Unitree Robotics , one of China's leading humanoid robot manufacturers, has completed its pre-initial public offering (IPO) tutoring process in only four months, a major step towards an onshore listing amid Beijing's push for technological self-reliance and advancement, according to government documents.
The Hangzhou-based unicorn passed regulatory checks with the Zhejiang Securities Regulatory Bureau, concluding a pre-listing tutoring period that began on July 18, the China Securities Regulatory Commission's website showed.
Citic Securities, the top investment bank in China by underwriting revenue and Unitree's tutoring institution, helped the start-up determine the fundraising amount for its IPO and drafted an investment plan for the capital to be raised, according to the document dated November 10.
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The filing did not specify the fundraising target or listing timeline.
Unitree is aiming for a valuation of up to US$7 billion in a listing on Shanghai's Nasdaq-style Star Market, according to a Reuters report in September. The company previously said it planned to file a formal IPO application between October and December.
To facilitate the public stock offering, Unitree transitioned from a limited liability company to a joint-stock limited company, according to records from the corporate database Qichacha published on May 29.
Citic confirmed in its filing that Unitree had established the necessary corporate governance structure and accounting foundations required for a listed firm.
China's IPO tutoring period typically lasted between six and 12 months, according to Shen Meng, director at Beijing-based investment firm Chanson & Co. Unitree's completion of this process within just four months signalled strong government support for the technology and innovation sector.
"Some tech companies are receiving exceptional government support, as policymakers have made it clear that they aim to build an economic growth model based on high-quality productive forces anchored in innovation," Shen said.
"Technology has become a core element in the global competition for national prowess."
Unitree founder and CEO Wang Xingxing attends the World Internet Conference in east China's Zhejiang province earlier this month. Photo: Reuters alt=Unitree founder and CEO Wang Xingxing attends the World Internet Conference in east China's Zhejiang province earlier this month. Photo: Reuters>
China has emphasised technological self-reliance and strengthening as a central goal in its 15th five-year plan for 2026 to 2030 amid intensifying rivalry with the US. It marks the first time in at least a decade that tech independence has received such prominence in Beijing's development blueprint.
Founded in 2016 by Wang Xingxing , Unitree focuses on creating innovative robotic solutions for consumer and industrial markets. Its products include humanoid robots, quadrupeds and advanced perception systems designed for a wide range of applications.
The company has raised a total of US$263.6 million, which includes a 700 million yuan (US$99 million) Series C round completed in June, according to the corporate database Tianyancha. It also increased its registered capital to 2.9 million yuan from 2.6 million yuan, according to data from June.
Unitree's backers include ShouCheng Holdings , a Hong Kong-listed car park operator under state-owned steel producer Shougang Group, which has also invested in other robotics-related companies such as Deep Robotic, according to a filing with the Hong Kong stock exchange last week.
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