Unitree sets August IPO subscription for humanoid robots on STAR Market

Humanoid robots just got a public-market calendar. On the evening of July 30, Unitree Robotics published its Shanghai STAR Market issuance plan, setting preliminary pricing inquiries for August 5 and online and offline subscription for August 10. Global Times, Gasgoo, Tiger Brokers coverage, and TechTimes all carried the same core schedule within a day.

That is a different story from last month's approval headlines. The Hangzhou maker is no longer only "cleared to list." It is entering the subscription window that will price the first scaled, profitable humanoid robotics company on China's A-share market. For buyers, sellers, and operators on a humanoid marketplace, the useful question is what that public tape will do to comps for Unitree G1 and H1 inventory, especially after the FCC Covered List closed the door on many next-gen foreign models.

What Unitree actually scheduled

The company plans to issue about 40.45 million new shares, or 10 percent of post-offering capital, bringing total shares to roughly 404 million. The stock and offline subscription code is 688836. CITIC Securities is the sponsor and lead underwriter. Gasgoo and Tiger Brokers put payment for the subscription window around August 12.

Proceeds are aimed at embodied intelligence model R&D, robot body development, new product work, and a smart manufacturing base. Gasgoo notes nearly half the raise is earmarked for core embodied AI model technology. Treat the project list as prospectus intent, not as proof that any one software stack will transfer with a used robot.

Unitree also disclosed control details that matter for long-horizon support questions. Through a dual-class structure, founder Wang Xingxing controls about 68.78 percent of voting rights heading into the deal, according to Tiger Brokers' read of the filing. After the offering, that voting stake is still expected to stay above 65 percent even as economic ownership dilutes.

Why the prospectus numbers matter more than the IPO logo

Unitree is not listing on vibe alone. Coverage of the prospectus says the company shipped more than 5,500 humanoid robots in 2025, more than any other maker by Unitree's own count, with cumulative quadruped sales above 33,000 units. Gasgoo puts 2025 revenue near 1.7 billion yuan and core-business gross margin around 60 percent. Tiger Brokers reports first annual profit in 2024, then 2025 net profit attributable to shareholders of 278 million yuan and non-GAAP net profit of 591 million yuan.

Those figures are company-filed numbers filtered through secondary reporting. They still change the diligence frame. A humanoid market that priced itself mainly on private rounds now has a volume leader putting revenue, margin, and profit into a public filing. TechTimes frames the contrast with Figure AI's September 2025 private valuation of about 39 billion dollars on little disclosed revenue. Unitree's base raise math has been reported around 4.2 billion yuan at roughly a 42 billion yuan floor. Secondary chatter about higher post-listing caps is speculative. Marketplace users should wait for the priced deal and the opening tape.

The near-term financial warning is also in the filing package. Gasgoo says first-half 2026 revenue is guided to about 1.05 billion to 1.13 billion yuan, up roughly 36 to 45 percent year on year, while adjusted profit is expected to fall. Growth is still positive. It is no longer the 2025 sprint. That matters if someone tries to sell you a used Unitree as if shipment momentum alone guarantees rising resale values.

How this sits next to the FCC gate, LimX, Digit, and Optimus

This post is not a rerun of last week's Covered List story. The FCC action still decides which foreign humanoid models can receive fresh U.S. equipment authorization. Unitree's IPO decides how public markets price a profitable Chinese volume leader. Keep those screens separate.

LimX Dynamics already raised nearly 200 million dollars at about a 2.2 billion dollar valuation while lining up a Hong Kong path. That July story was about another Chinese maker racing for public capital. Today's story is Unitree's concrete subscription dates, disclosed shipment and profit numbers, and the first daily public benchmark those numbers can create. Same country cluster. Different event and marketplace proof.

Agility Digit and Figure still hold much of the named Western industrial deployment evidence buyers can cite by plant and task. Tesla is still preparing Optimus production at Fremont for internal use first. Unitree's advantage remains volume and list price, especially for research, education, and light commercial work. Public filings will make those price gaps harder to hand-wave, and they will also make support, export path, and authorization status harder to hide on a listing page.

What marketplace users should do with this

If you buy or sell humanoid robots on Buy My Robots, use the Unitree IPO calendar as a pricing and provenance checklist on listings:

Is the unit an already authorized model that can still move in the U.S., or a next-gen SKU that still needs Conditional Approval?
Can the seller show serials, hours, software rights, and spare-parts path that survive an ownership change?
Is the asking price anchored to real duty cycle evidence, or to IPO hype and private peer valuations?
For non-Unitree platforms such as Digit, Figure, Optimus, or Atlas, has the seller quietly marked up inventory just because Chinese comps are entering a public tape?

If you operate a lab, warehouse, or plant, separate capital-market noise from floor risk. A profitable prospectus does not clear cybersecurity, data residency, or remote-update questions on a networked humanoid. Ask where telemetry goes, who can push firmware, and what happens to support if overseas channels tighten further.

Sellers should lead with boring evidence. "Unitree G1, documented hours, transferable software, authorization status confirmed" beats "IPO humanoid, first A-share robot stock." Buyers should treat subscription-week headlines as context for comps, not as a reason to skip serial-level diligence.

What to watch next

Watch three checkpoints. First, whether August 5 book building and August 10 subscription produce a clear issue price and first-day tape that secondary dealers can cite without inventing multiples. Second, whether Unitree publishes or confirms overseas shipment mix after the FCC gate, especially for models already authorized versus blocked revisions. Third, whether used Unitree listings start naming authorization status, software transfer, and task hours as first-screen fields the way industrial Digit and Figure sellers already must.

Public markets can price a humanoid company every trading day. Marketplace value still follows the machine in front of you: which Unitree worked, where, for how long, with which rights still attached.