Overview
- Unitree priced its Shanghai STAR Market offering at 150.8 yuan a share on Thursday, selling 40.45 million new shares to raise about 6.1 billion yuan and set a roughly 60.99 billion yuan valuation.
- DeepSeek invested 140.8 million yuan and received 933,399 shares, and the two firms signed a co-development pact that gives DeepSeek priority for robot procurement and Unitree priority for model-training services.
- The IPO drew a mix of tech and state-linked backers, including Tencent, China National Petroleum’s Kunlun Capital, China Southern Power Grid, China Telecom, Citic Securities and the National Council for Social Security Fund.
- Unitree’s prospectus shows rapid commercial growth in 2025—5,511 humanoid units shipped and about 1.7 billion yuan in revenue—but it flagged slowing growth, higher R&D and marketing costs, and margin pressure in early 2026.
- Regulatory and market risks persist because of recent U.S. import restrictions on new Chinese humanoid and quadruped robots, a crowded domestic competitor field, and the challenge of training multimodal vision-language models with scarce physical-world data.