Green IPO Fast-Track Halted for Unitree: Company Must Now Queue for Listing

Robot Outlook reported on January 4 that, according to NetEase Tech, Unitree Robotics’ “green channel” for an A-share IPO has been suspended—but its listing plan has not been stopped.

The IPO green channel is a differentiated review pathway created by regulators for select industries or companies. It typically serves national strategic priorities such as high-end manufacturing, “specialized and sophisticated” SMEs, and other hard-tech innovators. The goal is to shorten review timelines, streamline procedures, and improve efficiency—without lowering compliance standards.

Importantly, this development does not mean Unitree’s IPO pace has been frozen. People familiar with the matter said the company fully meets listing requirements and can proceed by joining the normal IPO queue and following the standard process.

On November 15, 2025, China’s securities regulator (CSRC) website showed Unitree’s IPO tutoring status had moved to “tutoring acceptance.” The company completed its IPO tutoring in just over four months and is now aiming to become the first domestically developed humanoid-robotics company to list on China’s A-share market.

On November 10, CITIC Securities released a report confirming the completion of Unitree’s IPO tutoring work. The tutoring filing report states that Unitree was founded in August 2016 with registered capital of RMB 364 million. Its legal representative, controlling shareholder, and ultimate controller is Wang Xingxing. Wang directly holds 23.8216% of the company and controls an additional 10.9414% through Shanghai Yuyi Enterprise Management Consulting Partnership (Limited Partnership), giving him total control of 34.7630%.

After completing its Series C financing round in June this year, Unitree’s valuation surpassed RMB 12 billion. The company has also publicly indicated that it expected to submit its listing application documents to the stock exchange between October and December 2025, at which point key operating data would be formally disclosed.

Meanwhile, China’s humanoid robotics sector is entering a new wave of IPO momentum.

On December 23, 2025, Yunshenchu officially launched its IPO tutoring process, with China Securities Co., Ltd. (CSC) serving as the tutoring institution—making it another startup, after Unitree, competing for the title of “the first domestically developed humanoid-robotics company to list on A-shares.” On December 25, 2025, Yunshenchu announced it had completed a Pre-IPO financing round worth several hundred million yuan, led by the National Artificial Intelligence Industry Investment Fund, with JD.com participating as a co-investor.

Earlier, on October 22, 2025, Leju Robot’s parent company, Leju Intelligence, filed its IPO tutoring registration with the Shenzhen arm of the CSRC, formally kicking off its IPO process. Its tutoring institution is Orient Securities. According to the tutoring filing report, Leju Intelligence plans to complete its tutoring work, assessment, and evaluation between March and June 2026, while preparing for its initial public offering application.

On the same day, Leju Intelligence also announced the completion of a Pre-IPO financing round of nearly RMB 1.5 billion.