The capital markets in the Chinese mainland are aggressively courting the next generation of technological pioneers, as evidenced by the recent milestone achieved by humanoid robot innovator Unitree. In a move that signals a strategic shift toward high-end manufacturing, the Shanghai Stock Exchange's STAR Market listing committee has officially approved Unitree's initial public offering (IPO) application.
This approval clears the way for the first "embodied artificial intelligence" listing on the Chinese A-share market. Unitree intends to raise 4.2 billion yuan (approximately $620 million) to accelerate its growth. The funds are earmarked for four critical strategic pillars: the research and development of intelligent robot models, robotics hardware advancement, new product innovation, and the establishment of a smart manufacturing base.
Beyond its financial ambitions, Unitree is gaining significant global traction. The company recently announced that it was selected by Nvidia for the first robotics design the U.S. chipmaker is selling to prestigious research institutions, including Stanford University and ETH Zurich.
What has captured the attention of market analysts is the unprecedented speed of the process. Unitree's approval arrived just 73 days after its filing was accepted on March 20. This sets a new record for the fastest review under the STAR Market's pre-review mechanism, which was introduced in July 2025 to streamline the path for companies operating in critical core technology sectors.
A Broader Wave of Hard-Tech Ambitions
Unitree's success is not an isolated event but part of a larger "hard-tech" IPO wave sweeping through the region. Other industry giants are similarly making their mark on the Science and Technology Innovation Board.
CXMT, currently the world's fourth-largest DRAM manufacturer, received approval from the Shanghai Stock Exchange last Wednesday. Driven by the ongoing AI supercycle, CXMT reported a staggering 33 billion yuan ($4.58 billion) in earnings in the first quarter alone, nearly offsetting a decade of accumulated deficits.
Meanwhile, YMTC, the only 3D NAND flash memory manufacturer in the Chinese mainland, began its pre-IPO preparations in May. Market data indicates YMTC's global market share rose to 11% in the final quarter of 2025, positioning it sixth globally—just behind industry leaders SanDisk and Micron. Experts suggest YMTC is poised to become a trillion-yuan stock.
This accelerating trend of tech IPOs underscores the rapid ascent of advanced technology sectors. By bringing these core technology firms to the public market, the Chinese mainland is significantly enhancing the investment appeal and pricing authority of A-shares in the realm of advanced manufacturing.
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Unitree gets STAR Market green light in China's 'hard-tech' IPO wave
cgtn.com
