Unitree denies "IPO changes" rumors

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Author | Chai Xuchen

Editor | Zhou Zhiyu

The IPO journey of Unitree, the embodied intelligence unicorn, continues to attract widespread attention.

On January 4th, there were reports that Unitree Technology's "green channel" for A-share listing had been halted. That evening, Unitree quickly issued a clarification, stating that the news was inconsistent with the facts, and explicitly said the company had never been involved in applying for the so-called "green channel." The current listing process is proceeding normally and as planned.

The so-called "green channel" refers to a priority review mechanism for certain types of enterprises, characterized by "immediate filing, immediate review, instant approval." It supports tech companies that have made breakthroughs in key core technologies, such as commercial aerospace and similar industries.

As the hottest player in domestic embodied robotics, the market has always had high expectations for Unitree.

According to listing information Unitree disclosed last September, it plans to submit its application documents to the stock exchange in the last quarter of 2025. In mid-November of that year, Unitree completed its IPO counseling work, and the official website of the China Securities Regulatory Commission showed that Unitree intends to apply for a domestic IPO—seemingly just one step away from listing.

However, despite the IPO counseling having been completed for some time, the stock exchange has not disclosed the relevant files, causing the market to have some doubts about whether the IPO is progressing smoothly.

The "cooling down" measures by relevant authorities have amplified these concerns. At the end of November last year, an official from the National Development and Reform Commission stated that humanoid robots have yet to fully mature in terms of technical routes, commercialization models, and application scenarios. With the acceleration of emerging capital entering the market, there is a need to guard against risks such as the “clustered” listing of highly repetitive products and the compression of R&D space.

All this has made Unitree Technology’s IPO progress a weather vane for the market, observing the trend of capitalization in China’s robotics sector.

Currently, the embodied intelligence market is at the eve of an explosion. Embodied robots are being seen as the next-generation super terminal after cars, with capital pouring into the embodied intelligence circuit at unprecedented speed. According to IT Juzi data, as of December 27, 2025, there have been 610 financing events in the domestic robotics field, a nearly threefold increase compared to 2024, with total financing exceeding 57 billion yuan.

The frenzy in the primary market is rapidly spreading to the secondary market. In 2025, the number of companies in the robotics industry chain submitting listing applications is significantly increasing. Some companies are also choosing to enter the capital markets through mergers and acquisitions.

“With the rapid development of large models, we finally have the opportunity to truly combine AI and robots for practical work,” exclaimed Unitree’s founder, Wang Xingxing. People have begun to envision a future where robots truly enter the workforce, including household labor, factories, and the service industry. And “letting AI do the work” is the key node for these players like Unitree to achieve large-scale commercial implementation.

The industry is booming, and facing this rare opportunity, all the players are vying for entry into the championship round, while investors are scouting for and betting on their chosen targets. In the face of fierce competition, whoever gets more ammunition to expand in the market will have a greater chance to win—Unitree is no exception.

This is because embodied intelligence involves cutting-edge and complex technologies in AI, precision mechanics, sensor fusion, motion control, and more; every breakthrough requires huge financial investments. Meanwhile, for this emerging market where users have not yet formed rigid demand, educating users, building brands, and developing channels also require large amounts of funding. This is crucial for the robotics industry to achieve a commercial closed loop.

Industry insiders told Wallstreetcn that previously in the primary market, projects labeled "humanoid robot" often commanded very high premiums. But investors in the secondary market are more pragmatic—they care about commercialization, about orders and return rates.

Therefore, to occupy the minds of C-end users, a month ago Unitree opened its first global store at JD MALL in Beijing's CBD core business district, showcasing robot dance and boxing performances onsite. There were also rumors in the industry that Unitree is vying for a performance slot at the 2026 CCTV Spring Festival Gala. Although Unitree has refused to comment, industry insiders know well that this concerns whether it can solidify the brand image of "China Embodied Intelligence" before hundreds of millions of viewers. If the product truly integrates into everyday life, the market energy unleashed will be immeasurable.

Regardless of whether it is Unitree’s offline experience stores or its pursuit of Spring Festival Gala exposure, it needs constant injections of ammunition from external capital markets to sustain high-intensity R&D investment and market expansion, support it to reach the tipping point of breakeven or profitability, and ultimately secure its position. This is a race against time.

It can be said that Unitree's IPO is key to whether China’s robotics track can continue booming. For Wang Xingxing and his team, under the spotlight, even the slightest move is magnified.

But Wang Xingxing previously said he compares taking the company public to taking the college entrance exam: "It’s an important stage for a company moving towards more mature management and operations." He added, "Listing is not only a summary of the past nine years of development, but also a responsibility to shareholders. This will drive the company into a new stage of development."

If Unitree can successfully go public via the standard process, it will set a benchmark for value for subsequent players lining up.

Therefore, the industry looks forward to seeing China's humanoid robotics enterprises ring the bell of listing with genuine strength, for it represents not only the success of an individual company, but also marks a solid step forward for "Made in China" in its climb to the top of the global technology tree.

Risk Warning and DisclaimerThe market has risks; investment requires caution. This article does not constitute personal investment advice, nor does it consider individual users’ specific investment objectives, financial situation, or needs. Users should consider whether any opinions, views, or conclusions in this article are suitable for their particular circumstances. Investment based on this is at your own risk. ```