After a period exceeding three months, the registration for the STAR Market IPO of Unitree Technology Co., Ltd. (referred to as "Unitree Tech") has taken effect, signifying that the company has secured its listing "admission ticket" and its debut on the A-share market is imminent.
On the evening of July 2nd, the official website of the China Securities Regulatory Commission (CSRC) showed that the STAR Market IPO registration for Unitree Tech is now effective. It is noteworthy that Unitree Tech represents the second IPO under the STAR Market's pre-review mechanism. The company's progress through the STAR Market listing process has been swift, taking only just over three months from the acceptance of its prospectus on March 20th this year to the current registration becoming effective.
With the effectiveness of Unitree Tech's IPO registration, market attention has turned to which other embodied artificial intelligence (AI) enterprises are still in the listing queue. A review shows that in the current IPO market, Leju Intelligent, Yunshenchu, and Yuejiang are also applying for A-share listings, and their prospectuses have been accepted for review.
STAR Market IPO Registration Approved
The A-share market is on the verge of welcoming its "first embodied AI stock."
On the evening of July 2nd, the CSRC website indicated that it has approved Unitree Tech's application for the initial public offering registration. The company's issuance of shares must be strictly implemented in accordance with the prospectus and underwriting plan submitted to the Shanghai Stock Exchange. This approval is valid for 12 months from the date of registration consent.
Unitree Tech is a high-performance general-purpose robotics company focused on the research, development, production, and sales of high-performance general-purpose humanoid robots, quadruped robots, robotic components, and embodied AI models. For this listing attempt, the company plans to raise approximately 4.202 billion yuan.
Financial data reveals that from 2023 to 2025, Unitree Tech achieved operating revenues of approximately 159 million yuan, 393 million yuan, and 1.699 billion yuan, respectively. The corresponding net profits attributable to shareholders were approximately -11.1451 million yuan, 95.4747 million yuan, and 278 million yuan, respectively.
It is evident that in 2025, both the revenue and net profit of Unitree Tech saw substantial growth. However, in the first quarter of this year, the company experienced a situation where revenue increased but profit did not.
In the first quarter of this year, Unitree Tech achieved operating revenue of approximately 423 million yuan, a year-on-year increase of 68.49%. The corresponding net profit attributable to shareholders was about 50.0138 million yuan, representing a year-on-year decrease of 47.69%.
As of the signing date of the prospectus, Wang Xingxing, the controlling shareholder and actual controller of Unitree Tech, directly holds 86,714,964 shares in the company, accounting for 23.8216% of the total share capital. Furthermore, under the voting rights differential arrangement, the voting rights proportion for Wang Xingxing's direct shareholding is 63.5457%. Combined with the controlled equity incentive platform, Shanghai Yu Yi, he collectively controls 68.7816% of the company's voting rights.
Other Firms Including Yuejiang in the Listing Queue
Besides Unitree Tech, the A-share market has also accepted IPO applications from three other embodied AI enterprises: Leju Intelligent, Yunshenchu, and Yuejiang, all of which are also pursuing listings.
Specifically, Yunshenchu is also applying for a listing on the STAR Market, with its IPO application accepted on May 19th this year. The prospectus indicates that Yunshenchu is a leading embodied AI robotics enterprise based in China with a global outlook, focusing on the research, development, manufacturing, and industrialization of embodied AI robots such as quadruped robots and wheel-legged robots.
For this listing attempt, Yunshenchu plans to raise approximately 2.503 billion yuan. After deducting issuance expenses, the funds will be invested in projects for embodied algorithm and model research and development, robot body and solution research and development, embodied AI robot industrialization, and embodied AI robot base construction.
In terms of financial performance, from 2023 to 2025, Yunshenchu achieved operating revenues of approximately 50.1126 million yuan, 103 million yuan, and 337 million yuan, respectively. The corresponding net profits attributable to shareholders were approximately -25.8501 million yuan, -13.2899 million yuan, and 28.684 million yuan, respectively.
Leju Intelligent and Yuejiang are applying for listings on the ChiNext board. Notably, Leju Intelligent represents the first IPO application accepted under the ChiNext board's fourth set of listing criteria. The company plans to raise 2.6 billion yuan through its initial public offering.
According to Leju Intelligent's introduction, its main products include the Kuavo series, Roban series, and Aelos series. Data shows that from 2023 to 2025, Leju Intelligent achieved operating revenues of approximately 53.9883 million yuan, 55.5003 million yuan, and 258 million yuan, respectively. Its 2025 revenue surpassed the 200 million yuan threshold, meeting the ChiNext board's fourth set of listing criteria: "estimated market value not less than 3 billion yuan, revenue in the most recent year not less than 200 million yuan, and a compound annual growth rate of revenue over the past three years not less than 30%."
Yuejiang belongs to the category of "H-share companies returning to A-shares." The company's prospectus was accepted on April 27th this year. It plans to raise 1.2 billion yuan to fund projects such as multi-legged robot R&D and humanoid robot technology enhancement, choosing the ChiNext board's third set of listing criteria.
The disclosure of Yuejiang's A-share IPO prospectus has also revealed the proportion of its current product revenue and the price of its flagship products. Notably, about 80% of the company's revenue comes from collaborative robots.
Financial data shows that from 2023 to 2025, Yuejiang achieved operating revenues of approximately 287 million yuan, 375 million yuan, and 493 million yuan, respectively. The corresponding net profits attributable to shareholders were approximately -103 million yuan, -95 million yuan, and -84 million yuan, respectively. The corresponding net profits after deducting non-recurring gains and losses were approximately -120 million yuan, -108 million yuan, and -124 million yuan, respectively.
In its prospectus, Yuejiang candidly stated that the company expects to achieve a turnaround to profitability by 2028.
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