Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Index Rebalance

<ul>
<li>Unitree still trades at 3.9x its IPO price after a strong post-listing move, so we estimate the index ADD timeline below.</li>
<li>Unitree's since-listing average total market cap has fallen to 7th on the STAR Market, missing fast-entry thresholds by 8% to 9%.</li>
<li>Earliest windows are Dec 2026 for STAR50, Aug 2027 for SSE A Share, Dec 2027 for CSI 300, and Jan 2028 for Connect. </li>
</ul>


Unitree still trades at 3.9x its IPO price after a strong post-listing move, so we estimate the index ADD timeline below.
Unitree's since-listing average total market cap has fallen to 7th on the STAR Market, missing fast-entry thresholds by 8% to 9%.
Earliest windows are Dec 2026 for STAR50, Aug 2027 for SSE A Share, Dec 2027 for CSI 300, and Jan 2028 for Connect. 


Unitree Robotics: Path to STAR50, CSI300, Stock Connect and MS-China Inclusion

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Capital Markets

Unitree Robotics / Equity Capital Markets

<ul>
<li>Chinese robot maker Yushu Technology (Unitree Robotics, 688836 CH Equity) priced its initial public offering (STAR market) in a deal that would make it the first mainland-listed humanoid robot manufacturer. </li>
<li>The retail portion was 8,000x oversubscribed with 9.8 million individual investor orders, marking a landmark moment for China's embodied-AI sector. China's global market share in humanoid robots is &gt;85%.</li>
<li>The nearest listed competitor is <a href="https://www.smartkarma.com/entities/ubtech-robotics-corp-ltd-class-h" target="_blank" data-smartkarma-citation="entities:36469:1" rel="noopener">UBTECH Robotics (9880 HK)</a>; however, Agibot, the world's largest humanoid robot company by unit sales, is slated to list on the Shanghai exchange soon.</li>
</ul>


Chinese robot maker Yushu Technology (Unitree Robotics, 688836 CH Equity) priced its initial public offering (STAR market) in a deal that would make it the first mainland-listed humanoid robot manufacturer. 
The retail portion was 8,000x oversubscribed with 9.8 million individual investor orders, marking a landmark moment for China's embodied-AI sector. China's global market share in humanoid robots is &gt;85%.
The nearest listed competitor is UBTECH Robotics (9880 HK); however, Agibot, the world's largest humanoid robot company by unit sales, is slated to list on the Shanghai exchange soon.


IPO WATCH: Unitree Robotics - One Small Step for Man, One Giant Leap for Humanoids

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>
<a href="https://www.smartkarma.com/entities/unitree-robotics" target="_blank" data-smartkarma-citation="entities:48008:1" rel="noopener">Unitree Robotics (688836 CH)</a> concluded its IPO price at Rmb150.8, and we estimate this equals 78.5x PER for FY26 and 55.3x for FY27.</li>
<li>The IPO valuation is cheap when compared with the peer median of 86.7x and 119.7x, respectively. Its higher P/S of 21.2x and 15.2x is due to its better profitability.</li>
<li>We calculate that it can reach 146.5x PER, or a price of Rmb399.5, 164.9% upside if we apply the current AH premium to the peers' median FY27 PER. </li>
</ul>



Unitree Robotics (688836 CH) concluded its IPO price at Rmb150.8, and we estimate this equals 78.5x PER for FY26 and 55.3x for FY27.
The IPO valuation is cheap when compared with the peer median of 86.7x and 119.7x, respectively. Its higher P/S of 21.2x and 15.2x is due to its better profitability.
We calculate that it can reach 146.5x PER, or a price of Rmb399.5, 164.9% upside if we apply the current AH premium to the peers' median FY27 PER. 


Unitree Robotics (688836 CH) IPO: Valuation Insight

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>
My base case valuation of Unitree Robotics IPO is implied market cap of 106.9 billion RMB, which is 155% higher than the company's target valuation of 42 billion RMB. </li>
<li>My base case valuation is based on P/E of 81.9x (30% premium to the comps) using my estimated net profit of 1.3 billion RMB for the company in 2028.</li>
<li>Unitree Robotics is one of the major leaders in the humanoid and quadruped robotics industry in China. </li>
</ul>



My base case valuation of Unitree Robotics IPO is implied market cap of 106.9 billion RMB, which is 155% higher than the company's target valuation of 42 billion RMB. 
My base case valuation is based on P/E of 81.9x (30% premium to the comps) using my estimated net profit of 1.3 billion RMB for the company in 2028.
Unitree Robotics is one of the major leaders in the humanoid and quadruped robotics industry in China. 


<ul>
<li>Unitree Robotics is getting ready to complete its IPO on the STAR market of this Shanghai Stock Exchange this month. </li>
<li>Unitree would become the first major producer of humanoid robots to be listed on the Chinese mainland.</li>
<li>Target valuation is about 42 billion yuan (US$5.7 billion). Subscription date is 10 August. The company is looking to raise 4.2 billion yuan (US$618 million). </li>
</ul>


Unitree Robotics is getting ready to complete its IPO on the STAR market of this Shanghai Stock Exchange this month. 
Unitree would become the first major producer of humanoid robots to be listed on the Chinese mainland.
Target valuation is about 42 billion yuan (US$5.7 billion). Subscription date is 10 August. The company is looking to raise 4.2 billion yuan (US$618 million). 


China

Unitree Robotics is an energetic start-up company focusing on the development, production and sales of high-performance quadruped robots. It has been interviewed by BBC and CCTV, and is one of the earliest company to publicly sell quadruped robots.

The company has an outstanding leadership in developing robot core components, motion control, robot perception, etc.

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Unitree Robotics (UNITREE CH)

Unitree Robotics: Path to STAR50, CSI300, Stock Connect and MS-China Inclusion

We update Unitree's index path after six trading days. STAR50 fast entry needs a rebound, Stock Connect points to January 2028, and MS is...

Ke Yan, CFA, FRM

IPO WATCH: Unitree Robotics - One Small Step for Man, One Giant Leap for Humanoids

Unitree Robotics shares surged 460% in their Shanghai trading debut after the company raised 6.1 billion yuan ($904 million) in an initial public...

David Mudd

Unitree Robotics (688836 CH) IPO: Valuation Insight

Unitree Robotics IPO priced at Rmb150.8, with an estimated PER of 78.5x for FY26 and 55.3x for FY27. Valuation is seen as cheap compared to peers,...

Osbert Tang, CFA

Unitree Robotics IPO Valuation Analysis

My base case valuation of Unitree Robotics IPO is implied market cap of 106.9 billion RMB, which is 155% higher than the company's target valuation...

Douglas Kim

Unitree Robotics IPO Preview

Unitree Robotics set to make history as first major humanoid robot producer to IPO on Chinese mainland's STAR market, aiming for a valuation of 42...

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Unitree Robotics: Path to STAR50, CSI300, Stock Connect and MS-China Inclusion

We update Unitree's index path after six trading days. STAR50 fast entry needs a rebound, Stock Connect points to January 2028, and MS is...

Ke Yan, CFA, FRM

IPO WATCH: Unitree Robotics - One Small Step for Man, One Giant Leap for Humanoids

Unitree Robotics shares surged 460% in their Shanghai trading debut after the company raised 6.1 billion yuan ($904 million) in an initial public...

David Mudd

Unitree Robotics (688836 CH) IPO: Valuation Insight

​Unitree Robotics IPO priced at Rmb150.8, with an estimated PER of 78.5x for FY26 and 55.3x for FY27. Valuation is seen as cheap compared to peers,...

Osbert Tang, CFA

Unitree Robotics IPO Valuation Analysis

My base case valuation of Unitree Robotics IPO is implied market cap of 106.9 billion RMB, which is 155% higher than the company's target valuation...

Douglas Kim

Unitree Robotics IPO Preview

​Unitree Robotics set to make history as first major humanoid robot producer to IPO on Chinese mainland's STAR market, aiming for a valuation of 42...

Douglas Kim

Unitree Robotics IPO priced at Rmb150.8, with an estimated PER of 78.5x for FY26 and 55.3x for FY27. Valuation is seen as cheap compared to peers,...

Unitree Robotics set to make history as first major humanoid robot producer to IPO on Chinese mainland's STAR market, aiming for a valuation of 42...