China's securities regulator has cleared Unitree Robotics to proceed with an initial public offering on Shanghai's STAR Market.
The decision turns one of the country's most watched robot makers into a live pricing signal for an industry Beijing wants deployed across factories, homes and public spaces.
The approval is valid for 12 months. It completes the regulatory review, leaving only book-building and pricing before the shares list.
Unitree plans to raise about $619 million by issuing at least 40.45 million new shares. It has not set a launch date or a price range.
A listing market that has come back to life
The clearance arrives into a suddenly buoyant onshore IPO market.
A-share listings raised $7.7 billion in the first half of the year, up 64.4% from the same period in 2025, according to LSEG data.
The tone was set days earlier by China Resources New Energy. The wind and solar operator raised $3.61 billion in Shenzhen, Asia's biggest IPO so far this year, and its shares more than doubled on debut.
More big deals sit behind it, including memory chip maker ChangXin, which is planning a Shanghai listing worth about $4 billion.
Where the proceeds go
Unitree's prospectus commits the money to four areas.
Funds will support robot artificial-intelligence model research, robot body development, new product lines and construction of a smart robot manufacturing base.
The manufacturing base points to deeper vertical integration, an effort to bring down unit costs across its humanoid and four-legged lines.
The Hangzhou company builds humanoid robots, four-legged machines and robot components. It reported 2025 revenue of about $249 million.
A speed that reads as policy
Unitree cleared the entire process in 104 days, among the fastest reviews on record this year.
That pace is its own message. Embodied AI now sits in China's five-year planning as a target growth engine, and regulators are moving capital toward firms that have the technology and can turn a profit.
Demand test ahead
The pricing will show what public investors will pay for a pure humanoid play.
Unitree will join UBTech as one of the few listed pure-play humanoid names investors can value in the open market.
Some early backers have floated a valuation near $5.9 billion. The order book will decide whether that holds.
Global forecasters see a vast market forming. Getting there depends on machines that still cost too much and do too little outside controlled settings.
Unitree's debut offers the first hard read on whether China's public markets believe the timeline.
