China’s leading civilian robotics company Unitree has listed on the SSE Star Market on 19 August, raising RMB6.1 billion (USD906 million) and becoming the A-share market’s first humanoid robotics stock to debut. DeHeng Law Offices and JunZeJun Law Offices provided legal services.
The IPO involved the issue of about 40.45 million shares at RMB150.8 each. On its first trading day, the shares opened 629.44% higher and rose to as much as RMB1,100, briefly giving the company a market value of RMB444.9 billion.
DeHeng counselled Unitree, with Shen Hongshan, director and senior partner of the firm’s Shanghai office, serving as overall project leader. Lawyers Su Zhongzheng and Ma Haoran were project leaders, while partner Yan Mingkang was among the core team members.
Partner Yu Xia provided data compliance services, while management committee member and partner Zhang Jiejun, senior partner Zhang Lei, and partner Wang Junzhe provided support on internal review matters.
CITIC Securities was the sole listing sponsor and one of Unitree’s strategic shareholders. JunZeJun acted as special legal counsel to the sponsor, with partners Zhong Xiangchun and Zhao Lei leading the team, advising on matters including verification of strategic placement investors and issuance witnessing.
The prospectus stated that underwriting and sponsorship fees for the listing reached about RMB145 million, while audit and capital verification fees totalled RMB18.28 million and legal fees amounted to RMB11 million.
In addition to CITIC Securities, Unitree’s strategic shareholders include the National Social Security Fund, DeepSeek, CNPC Kunlun Capital, China Southern Power Grid Industry-Finance, Tianyi Capital, Tencent-affiliated Qishan Investment, Unitree Employee Asset Management Plan No.1 and Unitree Employee Asset Management Plan No.2.
Through earlier financing rounds, Meituan’s Hanhai Information Technology, Galaxy Z and Chengdu Longzhu; Ant-backed Shanghai Yunyu; Alibaba-backed Hangzhou Haoyue; as well as HongShan Capital, Shunwei Capital and MPCi became major shareholders of Unitree.
The Star Market accepted the listing application on 20 March and the listing committee approved it on 1 June, taking just 73 days and setting the fastest review record since the implementation of the Star Market’s pre-review mechanism.
Founded in Hangzhou in 2016, Unitree’s core products include humanoid robots, quadruped robots, robotic components and embodied intelligence models. The prospectus stated the company ranked first globally in humanoid robot shipments in 2025.
