Unitree Technology is due to begin trading on Shanghai's STAR Market on Aug. 19, 2026 after a heavily oversubscribed IPO, with pre-listing derivatives and retail demand signaling expectations far above its formal issue valuation. The company is raising 6.1 billion yuan, or about $904 million, at a market valuation of roughly $9 billion, and said the retail tranche was more than 8,000 times oversubscribed. Unitree reported 2025 revenue of 1.7 billion yuan, up roughly fourfold from 2024, with nearly 45% from overseas sales, and said it posted net income of 600 million yuan. The enthusiasm has outpaced attention around Shein's planned Hong Kong listing later this week, even though Reuters reported the fast-fashion group could raise as much as $3 billion at a valuation of $25 billion to $30 billion. Shein generated $41.2 billion in revenue last year and about $2 billion in profit, but its valuation has fallen sharply from earlier private-market peaks as the removal of de minimis exemptions in the U.S. and Europe and broader protectionism pressure its business model. Unitree's popularity reflects a wider investor rotation toward AI infrastructure and hardware. The Hangzhou-based robotics company, founded by Wang Xingxing in 2016, has become widely known in China through high-profile robot performances, while Chinese manufacturers have gained a dominant position in humanoid robotics. Smart Analytics Global said Chinese firms accounted for 97% of global humanoid robot shipments in the first half of the year, although it identified Shanghai-based Agibot, which is preparing for a Hong Kong listing later this year, as the current market leader rather than Unitree. The sector's rise has also drawn scrutiny in Washington after the U.S. Federal Communications Commission in late July banned imports of foreign-made humanoid and quadruped robots, citing supply-chain and national-security risks.