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Unitree Robotics IPO sparks investor frenzy as policy support fuels capital rush, with sector’s future value tied to continued commercialization_我的网站
一 | 活力盛夏，运动正当时。近日，体彩顶呱刮推出两款体育主题即开票——“天天运动”与“即刻出发”，以即开票为载体，传递健康生活理念，呼应“跟着赛事去旅行”的体旅融合发展新风尚。
With just one day to go before Chinese humanoid robotics pioneer Unitree Robotics opens subscriptions for its initial public offering (IPO) on Shanghai's STAR Market, investor attention has extended far beyond the company itself, highlighting a broader capital-market rush into embodied intelligence as the sector moves from technological breakthroughs toward commercialization.
As of press time, discussions surrounding the IPO have pushed the topic to the top of trending lists across multiple stock trading platforms. The debate has focused on Unitree Robotics' disclosed short-term financial performance, as well as the potential opportunities for investors from China's policy push to include embodied intelligence and humanoid robots among key areas of medium- and long-term technology and industrial development.
Experts said the wave of IPOs among robotics companies, including Unitree Robotics, represents a shift that allows robot makers to engage more directly with public markets and investors. It also brings companies at different stages of development and pursuing different technological paths into a common valuation framework, promoting market comparisons and competition.
At the same time, the capital-market boom is likely to accelerate a shakeout, separating companies capable of building sustainable business models from those that struggle to turn technological advances into commercial returns.
On Thursday, Unitree Robotics released its announcement on the IPO of shares and listing on the STAR Market. According to the announcement, the offering price was set at 150.80 yuan per share, valuing the company at approximately 61 billion yuan ($9.04 billion) upon listing.
Secondary-market professionals told the Global Times that demand for Unitree Robotics' IPO subscription could be extremely high, meaning the chances of individual investors securing shares are likely to be very limited.
Robotics is currently one of the few categories that can translate AI capabilities into tangible assets with relatively comparable valuation metrics, creating a unique advantage in valuation narratives. This scarcity is one of the key factors drawing the attention of both large and small investors, Tian Feng, former dean of SenseTime's Intelligence Industry Research Institute, told the Global Times on Sunday.
Unlike large language model companies, whose capabilities are often assessed through benchmarks and demonstrations that are difficult for ordinary secondary-market investors to directly evaluate, robots offer visible and verifiable evidence through tasks such as grasping, walking and dexterous manipulation, Tian said. This tangible demonstration of "embodied" intelligence naturally creates a valuation premium in market narratives, he added.
Tian cautioned that extreme subscription figures, such as RobotHoenix's 14,855-fold oversubscription on its listing and LDRobot's 127.62 percent first-day share price surge, were driven by a combination of institutional advantages and sector scarcity rather than serving as evidence of the commercial validation of robotics products. He noted that there is no direct correlation between oversubscription multiples and the certainty of product deliveries or commercialization prospects.
Beyond Unitree Robotics, a broader financing boom in China's robotics industry has also gained significant momentum, with the Hong Kong Stock Exchange emerging as the main battleground for this latest IPO wave.
Citing industry data provider Wind, the China STAR Market reported that five robotics-related companies have gone public in Hong Kong so far in 2026. Meanwhile, 51 companies with businesses spanning industrial robots, service robots and embodied intelligence solutions are currently in the IPO pipeline in Hong Kong, accounting for 12.7 percent of all companies awaiting listing.
According to data from IT industry research platform ITjuzi.com, financing in China's embodied intelligence sector totaled 93.5 billion yuan in the first half of 2026, surpassing 90 billion yuan and marking a fivefold increase from the same period in 2025. The number of financing deals reached 322, up 137 percent year-on-year.
Tian said that while policy support and clearer commercialization pathways are boosting confidence in the sector, the latest IPO wave should also be viewed through a more cautious lens. The surge comes partly as the primary market's ability to continue funding embodied intelligence companies faces limits, prompting firms to seek new liquidity channels through public markets, rather than solely reflecting a dramatic leap in industrial maturity.
As emerging technology sectors increasingly become the focus of public attention, more objective and professional analysis is also needed to help investors assess companies' technological capabilities, commercialization prospects and long-term value, rather than simply following market enthusiasm, Chinese experts noted.
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二 | 两款新票各具巧思，将运动乐趣与购彩体验深度融合，为这个夏天增添别样活力。 “天天运动”：一日一格，打卡健康生活 “天天运动”面值20元，票面呈现了丰富多彩的体育运动项目，传递天天运动的健康生活理念，激发广大群众积极参与健身运动的热情。这款票最独特的设计在于将丰富的运动项目与数字融合，恰如一张满当当的月度运动打卡日历，一天一格，承载着“今天动起来”的微小心愿。
三 | 30个格子，如同30天的坚持。购彩者每打开一格，便是一次运动的记录、一次对健康生活的坚持。产品所倡导的“每天一格”的慢体验，让人们在快节奏的生活中，找到一种从容而有节奏的互动方式，体现了责任彩票的温情关怀，也让刮票过程像完成每日运动打卡般充满仪式感。玩法规则： 主玩法：刮开覆盖膜，如果出现奖金标志，即中得该奖金。
四 | 主玩法中奖奖金兼中兼得。 附加玩法：刮开覆盖膜，如果出现5个或5个以上奖牌标志“”，即中得下方奖金对照表中所对应的奖金。附加玩法中奖奖金不可兼中兼得。 总中奖奖金=主玩法中奖奖金+附加玩法中奖奖金 “即刻出发”：备好行囊，奔赴下一场山海 如果说“天天运动”是一本随身携带的运动打卡日历，那么“即刻出发”便是一张说走就走的旅行邀请函。 “即刻出发”面值10元，票面设计新颖，以满载运动装备的行李箱为主画面，通过即开票这个宣传载体宣传体育旅游。这款票共有6个票面场景，每一张都像是装满不同运动装备的行李箱：从登山杖到跑鞋，从运动水壶到遮阳帽，每一件装备都怀着对户外运动与旅途风景的无限憧憬，期待着即刻出发。 运动不局限于赛场，也可以在每一次奔赴山海的旅途中随时开启。“即刻出发”正是将体育旅游的核心理念融入视觉表达，旨在激发人们走出家门、探索世界的热情，让每一个走出去、动起来的心愿即刻实现。
五 | 玩法规则： 刮开覆盖膜，如果出现奖金标志，即中得该奖金；如果出现出发标志“”，即中得50元。 中奖奖金兼中兼得。 体旅融合，运动点亮生活 两款新票分别从“日常运动打卡”与“户外体育旅游”两个角度出发，共同拓宽了体彩顶呱刮的体育主题领域。
六 | “天天运动”将丰富的运动项目融入票面设计，如同一份运动日历，提醒人们在忙碌生活中不忘坚持运动、保持活力；“即刻出发”则以行李箱为视觉符号，唤醒人们心底对远方的向往。 这个夏天，不妨放慢脚步，来一张“天天运动”，在30格运动打卡日历中找到属于自己的节奏；或者打包行囊，带上一张“即刻出发”，让票面成为奔赴下一场山海的起点。 体彩顶呱刮期待与每一位热爱生活、热爱运动的朋友，共同分享那份属于奔跑的激情、属于旅途的诗意，以及体验过程中的点滴喜悦。
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Published on:10:17:13