Reported by NUPIAO News | Song Jianan
On the evening of August 6th, Unitree Robotics officially disclosed its “Initial Public Offering and Listing on the STAR Market Prospectus.” The announcement revealed an IPO price of 150.80 yuan per share, with a total offering of 40,446,434 shares, representing 10% of the post-issuance total share capital, which will reach 404,464,340 shares. The expected total funds to be raised are approximately 6.099 billion yuan, with net proceeds of around 5.917 billion yuan. Based on the offering price, Unitree’s total market capitalization has already hit 60.99 billion yuan.
Before the IPO, founder Wang Xingxing directly held 86,714,964 shares (23.8216%) and indirectly owned another 9.5367% through the employee equity incentive platform Shanghai Yuyi, bringing his combined stake to 33.3583%—equivalent to a market value of roughly 18.312 billion yuan. For context, when Wang first appeared on the 2025 New Fortune 500 Rich List, his personal wealth stood at 6.69 billion yuan, barely crossing the threshold.
This entrepreneur, born in 1990 and wearing the triple hats of Chairman, CEO, and CTO, has surged into China’s post-90s billionaire tier thanks to the explosive valuation growth in the humanoid robotics track.
Wang Xingxing earned his bachelor’s degree in Mechatronics from Zhejiang Sci-Tech University and a master’s in Mechanical Engineering from Shanghai University. From his student days, he was obsessed with mechanical hardware development and had exceptional hands-on skills. During his undergraduate years, he built a small bipedal robot with just about 200 yuan worth of materials. While pursuing his master’s, he broke away from the industry’s mainstream hydraulic-driven approach and independently developed the XDog quadruped robot prototype, whose test videos went viral in robotics circles both domestically and internationally. After graduating, he briefly worked as an engineer at DJI but resigned just a few months later to start his own venture.
In August 2016, Wang founded Unitree Robotics in Hangzhou. In the early days, robotics was a niche field, and the company faced funding interruptions with extremely tight cash flow—so tight that Wang had to dip into his own pockets to keep the team running. In 2017, Unitree launched its first commercial quadruped robot, Laikago, officially entering the market. Since then, the company has released products like Aliengo, Go1, Go2, H1, and G1—both quadruped and humanoid robots—driving the large-scale export of domestically made legged robots.
Wang isn’t keeping all the capital gains to himself. The company has established a wealth-sharing mechanism covering core employees at all levels, and a group of post-90s technical backbones and business leaders are now looking at a major payout window as the company goes public.
According to Unitree’s disclosed issuance arrangement and preliminary inquiry announcement, the company has set up two dedicated employee asset management plans for strategic placement: Unitree Employee Plan No. 1 and Plan No. 2. Together, these plans will acquire 1,800,400 shares for a combined subscription amount of 272 million yuan, covering 171 executives and core employees.
Plan No. 1 includes 161 participants with a 12-month lock-up period, mainly mid-level R&D, sales, and production backbones. Plan No. 2 has just 10 people—all from the highest management echelon and core technical leaders—with a lock-up period of 36 months. Wang Xingxing personally invested 15 million yuan in Plan No. 2, making him the largest contributor.
Looking at the personnel structure, the beneficiaries are heavily concentrated in the technical R&D line. Among the 10 people in Plan No. 2, aside from management, the rest are core R&D directors for robot structures, algorithms, and joint modules. Plan No. 1 covers over a hundred frontline R&D engineers, many of whom are post-90s young technicians, with a significant number having joined since the company’s founding.
As of the end of 2025, Unitree had 516 employees in total, and those participating in the strategic placement account for one-third of the workforce. In an earlier equity incentive phase, the company also granted original shares at extremely low prices to 14 veteran technical staff. At the 150.80 yuan offering price, these early shareholders could see returns of a hundredfold or more, potentially catapulting a group of post-90s tech professionals into the young wealthy elite.
The fundraising scale also sets a new high for the humanoid robot industry. The 6.099 billion yuan raised represents a significant increase from the originally planned 4.202 billion yuan investment target, with all excess funds going into robotics R&D and production capacity. Of the total raised, 85% is earmarked for R&D, with core investments in three major technology areas: intelligent robot large models, humanoid robot bodies, and new robot products. The remaining funds will be used to expand the intelligent robot manufacturing base.
Unitree’s strategic placement list has also been disclosed, totaling 8,089,286 shares, representing 20% of the total offering. Nine strategic investors have secured their shares, and each one has deep industrial synergy logic with Unitree—not just pure financial investment.
Among the industrial synergy players, Liang Wenfeng’s Hangzhou DeepSeek has been allocated 933,400 shares for a subscription amount of 141 million yuan with a 36-month lock-up, with the collaboration focused on integrating AI large models with humanoid robots. Tencent’s Shanghai Qishan Investment has secured a similar allocation of 903,300 shares, with a lock-up period determined by whichever is later between Tencent’s investment date and the listing date. Leveraging its vast scenario resources, Tencent aims to help deploy Unitree robots in consumer and service industry scenarios.
Energy and grid central state-owned enterprises are also making deep inroads into the humanoid robot sector. PetroChina’s Kunlun Capital, Southern Power Grid’s Industrial and Financial Holdings, and Tianyi Capital have each been allocated 903,300 shares, leveraging their oil, gas, electricity, and telecommunications industry scenarios to drive the scaled deployment of industrial inspection and special operation robots, broadening Unitree’s B-end industry client channels.
The National Social Security Fund, a national-level long-term capital player, has also joined in, with its No. 601, No. 502, and No. 1093 portfolios collectively securing over a million shares. The sponsor’s CITIC Securities’ Zhongzheng Investment will follow the rules with a subscription of 808,900 shares and a 24-month lock-up period.
On August 10th, Unitree’s online and offline subscription will kick off simultaneously, with both retail investors and institutions participating in this humanoid robot capital feast.
