World’s top humanoid maker and its dancing robots waltz towards record IPO listing in China

CNN Business

Aug 18

The world’s largest humanoid robot maker by sales is set to list in Shanghai on Wednesday, with the initial public offering already having raised 6.1 billion yuan ($905 million) and more than 8,000 ...

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Since then, the company has emerged as a key strategic firm in the country’s ambition to dominate future technology, with its founder Wang Xingxing seated in the front row at President Xi Jinping’s rare symposium with top tech businesses last year.\n    \n\n            As China’s economic growth slows and its workforce shrinks, Beijing has bet billions of dollars on humanoid robots as the next disruptive product, seeing them as the “new high ground of technological competition and a fresh frontier for future industries,” according to a 2023 policy document.\n    \n\n            Getting ahead in the burgeoning industry could also boost China’s standing in the intensifying competition with the US on artificial intelligence and advanced technology.\n    \n\n            The market debut will make Unitree the first humanoid robot maker to be listed in mainland China. Other Chinese android firms, including UBTECH and Dobot, have been trading in Hong Kong, while Agibot, another frontrunner in the sector, is pursuing an IPO in the city.\n    \n\n            “Unitree IPO is regarded as a key milestone for the humanoid industry and can serve as a benchmark for other IPOs in the pipeline,” said Ethan Qi, associate director at market analysis firm Counterpoint Research.\n    \n\n            China already dominates humanoid robot sales globally. Last year, Chinese firms accounted for the vast majority of global android deliveries, far outpacing American competitors like Tesla, Figure AI and Boston Dynamics.\n    \n\n\n\n\n            However, the technology remains under both hardware and software constraints, with bipedal robots still years away from full-scale deployment, whether on factory floors or at home, experts say.\n    \n\n            For now, research and educational institution use accounted for the majority of Unitree’s sales, while industrial deployments remained less than 10% in the first three quarters of 2025, its earlier filing showed.\n    \n\n\n\n      Related article\n    \n\n\n\n\n\n\n\n\n\n\nA visitor poses in front of a billboard showing a humanoid robot in the AI section at the Chinese International Supply Chain Expo (CISCE) on June 26, 2026 in Beijing.\n\nKevin Frayer/Getty Images\n\n\n\n\n\n\n\nChina’s humanoid robots have captivated the world. A rental market is exposing their limits\n\n8  min read\n\n\n\n            “Unitree has demonstrated strong technology and commercial traction, but moving from demonstrations and early deployments to widespread industrial adoption will take time,” said Kangyuxiao Li, equity analyst at Morningstar, a financial services firm.\n    \n\n            Proceeds from the IPO, according to its prospectus, will be used for the research and development of embodied AI model and robot hardware, as well as factory expansion.\n    \n\n        Going gaga over Unitree\n\n\n            Unitree may not be a household name yet. But if you have scrolled past videos of human-like robots performing backflips or dancing to Lady Gaga’s Abracadabra on America’s Got Talent, you have likely seen the company’s products.\n    \n\n            Founded in China’s eastern tech hub of Hangzhou in 2016, Unitree is backed by several well-known Chinese companies, ranging from food delivery giant Meituan, tech mammoth Tencent, Alibaba and AI startup DeepSeek.\n    \n\n            Besides humanoid robots, the firm also makes quadrupled robots, known as robot dogs, which accounted for about 42% of its revenue last year.\n    \n\n            In just two years, its revenue skyrocketed more than 10 times to nearly 1.7 billion yuan ($252 million) in 2025, its prospectus showed.\n    \n\n            Unitree is also one of the few companies in the field which has achieved profitability, delivering a net profit of 278 million yuan ($41 million) last year.\n    \n\n            Last year, it delivered more than 5,500 humanoid robots across the world, making it the world’s largest seller of androids.\n    \n\n\n\n\n\n\n\n\n\n\n\n\n\nDuring a media tour in early June, CNN gained a rare look inside Unitree's Hangzhou headquarters. Humanoid robots performed martial arts, dance, and boxing for journalists, as well as for clients and officials on other tours.\nCNN\n\n\n\n\n\n            Despite being a frontrunner in the industry, Qi of Counterpoint Research cautioned that Unitree’s edge appears to rely mostly on hardware and motion control capability, and that they need to beef up their research and development investment in embodied AI models, which serves as the machines’ brains.\n    \n\n            In an apparent bid to address such a weakness, a partnership between Unitree and US tech giant Nvidia was announced in June for research and development.\n    \n\n        Geopolitical restrictions\n\n\n            The future of Unitree, however, hinges beyond its product competitiveness.\n    \n\n            In June, Unitree was added to the US government’s blacklist of Chinese military-linked companies and barred from doing business with the Pentagon.\n    \n\n            And last month, Washington banned new humanoid and quadruped robot imports from foreign manufacturers, calling them a national security risks – in a move aimed at China.\n    \n\n\n\n      Related article\n    \n\n\n\n\n\n\n\n\n\n\nEngineAI T800 humanoid robots are on display after rolling off the production line at a production facility in Zhengzhou, China, on July 24, 2026.\n\nVCG/Getty Images\n\n\n\n\n\n\n\nChina’s humanoid robots have been taking over the global market. Now the US is banning them\n\n4  min read\n\n\n\n            While the restrictions do not cover existing models approved to be sold in the US, it could hurt future sales for companies like Unitree, particularly as over 40% of its revenue is generated overseas.\n    \n\n            Unitree has said in its prospectus that it “may be unable to sustain rapid growth in overseas sales and could even see its performance decline” if the US continues to impose restrictions.\n    \n\n            Beyond borders, Ming Lee, head of Greater China autos and industrials research at BofA Global Research, said Unitree also has to show it can successfully deploy its robots across various industry applications, and building up its embodied-AI system.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"}}}