51 Robotics Companies Queue for IPOs in Hong Kong! Experts: Unitree's Subscription Date Marks a Watershed for the Industry, Secondary Market Valuation as Benchmark

Unitree Technology launched its STAR Market IPO subscription on Monday (10th), with an issue price of RMB 150.8 per share (RMB, same below), corresponding to a market cap of approximately RMB 61 billion. The 'first humanoid robotics stock' in A-shares accelerates its entry into the capital market.

According to Cailian Press, Unitree is not the only example of robotics companies accelerating into the capital market. Currently, 51 robotics companies are queuing for IPOs in Hong Kong, and domestic sector funding in the first eight months of this year has exceeded RMB 121.7 billion, surpassing the full-year total of last year. The capitalization wave of embodied intelligence is spreading comprehensively from the primary to the secondary market.

Taking Unitree Technology as an example, the company achieved revenue of RMB 1.699 billion in 2025, with a three-year compound growth rate exceeding 220%, and has realized scale profitability, laying the foundation for secondary market pricing.

Capitalization is reshaping the industry landscape. Over 80% of Unitree's nearly RMB 6.1 billion fundraising will be invested in R&D, with investment in intelligent models exceeding that in hardware development for the first time, marking a shift in competition from 'hardware battles' to 'brain breakthroughs'.

The secondary market valuation system will become an industry benchmark, accelerating the elimination of pure concept companies lacking real orders, while heavyweight companies leverage capital advantages to widen the gap.

However, the industry remains in its early stages, with large-scale commercialization facing multiple bottlenecks in engineering, cost, and reliability.

Unitree's 219x price-to-earnings ratio reflects market optimism but also implies significant pressure to deliver on performance. If shipment volumes or intelligence levels fall short of expectations, high valuations face correction risks, and concerns over price wars in the mid-to-low-end segment persist.

Industry fundamentals support capital enthusiasm. Over the past two years, embodied intelligence has made a critical leap from lab demonstrations to mass production: motion control technology has matured, domestic localization rates of core components have increased, humanoid robot prices have dropped below RMB 100,000, and orders in industrial inspection and commercial service scenarios are gradually being fulfilled.

On the policy front, China has included humanoid robots in its key future industry plans, and institutional arrangements such as the STAR Market's green channel have further streamlined the listing path for hard-tech enterprises.