Unitree Technology's STAR Market listing has become one of this year's most closely watched IPOs in China, with the company pricing its offering at 150.8 yuan per share, planning to raise about 6.099 billion yuan and reaching an implied post-issue market capitalization of roughly 60.993 billion yuan. The company, often seen by the market as the A-share market's first humanoid-robot pure play and a member of Hangzhou's so-called Six Little Dragons, submitted its IPO application in March 2026 and cleared its hearing in June in just 73 days, the fastest review since the STAR Market's pre-review mechanism was introduced. Retail demand has been intense: Unitree said on Aug. 12 that the online allotment rate was only 0.0181%, a record low for the STAR Market, implying roughly one successful subscriber for every 5,500 investors. Based on first-day gain estimates cited by the market, one winning lot of 500 shares could generate about 200,000 yuan to 300,000 yuan in potential profit. The strategic placement lineup includes the National Social Security Fund, DeepSeek, PetroChina Kunlun Capital, China Southern Power Grid Capital Holdings, Tianyi Capital, Tencent-affiliated investment institutions and CSC Investment. DeepSeek was allocated 933,400 shares, and the two sides plan to cooperate in general artificial intelligence, high-performance robotics and AI large models. Unitree's core business spans humanoid and quadruped robots. The company shipped 5,900 units in the first half of 2026, held about 31% of the global market, and produced more than 90% of core components in-house. Market participants say the listing could provide the embodied-intelligence robotics industry with its first public-market valuation anchor and shift investor focus from technical concepts toward proof of commercialization.