Robots that dance, fight and work: Chinese giant debuts on the stock exchange after raising almost US$1 billion

Chinese humanoid robots surpass humans in half-marathon in Beijing Unitree, one of the largest manufacturers of humanoid robots in the world in terms of sales volume, debuts this Wednesday (19) on the Shanghai stock exchange, in China, with an initial public offering (IPO) that has already become a record in the local market aimed at technology companies. The company raised 6.1 billion yuan, around US$905 million, in the transaction. Demand for the shares exceeded the amount offered by retail investors by more than 8,000 times. With its debut, Unitree becomes the first humanoid robot manufacturer to be listed on the Chinese mainland stock exchange. ??The movement occurs amid the country's race to develop robots capable of performing increasingly complex tasks, a technology seen by Beijing as strategic for the industry of the future. But as investor interest grows, the sector is starting to face a different charge. China dominates the humanoid robot market; understand why the US decided to ban them After winning over the public with robots capable of dancing, fighting and performing acrobatics, companies need to prove that the machines can perform useful tasks reliably and, most importantly, that they can pay for themselves. Dancing robots became the company's showcase Founded in 2016 in Hangzhou, a technology hub in eastern China, Unitree gained international recognition with videos of its humanoid robots dancing, fighting and performing acrobatic movements. Last year, the company's robots appeared on China's traditional Lunar New Year program, one of the country's highest-rated television events. China wants to take robot dogs to the Moon to build a base with astronauts by 2035 More recently, the company presented a new model, called Superman. According to Unitree, the robot can jump up to two meters and reach a speed of 12.66 meters per second. The company also makes quadruped robots, known as robot dogs. They accounted for about 42% of Unitree's revenue last year. People watch humanoid robots dancing at the Unitree stand during the World Artificial Intelligence Conference (WAIC) in Shanghai, China, July 17, 2026. REUTERS/Go Nakamura/File photo The challenge now is to leave the spectacle The moment of euphoria around humanoids comes just as the sector begins to change focus. Instead of evaluating robots solely on their ability to make impressive movements, investors and potential customers have started to look at how much work they can do, how much human supervision they need, and whether the productivity gains are worth the cost of the machine. ? In China, some robots have already started to be used in specific applications, such as food deliveries to hotels and certain assembly lines. Large-scale adoption, however, has not yet happened. Unitree also faces this challenge. According to its prospectus, research institutions and universities accounted for the majority of sales, while industrial applications represented less than 10% of sales in the first three quarters of 2025. Robot needs to compete with worker costs Price is one of the main obstacles to transforming humanoids into a common tool in companies. Chinese brokerage Guotai Securities estimates that an industrial humanoid robot would need to cost around 160,000 yuan, including maintenance, to pay for itself in two years, considering a worker who receives 80,000 yuan per year. In practice, humanoid robots typically cost between 300,000 and 500,000 yuan, according to German research institute MERICS. This means that, to gain space in factories, machines need to not only perform tasks, but do them with enough productivity to justify the investment. Revenue soars and the company is already profitable. Unitree's growth appears in the financial results. According to the IPO prospectus, the company's revenue will reach almost 1.7 billion yuan, approximately US$252 million, in 2025. The amount represents more than ten times the revenue recorded just two years earlier. The company also reported net profit of 278 million yuan, about US$41 million, last year. A Unitree sign at a Unitree store in Beijing, China, August 1, 2026 REUTERS REARCHIVE/Tingshu Wang By 2025, Unitree had delivered more than 5,500 humanoid robots worldwide and became the company that sold the most such machines globally. Despite advances, robots are still far from mass adoption. Analysts point out that the industry still needs to resolve reliability, cost and demand issues. China bets on humanoids to compete in the technological race Unitree's advancement takes place within China's broader strategy. With economic growth slowing and the working-age population shrinking, the Chinese government has been directing investment toward humanoid robots as a possible new front for industrial growth. Beijing also considers technology strategic in the dispute with the United States for leadership in artificial intelligence and advanced technologies. China already accounts for around 82% of global shipments of humanoid robots, according to an estimate by research firm IDC. Other Chinese companies are also advancing in the sector. UBTECH and Dobot are already traded in Hong Kong, while Agibot is looking to launch an initial public offering in the city. Games will test robots in real-world tasks The race for humanoids will also receive a practical test in the coming days in Beijing. The World Humanoid Robot Games, which take place from August 22nd to 26th, will have events that go beyond racing, football and fights. The robots will also be evaluated on tasks inspired by everyday work. The schedule includes packaging and storage, industrial assembly, material feeding, retail fulfillment, office tasks, electric vehicle charging.