Unitree Technology files for STAR Market IPO of 40.446434 million shares

Unitree Technology (688836.SH) is moving into the final stage of its STAR Market initial public offering, planning to sell 40.446434 million shares, or 10% of its post-IPO share capital, with a preliminary inquiry on August 5 and online and offline subscriptions on August 10, 2026. The company aims to raise 4.202 billion yuan, with about 85% of the proceeds earmarked for R&D, including development of intelligent robot large models, and the rest allocated to robot hardware research, next-generation product development and construction of an intelligent robot manufacturing base. The offering includes strategic placement, offline issuance and online issuance. Initial strategic placement is set at 8.0893 million shares, or 20% of the deal. Before any clawback, the initial offline tranche is 25.8861 million shares and the online tranche is 6.471 million shares, with subscription payment due on August 12. Senior management and core employees plan to participate in the strategic placement through two asset management plans with a combined allocation capped at 10% of the offering, or 4.044643 million shares, and total subscriptions capped at 271.5 million yuan. Unitree's prospectus also highlights an unusually fast listing process. Its STAR Market application was accepted by the Shanghai Stock Exchange on March 20, 2026, and it passed the listing committee review 73 days later, the fastest review in the STAR Market this year. Registration was approved by the China Securities Regulatory Commission on July 2. Founder Wang Xingxing remains the controlling shareholder. Before the offering, he directly held 23.8216% of total share capital and 63.55% of voting rights. Together with the Shanghai Yuyi equity incentive platform he controls, his voting rights totaled 68.78% before the IPO. After the offering, Wang and his controlled platforms are expected to hold 31.29% of the issuer's shares and 65.31% of voting rights. Financially, Unitree's revenue rose from 159 million yuan in 2023 to 392 million yuan in 2024 and 1.708 billion yuan in 2025, while net profit reached 94.5018 million yuan in 2024 and 288 million yuan in 2025. In the first quarter of 2026, revenue grew 68.49% year on year to 423 million yuan, but net profit attributable to the parent fell 47.69% to 50.0138 million yuan as R&D and selling expenses increased. Unitree expects first-half 2026 revenue of about 1.052 billion to 1.128 billion yuan and adjusted net profit of about 236 million to 283 million yuan, implying slower growth but a narrower profit decline than in the first quarter.