Trade.xyz pre-IPO perpetual values Unitree at about 235.5 billion yuan as STAR Market subscription opens

Unitree Robotics, also known as Yushu Technology, drew intense demand for its Shanghai IPO after pricing shares at 150.8 yuan on Aug. 6, valuing the humanoid robot maker at about 61 billion yuan. The company is selling 40.45 million new shares, or 10% of its enlarged share capital, to raise about 6.1 billion yuan, and the deal has been described as the first pure-play humanoid robot listing on mainland Chinese exchanges. Retail subscriptions opened on Aug. 10 and were reported to be oversubscribed by more than 2,700 times. That official valuation stands in sharp contrast to unofficial pre-listing pricing on Trade.xyz, where Unitree's pre-IPO perpetual contract was quoted at $86.4, or about 582.99 yuan, on Aug. 10, implying a market capitalization of roughly 235.5 billion yuan based on post-offer share capital of about 404 million shares. The contract had been quoted at $87.525, or about 590 yuan, a day earlier. Founded in 2016 by CEO Wang Xingxing after leaving DJI, Unitree reported 2025 revenue of 1.71 billion yuan, up 335% year over year, with more than half generated by humanoid robot models. The company shipped more than 5,500 robots in 2025. Proceeds from the IPO are earmarked for advanced robot software and hardware development, new product launches and manufacturing expansion. DeepSeek is among its strategic investors, underscoring the growing overlap between robotics hardware and AI model development.