Unitree lists in Shanghai: the market values the company at 50 billion dollars at the close

On Wednesday 19 August 2026 Unitree Robotics, registered as Yushu Technology Co. Ltd., made its debut on the STAR Market of the Shanghai Stock Exchange under the ticker 688836.SH. The shares were priced at 150.80 yuan, opened at 1,100 yuan and closed at 845 yuan, a 460% gain on the IPO price. Closing market capitalisation stood at around 342 billion yuan, roughly 50 billion dollars, after an intraday high of 444.9 billion yuan. The offering raised 6.1 billion yuan, above the 4.202 billion target stated in the prospectus. Retail demand oversubscribed the offer by more than 8,000 times, with 9.8 million brokerage accounts competing for the 9.7 million shares available to the public. The STAR Market, a technology board with no price limits during a stock's first days of trading, had a losing session: Reuters reports a fall of about 3% in the benchmark index, while the SCMP indicates a 7.2% drop for the STAR Market Composite and 2.4% for the Shanghai Composite. Unitree's stock nonetheless beat the 279% average posted this year by new Chinese listings.

According to the Shanghai Stock Exchange's official statement, in 2025 Unitree reported revenue of 1.699 billion yuan, net profit attributable to shareholders excluding non-recurring items of 590 million, and a gross margin of 60.13% on its core business. Founder and chief executive Wang Xingxing holds 121.4 million shares, worth around 103 billion yuan at the closing price, and retains 68.8% of voting rights. Meituan is among the main shareholders with a stake of 8.7% according to the SCMP, now worth almost 30 billion yuan, roughly 70 times its initial investment; Caixin Global puts that investment at 420 million yuan and estimates its post-debut value at 38.6 billion. The two estimates do not match. Unitree, founded in Hangzhou in 2016, makes quadruped robots (the Go, B and A lines) and humanoids (the G, H and R lines), along with core components such as motors and sensors.

Dollar conversions of the market capitalisation diverge across sources: the SCMP cites 66 billion dollars at the intraday high, Reuters around 50 billion at the close. Meituan's stake is also reported inconsistently, with analyst reconstructions putting it at 9.6%. The closing figure is given as +460% by the major outlets, but some secondary sources report +487%, without confirmation from the Shanghai Stock Exchange's official bulletin. Global market shares and the breakdown of revenue by product line have not been verified against a primary source; they circulate only in analyst notes. “At this early stage of the competition, whoever lists and gains visibility can secure resources and hold out,” said William Xin, chairman of Spring Mountain Pu Jiang Investment Management, in remarks reported by Reuters.

The debut comes amid intense interest in embodied robotics, but whether the valuation holds up in the coming sessions cannot be verified as things stand. Setting the closing capitalisation, around 342 billion yuan, against 2025 revenue of 1.699 billion gives the measure of how much of the price reflects expectations rather than results already on the books.

— Olya