participate in this strategic placement, namely Unitree Robotics Employee No.1 and No.2 Asset Management Plans. The two asset management plans have been allocated a total of 1.8004 million shares, with a total subscription amount of 272 million yuan, covering 171 company executives and core employees in total.
The No.1 Asset Management Plan has 161 participants with a lock-up period of 12 months, mainly consisting of middle-level backbones in R&D, sales and production. The No.2 Asset Management Plan has only 10 participants, all of whom are the company's top management and core technical leaders, with a lock-up period of up to 36 months. Wang Xingxing himself invested 15 million yuan to participate in the No.2 Asset Management Plan, making him the largest investor in the plan.
From the perspective of personnel structure, the beneficiary group is highly concentrated in the technical R&D line. Among the 10 participants of the No.2 Asset Management Plan, except for the management, the rest are core R&D directors of robot structure, algorithm and joint modules. The No.1 plan covers hundreds of front-line R&D engineers, a large number of whom are post-90s young technical personnel, and many of them joined the company since its early founding stage.
As of the end of 2025, the total number of employees of Unitree is 516, and the personnel participating in the strategic placement account for one third of the total number of employees. In the earlier stage of equity incentive, the company also issued original shares to 14 veteran technical employees at a very low grant price. These early shareholding employees may gain a hundredfold level of floating profit at the offering price of 150.8 yuan, and a group of post-90s technical talents are expected to enter the group of young wealthy people.
The fundraising scale of this offering also hits a new high in the humanoid robot industry. The raised amount of 6.099 billion yuan has achieved a substantial increase compared with the originally planned 4.202 billion yuan of investment projects. The over-raised funds will all be invested in robot R&D and capacity construction. 85% of the funds in the fundraising projects are invested in R&D, focusing on three major technical sectors: large model for intelligent robots, humanoid robot ontology and new robot products, and the remaining funds are used for the expansion of the intelligent robot manufacturing base.
Unitree's strategic placement list has also been disclosed simultaneously. A total of 8.089286 million shares of strategic placement, accounting for 20% of the total offering volume, are allocated to 9 strategic investors. Each of them has deep industrial synergy logic with Unitree, rather than pure financial investment.
Among the industrial synergy enterprises, Hangzhou DeepSeek under Liang Wenfeng was allocated 933,400 shares with a subscription amount of 141 million yuan and a lock-up period of 36 months. The cooperation direction between the two parties is the integrated R&D of AI large model and humanoid robot. Shanghai Qishan Investment under Tencent was allocated 903,300 shares of the same scale, and the lock-up period will be implemented according to the rule of whichever is later between Tencent's shareholding time and the listing time. Relying on massive scenario resources, Tencent helps Unitree robots land in consumer and service industry scenarios.
Central state-owned enterprises in the energy and power grid sectors have also made deep layouts in the humanoid robot track. Three enterprises, namely Kunlun Capital of China National Petroleum Corporation, China Southern Power Grid Industrial Finance Holdings and Tianyi Capital, were each allocated 903,300 shares, relying on the scenario of oil and gas, electric power and communication industries respectively to promote the large-scale implementation of industrial inspection and special operation robots, and expand Unitree's B-end industrial customer channels.
The national-level long-term fund National Council for Social Security Fund also entered the market simultaneously. Its three portfolios 601, 502 and 109 were allocated a total of more than 1 million shares. Zhongtou Investment under CITIC Securities, the sponsor institution, followed the investment with 808,900 shares in accordance with the rules, with a lock-up period of 24 months.
On August 10, the online and offline subscription plans of Unitree will be launched simultaneously, and ordinary investors and institutions will jointly participate in this humanoid robot capital feast.
This article is from the WeChat official account "Jiemian News", author: Song Jianan, published with authorization from 36Kr.