Unitree Robotics began trading on the Shanghai Stock Exchange STAR Market on 19 August 2026 under ticker 688836, opened at CNY 1,100 against an IPO price of CNY 150.80, and closed the session at CNY 845, a first day gain of about 460 percent that left the company worth roughly $50 billion.4 BigGo Finance 2026-08-19 Open at CNY 1,100 on 19 August 2026, a 629.44 percent premium and the intraday high, against an intraday low of CNY 882; CNY 885.01 at 1:08 p.m. for a 486.87 percent gain and a 19.82 percent drawdown from the open; market capitalisation at the open of CNY 444.9 billion (about $66.2 billion); a 200 share minimum order costing about CNY 220,000 showing a paper loss near CNY 43,600 at the low; turnover 65.45 percent on CNY 18.1 billion of volume; Wang Xingxing at 21.4395 percent direct and about 9.5367 percent indirect. Open source 5 Yahoo Finance 2026-08-19 Close of CNY 845 on 19 August 2026, about 460 percent above the CNY 150.80 IPO price after briefly rising nearly 630 percent, for a market capitalisation near $50 billion; offering raised about CNY 6.1 billion ($905 million); 2025 revenue CNY 1.70 billion against CNY 392.77 million in 2024 with net profit CNY 278.21 million and more than 5,000 humanoid units shipped; overseas sales about 44 percent; average Chinese IPO opening day gain in 2026 of 279 percent while the Shanghai benchmark fell 3 percent; retail demand 8,000 times; DeepSeek investing about CNY 140.8 million; William Xin of Spring Mountain Pu Jiang Investment on listed visibility and staying power. Open source The stake is that a company reporting CNY 1.70 billion of 2025 revenue and CNY 278.21 million of net profit was priced by a public market at more than five times the valuation its own bankers had set thirteen days earlier, and that price is now the reference point every private humanoid robotics round will be marked against.3 RobotTesters 2026-08-14 Ticker 688836 on the Shanghai STAR Market; IPO priced CNY 150.80 on 6 August 2026 across 40.45 million shares for about CNY 6.1 billion at roughly CNY 60.99 billion market capitalisation, equal to 219 times 2025 net profit and 36 times 2025 revenue; 2025 revenue CNY 1.70 billion against CNY 392.77 million in 2024, net profit CNY 278.21 million, overseas revenue CNY 731.66 million or 43.65 percent; oversubscription about 8,289 times with 0.018 percent odds; strategic tranche of 20 percent including DeepSeek at 933,399 shares under a 36 month lockup, Tencent at 903,290, CITIC Securities at 808,928 and PetroChina. Open source 2 Value Add VC 2026-08-19 IPO priced at CNY 150.80 on 6 August 2026 for roughly $904 million on about 10 percent of enlarged capital; 19 August debut up 629 percent intraday and closing up 487 percent for about $53 billion against a $9.04 billion IPO valuation; more than 5,500 humanoid units shipped in 2025; first half 2026 growth decelerating to roughly 40 percent year on year; first publicly traded pure play humanoid robotics company, against Figure AI at $39 billion, 1X near $10 billion and Apptronik near $5.3 billion; CSRC approval in 104 days; DeepSeek in the strategic placement. Open source We assess with moderate confidence that the durable effect of this listing is not Unitree's own market capitalisation, which the first session already began giving back, but the transfer of humanoid robotics price discovery from a handful of private rounds to a daily quote on a Chinese exchange.

What the book actually said

The offering itself was conventional and small. Unitree priced 40.45 million new shares, about 10 percent of enlarged capital, at CNY 150.80 on 6 August, raising roughly CNY 6.1 billion or about $905 million at a market capitalisation near CNY 60.99 billion, roughly $9.0 billion.3 RobotTesters 2026-08-14 Ticker 688836 on the Shanghai STAR Market; IPO priced CNY 150.80 on 6 August 2026 across 40.45 million shares for about CNY 6.1 billion at roughly CNY 60.99 billion market capitalisation, equal to 219 times 2025 net profit and 36 times 2025 revenue; 2025 revenue CNY 1.70 billion against CNY 392.77 million in 2024, net profit CNY 278.21 million, overseas revenue CNY 731.66 million or 43.65 percent; oversubscription about 8,289 times with 0.018 percent odds; strategic tranche of 20 percent including DeepSeek at 933,399 shares under a 36 month lockup, Tencent at 903,290, CITIC Securities at 808,928 and PetroChina. Open source 5 Yahoo Finance 2026-08-19 Close of CNY 845 on 19 August 2026, about 460 percent above the CNY 150.80 IPO price after briefly rising nearly 630 percent, for a market capitalisation near $50 billion; offering raised about CNY 6.1 billion ($905 million); 2025 revenue CNY 1.70 billion against CNY 392.77 million in 2024 with net profit CNY 278.21 million and more than 5,000 humanoid units shipped; overseas sales about 44 percent; average Chinese IPO opening day gain in 2026 of 279 percent while the Shanghai benchmark fell 3 percent; retail demand 8,000 times; DeepSeek investing about CNY 140.8 million; William Xin of Spring Mountain Pu Jiang Investment on listed visibility and staying power. Open source That entry price already embedded a strong view of the future: 219 times 2025 net profit and 36 times 2025 revenue.3 RobotTesters 2026-08-14 Ticker 688836 on the Shanghai STAR Market; IPO priced CNY 150.80 on 6 August 2026 across 40.45 million shares for about CNY 6.1 billion at roughly CNY 60.99 billion market capitalisation, equal to 219 times 2025 net profit and 36 times 2025 revenue; 2025 revenue CNY 1.70 billion against CNY 392.77 million in 2024, net profit CNY 278.21 million, overseas revenue CNY 731.66 million or 43.65 percent; oversubscription about 8,289 times with 0.018 percent odds; strategic tranche of 20 percent including DeepSeek at 933,399 shares under a 36 month lockup, Tencent at 903,290, CITIC Securities at 808,928 and PetroChina. Open source The underlying business is real and, unusually for this sector, profitable before listing. Revenue rose from CNY 392.77 million in 2024 to CNY 1.70 billion in 2025, growth of about 335 percent, on more than 5,000 humanoid units shipped, with gross margin near 60 percent and overseas sales at 43.65 percent of main business revenue.5 Yahoo Finance 2026-08-19 Close of CNY 845 on 19 August 2026, about 460 percent above the CNY 150.80 IPO price after briefly rising nearly 630 percent, for a market capitalisation near $50 billion; offering raised about CNY 6.1 billion ($905 million); 2025 revenue CNY 1.70 billion against CNY 392.77 million in 2024 with net profit CNY 278.21 million and more than 5,000 humanoid units shipped; overseas sales about 44 percent; average Chinese IPO opening day gain in 2026 of 279 percent while the Shanghai benchmark fell 3 percent; retail demand 8,000 times; DeepSeek investing about CNY 140.8 million; William Xin of Spring Mountain Pu Jiang Investment on listed visibility and staying power. Open source 3 RobotTesters 2026-08-14 Ticker 688836 on the Shanghai STAR Market; IPO priced CNY 150.80 on 6 August 2026 across 40.45 million shares for about CNY 6.1 billion at roughly CNY 60.99 billion market capitalisation, equal to 219 times 2025 net profit and 36 times 2025 revenue; 2025 revenue CNY 1.70 billion against CNY 392.77 million in 2024, net profit CNY 278.21 million, overseas revenue CNY 731.66 million or 43.65 percent; oversubscription about 8,289 times with 0.018 percent odds; strategic tranche of 20 percent including DeepSeek at 933,399 shares under a 36 month lockup, Tencent at 903,290, CITIC Securities at 808,928 and PetroChina. Open source 1 KraneShares 2026-08-12 Unitree scheduled to list on the STAR Market 19 August 2026 near a $9 billion valuation raising about CNY 6.1 billion; 2025 revenue CNY 1.71 billion up 335 percent with gross margin near 60 percent; retail subscription over 8,000 times; humanoids about 52 percent of revenue in the first three quarters of 2025 against quadrupeds at roughly 65 percent of 2024 revenue; Wang Xingxing about one third, Meituan 9.6 percent, HongShan China 7.1 percent, Matrix Partners China 5.5 percent; Morgan Stanley projection of 1 billion humanoids and $5 trillion of annual revenue by 2050. Open source The revenue mix flipped inside two years: quadrupeds were roughly 65 percent of 2024 revenue, while humanoids were about 52 percent across the first three quarters of 2025.1 KraneShares 2026-08-12 Unitree scheduled to list on the STAR Market 19 August 2026 near a $9 billion valuation raising about CNY 6.1 billion; 2025 revenue CNY 1.71 billion up 335 percent with gross margin near 60 percent; retail subscription over 8,000 times; humanoids about 52 percent of revenue in the first three quarters of 2025 against quadrupeds at roughly 65 percent of 2024 revenue; Wang Xingxing about one third, Meituan 9.6 percent, HongShan China 7.1 percent, Matrix Partners China 5.5 percent; Morgan Stanley projection of 1 billion humanoids and $5 trillion of annual revenue by 2050. Open source

Demand for the paper was the tell. Retail subscription ran to roughly 8,289 times the shares available, leaving allocation odds near 0.018 percent.3 RobotTesters 2026-08-14 Ticker 688836 on the Shanghai STAR Market; IPO priced CNY 150.80 on 6 August 2026 across 40.45 million shares for about CNY 6.1 billion at roughly CNY 60.99 billion market capitalisation, equal to 219 times 2025 net profit and 36 times 2025 revenue; 2025 revenue CNY 1.70 billion against CNY 392.77 million in 2024, net profit CNY 278.21 million, overseas revenue CNY 731.66 million or 43.65 percent; oversubscription about 8,289 times with 0.018 percent odds; strategic tranche of 20 percent including DeepSeek at 933,399 shares under a 36 month lockup, Tencent at 903,290, CITIC Securities at 808,928 and PetroChina. Open source Strategic investors took 20 percent of the deal, and the names are the story within the story: DeepSeek at 933,399 shares under a 36 month lockup, Tencent at 903,290 shares, CITIC Securities at 808,928 shares, and PetroChina.3 RobotTesters 2026-08-14 Ticker 688836 on the Shanghai STAR Market; IPO priced CNY 150.80 on 6 August 2026 across 40.45 million shares for about CNY 6.1 billion at roughly CNY 60.99 billion market capitalisation, equal to 219 times 2025 net profit and 36 times 2025 revenue; 2025 revenue CNY 1.70 billion against CNY 392.77 million in 2024, net profit CNY 278.21 million, overseas revenue CNY 731.66 million or 43.65 percent; oversubscription about 8,289 times with 0.018 percent odds; strategic tranche of 20 percent including DeepSeek at 933,399 shares under a 36 month lockup, Tencent at 903,290, CITIC Securities at 808,928 and PetroChina. Open source Regulatory processing took 104 days from filing to approval.2 Value Add VC 2026-08-19 IPO priced at CNY 150.80 on 6 August 2026 for roughly $904 million on about 10 percent of enlarged capital; 19 August debut up 629 percent intraday and closing up 487 percent for about $53 billion against a $9.04 billion IPO valuation; more than 5,500 humanoid units shipped in 2025; first half 2026 growth decelerating to roughly 40 percent year on year; first publicly traded pure play humanoid robotics company, against Figure AI at $39 billion, 1X near $10 billion and Apptronik near $5.3 billion; CSRC approval in 104 days; DeepSeek in the strategic placement. Open source

The session, and what the tape showed

The open at CNY 1,100 was a premium of 629.44 percent, and it was also the high of the day.4 BigGo Finance 2026-08-19 Open at CNY 1,100 on 19 August 2026, a 629.44 percent premium and the intraday high, against an intraday low of CNY 882; CNY 885.01 at 1:08 p.m. for a 486.87 percent gain and a 19.82 percent drawdown from the open; market capitalisation at the open of CNY 444.9 billion (about $66.2 billion); a 200 share minimum order costing about CNY 220,000 showing a paper loss near CNY 43,600 at the low; turnover 65.45 percent on CNY 18.1 billion of volume; Wang Xingxing at 21.4395 percent direct and about 9.5367 percent indirect. Open source The stock fell to CNY 882 intraday, a drawdown of 19.82 percent from the open, and turnover had already reached 65.45 percent of the float on CNY 18.1 billion of volume by early afternoon.4 BigGo Finance 2026-08-19 Open at CNY 1,100 on 19 August 2026, a 629.44 percent premium and the intraday high, against an intraday low of CNY 882; CNY 885.01 at 1:08 p.m. for a 486.87 percent gain and a 19.82 percent drawdown from the open; market capitalisation at the open of CNY 444.9 billion (about $66.2 billion); a 200 share minimum order costing about CNY 220,000 showing a paper loss near CNY 43,600 at the low; turnover 65.45 percent on CNY 18.1 billion of volume; Wang Xingxing at 21.4395 percent direct and about 9.5367 percent indirect. Open source A STAR Market minimum order of 200 shares bought at the open cost about CNY 220,000 and was showing a paper loss near CNY 43,600 at the low.4 BigGo Finance 2026-08-19 Open at CNY 1,100 on 19 August 2026, a 629.44 percent premium and the intraday high, against an intraday low of CNY 882; CNY 885.01 at 1:08 p.m. for a 486.87 percent gain and a 19.82 percent drawdown from the open; market capitalisation at the open of CNY 444.9 billion (about $66.2 billion); a 200 share minimum order costing about CNY 220,000 showing a paper loss near CNY 43,600 at the low; turnover 65.45 percent on CNY 18.1 billion of volume; Wang Xingxing at 21.4395 percent direct and about 9.5367 percent indirect. Open source Note a sourcing discrepancy worth carrying: the first day gain is reported as about 460 percent on a CNY 845 close by one account and as 487 percent by another, the latter appearing to reflect an intraday print near CNY 885 rather than the settle.5 Yahoo Finance 2026-08-19 Close of CNY 845 on 19 August 2026, about 460 percent above the CNY 150.80 IPO price after briefly rising nearly 630 percent, for a market capitalisation near $50 billion; offering raised about CNY 6.1 billion ($905 million); 2025 revenue CNY 1.70 billion against CNY 392.77 million in 2024 with net profit CNY 278.21 million and more than 5,000 humanoid units shipped; overseas sales about 44 percent; average Chinese IPO opening day gain in 2026 of 279 percent while the Shanghai benchmark fell 3 percent; retail demand 8,000 times; DeepSeek investing about CNY 140.8 million; William Xin of Spring Mountain Pu Jiang Investment on listed visibility and staying power. Open source 2 Value Add VC 2026-08-19 IPO priced at CNY 150.80 on 6 August 2026 for roughly $904 million on about 10 percent of enlarged capital; 19 August debut up 629 percent intraday and closing up 487 percent for about $53 billion against a $9.04 billion IPO valuation; more than 5,500 humanoid units shipped in 2025; first half 2026 growth decelerating to roughly 40 percent year on year; first publicly traded pure play humanoid robotics company, against Figure AI at $39 billion, 1X near $10 billion and Apptronik near $5.3 billion; CSRC approval in 104 days; DeepSeek in the strategic placement. Open source 4 BigGo Finance 2026-08-19 Open at CNY 1,100 on 19 August 2026, a 629.44 percent premium and the intraday high, against an intraday low of CNY 882; CNY 885.01 at 1:08 p.m. for a 486.87 percent gain and a 19.82 percent drawdown from the open; market capitalisation at the open of CNY 444.9 billion (about $66.2 billion); a 200 share minimum order costing about CNY 220,000 showing a paper loss near CNY 43,600 at the low; turnover 65.45 percent on CNY 18.1 billion of volume; Wang Xingxing at 21.4395 percent direct and about 9.5367 percent indirect. Open source We use the CNY 845 close and treat the market capitalisation as roughly $50 billion.5 Yahoo Finance 2026-08-19 Close of CNY 845 on 19 August 2026, about 460 percent above the CNY 150.80 IPO price after briefly rising nearly 630 percent, for a market capitalisation near $50 billion; offering raised about CNY 6.1 billion ($905 million); 2025 revenue CNY 1.70 billion against CNY 392.77 million in 2024 with net profit CNY 278.21 million and more than 5,000 humanoid units shipped; overseas sales about 44 percent; average Chinese IPO opening day gain in 2026 of 279 percent while the Shanghai benchmark fell 3 percent; retail demand 8,000 times; DeepSeek investing about CNY 140.8 million; William Xin of Spring Mountain Pu Jiang Investment on listed visibility and staying power. Open source

Two pieces of context keep this from reading as pure mania. Chinese IPOs in 2026 opened up an average of 279 percent, so Unitree was an outlier by degree rather than in kind.5 Yahoo Finance 2026-08-19 Close of CNY 845 on 19 August 2026, about 460 percent above the CNY 150.80 IPO price after briefly rising nearly 630 percent, for a market capitalisation near $50 billion; offering raised about CNY 6.1 billion ($905 million); 2025 revenue CNY 1.70 billion against CNY 392.77 million in 2024 with net profit CNY 278.21 million and more than 5,000 humanoid units shipped; overseas sales about 44 percent; average Chinese IPO opening day gain in 2026 of 279 percent while the Shanghai benchmark fell 3 percent; retail demand 8,000 times; DeepSeek investing about CNY 140.8 million; William Xin of Spring Mountain Pu Jiang Investment on listed visibility and staying power. Open source And the Shanghai benchmark fell 3 percent the same day, which means capital was rotating into the listing rather than riding a broad market rally.5 Yahoo Finance 2026-08-19 Close of CNY 845 on 19 August 2026, about 460 percent above the CNY 150.80 IPO price after briefly rising nearly 630 percent, for a market capitalisation near $50 billion; offering raised about CNY 6.1 billion ($905 million); 2025 revenue CNY 1.70 billion against CNY 392.77 million in 2024 with net profit CNY 278.21 million and more than 5,000 humanoid units shipped; overseas sales about 44 percent; average Chinese IPO opening day gain in 2026 of 279 percent while the Shanghai benchmark fell 3 percent; retail demand 8,000 times; DeepSeek investing about CNY 140.8 million; William Xin of Spring Mountain Pu Jiang Investment on listed visibility and staying power. Open source That combination, a single name absorbing turnover while the index sells off, is the signature of a scarcity trade rather than a sector rerating.

Who gains, who loses

Unitree's pre IPO holders gain most directly and most on paper. Founder Wang Xingxing held 21.4395 percent directly and about 9.5367 percent indirectly, roughly 30 percent combined; Meituan held 9.6 percent, HongShan China 7.1 percent and Matrix Partners China 5.5 percent.4 BigGo Finance 2026-08-19 Open at CNY 1,100 on 19 August 2026, a 629.44 percent premium and the intraday high, against an intraday low of CNY 882; CNY 885.01 at 1:08 p.m. for a 486.87 percent gain and a 19.82 percent drawdown from the open; market capitalisation at the open of CNY 444.9 billion (about $66.2 billion); a 200 share minimum order costing about CNY 220,000 showing a paper loss near CNY 43,600 at the low; turnover 65.45 percent on CNY 18.1 billion of volume; Wang Xingxing at 21.4395 percent direct and about 9.5367 percent indirect. Open source 1 KraneShares 2026-08-12 Unitree scheduled to list on the STAR Market 19 August 2026 near a $9 billion valuation raising about CNY 6.1 billion; 2025 revenue CNY 1.71 billion up 335 percent with gross margin near 60 percent; retail subscription over 8,000 times; humanoids about 52 percent of revenue in the first three quarters of 2025 against quadrupeds at roughly 65 percent of 2024 revenue; Wang Xingxing about one third, Meituan 9.6 percent, HongShan China 7.1 percent, Matrix Partners China 5.5 percent; Morgan Stanley projection of 1 billion humanoids and $5 trillion of annual revenue by 2050. Open source None of them can sell into the print, which is precisely the point: the mark is real for accounting and unrealised for cash.

Private humanoid robotics companies outside China gain a comparable. Before the listing, Figure AI was the sector's reference at a $39 billion private valuation, with 1X Technologies near $10 billion and Apptronik near $5.3 billion.2 Value Add VC 2026-08-19 IPO priced at CNY 150.80 on 6 August 2026 for roughly $904 million on about 10 percent of enlarged capital; 19 August debut up 629 percent intraday and closing up 487 percent for about $53 billion against a $9.04 billion IPO valuation; more than 5,500 humanoid units shipped in 2025; first half 2026 growth decelerating to roughly 40 percent year on year; first publicly traded pure play humanoid robotics company, against Figure AI at $39 billion, 1X near $10 billion and Apptronik near $5.3 billion; CSRC approval in 104 days; DeepSeek in the strategic placement. Open source A public company with $235 million of revenue now trades above all of them, which hands every one of those boards an argument for the next round. We assess with moderate confidence that at least one Western humanoid developer raises at a materially higher valuation within two quarters citing public comparables, and that the citation will be this session.

Retail buyers at the open lose, and the loss was measurable inside the first afternoon.4 BigGo Finance 2026-08-19 Open at CNY 1,100 on 19 August 2026, a 629.44 percent premium and the intraday high, against an intraday low of CNY 882; CNY 885.01 at 1:08 p.m. for a 486.87 percent gain and a 19.82 percent drawdown from the open; market capitalisation at the open of CNY 444.9 billion (about $66.2 billion); a 200 share minimum order costing about CNY 220,000 showing a paper loss near CNY 43,600 at the low; turnover 65.45 percent on CNY 18.1 billion of volume; Wang Xingxing at 21.4395 percent direct and about 9.5367 percent indirect. Open source The subtler loser is Unitree itself. The company raised $905 million against a first day market value near $50 billion, which means it sold roughly 10 percent of the equity for under 2 percent of what the market says the whole thing is worth.5 Yahoo Finance 2026-08-19 Close of CNY 845 on 19 August 2026, about 460 percent above the CNY 150.80 IPO price after briefly rising nearly 630 percent, for a market capitalisation near $50 billion; offering raised about CNY 6.1 billion ($905 million); 2025 revenue CNY 1.70 billion against CNY 392.77 million in 2024 with net profit CNY 278.21 million and more than 5,000 humanoid units shipped; overseas sales about 44 percent; average Chinese IPO opening day gain in 2026 of 279 percent while the Shanghai benchmark fell 3 percent; retail demand 8,000 times; DeepSeek investing about CNY 140.8 million; William Xin of Spring Mountain Pu Jiang Investment on listed visibility and staying power. Open source 3 RobotTesters 2026-08-14 Ticker 688836 on the Shanghai STAR Market; IPO priced CNY 150.80 on 6 August 2026 across 40.45 million shares for about CNY 6.1 billion at roughly CNY 60.99 billion market capitalisation, equal to 219 times 2025 net profit and 36 times 2025 revenue; 2025 revenue CNY 1.70 billion against CNY 392.77 million in 2024, net profit CNY 278.21 million, overseas revenue CNY 731.66 million or 43.65 percent; oversubscription about 8,289 times with 0.018 percent odds; strategic tranche of 20 percent including DeepSeek at 933,399 shares under a 36 month lockup, Tencent at 903,290, CITIC Securities at 808,928 and PetroChina. Open source A listing that reprices this hard on day one is a transfer of value from the issuer's balance sheet to whoever received an allocation. The strategic investors, DeepSeek and Tencent among them, gain a large mark and a long lockup.3 RobotTesters 2026-08-14 Ticker 688836 on the Shanghai STAR Market; IPO priced CNY 150.80 on 6 August 2026 across 40.45 million shares for about CNY 6.1 billion at roughly CNY 60.99 billion market capitalisation, equal to 219 times 2025 net profit and 36 times 2025 revenue; 2025 revenue CNY 1.70 billion against CNY 392.77 million in 2024, net profit CNY 278.21 million, overseas revenue CNY 731.66 million or 43.65 percent; oversubscription about 8,289 times with 0.018 percent odds; strategic tranche of 20 percent including DeepSeek at 933,399 shares under a 36 month lockup, Tencent at 903,290, CITIC Securities at 808,928 and PetroChina. Open source

The counter-case

The strongest argument against reading this as a scarcity premium is that the fundamentals may simply be inflecting faster than the multiple implies. Revenue grew 335 percent in 2025, gross margin sits near 60 percent, the company is profitable ahead of listing, and Morgan Stanley's published projection of 1 billion humanoids and $5 trillion of annual revenue by 2050 gives the buy side a number to anchor to.1 KraneShares 2026-08-12 Unitree scheduled to list on the STAR Market 19 August 2026 near a $9 billion valuation raising about CNY 6.1 billion; 2025 revenue CNY 1.71 billion up 335 percent with gross margin near 60 percent; retail subscription over 8,000 times; humanoids about 52 percent of revenue in the first three quarters of 2025 against quadrupeds at roughly 65 percent of 2024 revenue; Wang Xingxing about one third, Meituan 9.6 percent, HongShan China 7.1 percent, Matrix Partners China 5.5 percent; Morgan Stanley projection of 1 billion humanoids and $5 trillion of annual revenue by 2050. Open source 5 Yahoo Finance 2026-08-19 Close of CNY 845 on 19 August 2026, about 460 percent above the CNY 150.80 IPO price after briefly rising nearly 630 percent, for a market capitalisation near $50 billion; offering raised about CNY 6.1 billion ($905 million); 2025 revenue CNY 1.70 billion against CNY 392.77 million in 2024 with net profit CNY 278.21 million and more than 5,000 humanoid units shipped; overseas sales about 44 percent; average Chinese IPO opening day gain in 2026 of 279 percent while the Shanghai benchmark fell 3 percent; retail demand 8,000 times; DeepSeek investing about CNY 140.8 million; William Xin of Spring Mountain Pu Jiang Investment on listed visibility and staying power. Open source On that view a 36 times revenue IPO multiple was too cheap and the market corrected it.3 RobotTesters 2026-08-14 Ticker 688836 on the Shanghai STAR Market; IPO priced CNY 150.80 on 6 August 2026 across 40.45 million shares for about CNY 6.1 billion at roughly CNY 60.99 billion market capitalisation, equal to 219 times 2025 net profit and 36 times 2025 revenue; 2025 revenue CNY 1.70 billion against CNY 392.77 million in 2024, net profit CNY 278.21 million, overseas revenue CNY 731.66 million or 43.65 percent; oversubscription about 8,289 times with 0.018 percent odds; strategic tranche of 20 percent including DeepSeek at 933,399 shares under a 36 month lockup, Tencent at 903,290, CITIC Securities at 808,928 and PetroChina. Open source

The evidence against that generosity is already in the file. First half 2026 growth decelerated to roughly 40 percent year on year, a sharp step down from 335 percent, and it is reported by a single tracker rather than confirmed in a filing.2 Value Add VC 2026-08-19 IPO priced at CNY 150.80 on 6 August 2026 for roughly $904 million on about 10 percent of enlarged capital; 19 August debut up 629 percent intraday and closing up 487 percent for about $53 billion against a $9.04 billion IPO valuation; more than 5,500 humanoid units shipped in 2025; first half 2026 growth decelerating to roughly 40 percent year on year; first publicly traded pure play humanoid robotics company, against Figure AI at $39 billion, 1X near $10 billion and Apptronik near $5.3 billion; CSRC approval in 104 days; DeepSeek in the strategic placement. Open source If that deceleration holds, the growth rate supporting the multiple is a fraction of the one that earned it. For our assessment to be wrong, Unitree would need to reaccelerate in its first reported half as a public company and hold most of the debut price through the strategic lockups.

What to watch

  • Whether the close holds through the first reported half. Track the CNY 845 settle against the first post listing results. A retreat toward the CNY 150.80 IPO price would confirm the debut as an allocation event rather than a rerating.5 Yahoo Finance 2026-08-19 Close of CNY 845 on 19 August 2026, about 460 percent above the CNY 150.80 IPO price after briefly rising nearly 630 percent, for a market capitalisation near $50 billion; offering raised about CNY 6.1 billion ($905 million); 2025 revenue CNY 1.70 billion against CNY 392.77 million in 2024 with net profit CNY 278.21 million and more than 5,000 humanoid units shipped; overseas sales about 44 percent; average Chinese IPO opening day gain in 2026 of 279 percent while the Shanghai benchmark fell 3 percent; retail demand 8,000 times; DeepSeek investing about CNY 140.8 million; William Xin of Spring Mountain Pu Jiang Investment on listed visibility and staying power. Open source
  • The first half 2026 growth number in an audited filing. If reported growth lands near the roughly 40 percent currently attributed to Unitree, the sector comparable built this week is resting on a decelerating base.2 Value Add VC 2026-08-19 IPO priced at CNY 150.80 on 6 August 2026 for roughly $904 million on about 10 percent of enlarged capital; 19 August debut up 629 percent intraday and closing up 487 percent for about $53 billion against a $9.04 billion IPO valuation; more than 5,500 humanoid units shipped in 2025; first half 2026 growth decelerating to roughly 40 percent year on year; first publicly traded pure play humanoid robotics company, against Figure AI at $39 billion, 1X near $10 billion and Apptronik near $5.3 billion; CSRC approval in 104 days; DeepSeek in the strategic placement. Open source
  • A Western humanoid round priced off this comparable within two quarters. Watch for Figure AI, 1X or Apptronik raising above their current marks of $39 billion, roughly $10 billion and roughly $5.3 billion, with public comparables cited in the announcement.2 Value Add VC 2026-08-19 IPO priced at CNY 150.80 on 6 August 2026 for roughly $904 million on about 10 percent of enlarged capital; 19 August debut up 629 percent intraday and closing up 487 percent for about $53 billion against a $9.04 billion IPO valuation; more than 5,500 humanoid units shipped in 2025; first half 2026 growth decelerating to roughly 40 percent year on year; first publicly traded pure play humanoid robotics company, against Figure AI at $39 billion, 1X near $10 billion and Apptronik near $5.3 billion; CSRC approval in 104 days; DeepSeek in the strategic placement. Open source
  • Follow on STAR Market robotics listings inside twelve months. A 104 day approval and 8,289 times retail demand is an invitation. A queue forming behind Unitree would show the exchange, not the venture market, setting the sector's cost of capital.2 Value Add VC 2026-08-19 IPO priced at CNY 150.80 on 6 August 2026 for roughly $904 million on about 10 percent of enlarged capital; 19 August debut up 629 percent intraday and closing up 487 percent for about $53 billion against a $9.04 billion IPO valuation; more than 5,500 humanoid units shipped in 2025; first half 2026 growth decelerating to roughly 40 percent year on year; first publicly traded pure play humanoid robotics company, against Figure AI at $39 billion, 1X near $10 billion and Apptronik near $5.3 billion; CSRC approval in 104 days; DeepSeek in the strategic placement. Open source 3 RobotTesters 2026-08-14 Ticker 688836 on the Shanghai STAR Market; IPO priced CNY 150.80 on 6 August 2026 across 40.45 million shares for about CNY 6.1 billion at roughly CNY 60.99 billion market capitalisation, equal to 219 times 2025 net profit and 36 times 2025 revenue; 2025 revenue CNY 1.70 billion against CNY 392.77 million in 2024, net profit CNY 278.21 million, overseas revenue CNY 731.66 million or 43.65 percent; oversubscription about 8,289 times with 0.018 percent odds; strategic tranche of 20 percent including DeepSeek at 933,399 shares under a 36 month lockup, Tencent at 903,290, CITIC Securities at 808,928 and PetroChina. Open source
  • The 36 month DeepSeek lockup as a sentiment marker. Any disclosed change in the strategic tranche before expiry would be the clearest signal that the smart money reads the price as unsupported.3 RobotTesters 2026-08-14 Ticker 688836 on the Shanghai STAR Market; IPO priced CNY 150.80 on 6 August 2026 across 40.45 million shares for about CNY 6.1 billion at roughly CNY 60.99 billion market capitalisation, equal to 219 times 2025 net profit and 36 times 2025 revenue; 2025 revenue CNY 1.70 billion against CNY 392.77 million in 2024, net profit CNY 278.21 million, overseas revenue CNY 731.66 million or 43.65 percent; oversubscription about 8,289 times with 0.018 percent odds; strategic tranche of 20 percent including DeepSeek at 933,399 shares under a 36 month lockup, Tencent at 903,290, CITIC Securities at 808,928 and PetroChina. Open source

Humanoid robotics spent three years being valued by a dozen private rounds that could be timed and framed. As of 19 August it is valued every trading day by a market that fell 3 percent while it bought.5 Yahoo Finance 2026-08-19 Close of CNY 845 on 19 August 2026, about 460 percent above the CNY 150.80 IPO price after briefly rising nearly 630 percent, for a market capitalisation near $50 billion; offering raised about CNY 6.1 billion ($905 million); 2025 revenue CNY 1.70 billion against CNY 392.77 million in 2024 with net profit CNY 278.21 million and more than 5,000 humanoid units shipped; overseas sales about 44 percent; average Chinese IPO opening day gain in 2026 of 279 percent while the Shanghai benchmark fell 3 percent; retail demand 8,000 times; DeepSeek investing about CNY 140.8 million; William Xin of Spring Mountain Pu Jiang Investment on listed visibility and staying power. Open source The sector now has a public price, and public prices are far harder to manage than private ones.