Chinese humanoid robot maker Unitree Robotics achieved one of the most lopsided IPO subscriptions in recent memory, with its Shanghai listing oversubscribed by 5,526 times. According to the latest reports from Bloomberg, retail investors submitted 9.8 million orders for approximately 8.1 trillion yuan ($1.2 trillion) worth of shares, exceeding the 7.1 trillion yuan retail order book in memory chipmaker CXMT's blockbuster offering last month. The company sold 40.4 million shares at 150.8 yuan apiece, raising about 6.1 billion yuan ($904 million) to become mainland China's first publicly traded humanoid robot maker. The retail portion of the IPO was 5,526 times subscribed, with individual investors submitting orders for about 8.1 trillion yuan, demonstrating unprecedented investor interest in the humanoid robot sector.
The IPO attracted significant backing from strategic investors, with about 20% of shares allocated to strategic investors including DeepSeek, a Tencent Holdings Ltd.-affiliated investment vehicle, and investment arms of major state-owned enterprises such as China National Petroleum Corp., China Southern Power Grid Co., and China Telecom Corp.. DeepSeek received a 2.31% stake allocation with a three-year lockup period, providing Unitree access to DeepSeek's AI strength for developing embodied-intelligence models. The company is expected to debut on Shanghai's STAR Market this month, with the retail enthusiasm putting it on track for a potential first-day pop following recent hot tech debuts. Unitree's IPO values the company at 35.89 times sales, compared with ratios of about 20 for industry peers listed in Hong Kong such as UBTech Robotics Corp. and Shenzhen Dobot Corp.
Despite the IPO frenzy, Unitree has lost its market leadership position to Shanghai-based AgiBot, which shipped roughly 8,400 humanoid robots in the first half of 2026, capturing a 44% global market share according to research firm Smart Analytics Global. Unitree shipped about 5,900 units for a 31% share, dropping to second place despite impressive 170% year-over-year growth. AgiBot's growth came from expanding across full-size bipedal, compact, and wheeled robot lines, while Unitree's volume still relies heavily on its flagship G1 model sold into education and research. AgiBot has not disclosed its financials, while Unitree posted 1.7 billion yuan in revenue and approximately 591 million yuan in adjusted net profit last year, achieving rare profitability in a sector still mostly funded by venture capital.
The humanoid robot boom is part of China's broader 'Embodied AI' initiative, which combines artificial intelligence with physical bodies that can sense and move through the real world. According to industry tracker Xiniu, sector investment hit 47.09 billion yuan ($6.95 billion) in the second quarter alone, more than double the prior quarter and over six times the year-ago total. Beijing has made this category a national priority, with Chinese manufacturers now supplying over 97% of all humanoid robots shipped globally in the first half of the year. The sector now numbers more than 100 Chinese humanoid firms, with companies like X Square Robot, Galbot, and EngineAI all filing confidentially for Hong Kong listings, joining AgiBot in a queue reflecting intense competition. Unitree shipped more than 5,500 humanoid robots last year, ranking first globally, with cumulative sales of its quadruped robots exceeding 33,000 units.
The humanoid robot sector faces mounting pressure from US trade policies, with Washington implementing import restrictions aimed at slowing cheap Chinese humanoids from reaching US buyers. This defensive posture echoes patterns seen elsewhere in tech, as evidenced by earlier US chip export controls that helped domestic memory chipmaker CXMT surge 466% in its Shanghai trading debut. The bigger question for investors is whether shipment volume is translating into working, deployed robots rather than demonstration inventory. While Unitree has audited profits to demonstrate its scale, AgiBot, the actual market leader by shipments, has disclosed no financials, creating a transparency gap that may matter more to investors than who filed for an IPO first. A successful listing could also build momentum for other Chinese robotics companies pursuing IPOs, including Leju Robotics and Deep Robotics, with another humanoid robot developer, Shanghai AgiBot Innovation Technology, having started the process for a Hong Kong listing.
