Unitree to launch IPO next week as US-China robotics rivalry intensifies

Unitree Robotics will launch its initial public offering (IPO) in Shanghai next week, the firm announced late on Thursday, as China’s robotics start-ups race to go public amid an intense rivalry with their counterparts in the United States.

The Hangzhou-based company plans to sell 40.45 million shares, or 10 per cent of its enlarged share capital.

It is another closely watched debut on Shanghai’s Star Market, following the recent listing of ChangXin Memory Technologies (CXMT), whose market capitalisation briefly exceeded 4 trillion yuan (US$592 billion) on Friday, making it the most valuable company listed on a mainland Chinese exchange.

After the listing, Unitree founder Wang Xingxing and related parties will hold 31.29 per cent of the company’s shares and 65.31 per cent of its voting rights.

Unitree will begin book-building on August 5 and set an offer price the following day, with the final results set to be published on August 14.

Unitree’s announcement came days after the United States announced an effective ban on imports of new foreign-made robots, in a move widely seen as a response to China’s rapid advances in the sector.