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Unitree Robotics IPO sparks investor frenzy as policy support fuels capital rush, with sector’s future value tied to continued commercialization_我的网站

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A | 按：被殖民、被屠杀、被抛弃，然后到独立、富强，并成功跻身发达国家行列，新加坡的发展史可堪称一部在混沌中重生的涅槃史，国民从迷茫自身归属到认可新加坡人的身份，也经历了重重波折。

Unitree Robotics' humanoid robot is displayed at the 14th China Information Technology Expo in Shenzhen, South China's Guangdong Province, on April 10, 2026. Photo: VCG
With just one day to go before Chinese humanoid robotics pioneer Unitree Robotics opens subscriptions for its initial public offering (IPO) on Shanghai's STAR Market, investor attention has extended far beyond the company itself, highlighting a broader capital-market rush into embodied intelligence as the sector moves from technological breakthroughs toward commercialization.
As of press time, discussions surrounding the IPO have pushed the topic to the top of trending lists across multiple stock trading platforms. The debate has focused on Unitree Robotics' disclosed short-term financial performance, as well as the potential opportunities for investors from China's policy push to include embodied intelligence and humanoid robots among key areas of medium- and long-term technology and industrial development.
Experts said the wave of IPOs among robotics companies, including Unitree Robotics, represents a shift that allows robot makers to engage more directly with public markets and investors. It also brings companies at different stages of development and pursuing different technological paths into a common valuation framework, promoting market comparisons and competition.
At the same time, the capital-market boom is likely to accelerate a shakeout, separating companies capable of building sustainable business models from those that struggle to turn technological advances into commercial returns.
On Thursday, Unitree Robotics released its announcement on the IPO of shares and listing on the STAR Market. According to the announcement, the offering price was set at 150.80 yuan per share, valuing the company at approximately 61 billion yuan ($9.04 billion) upon listing.
Secondary-market professionals told the Global Times that demand for Unitree Robotics' IPO subscription could be extremely high, meaning the chances of individual investors securing shares are likely to be very limited.
Robotics is currently one of the few categories that can translate AI capabilities into tangible assets with relatively comparable valuation metrics, creating a unique advantage in valuation narratives. This scarcity is one of the key factors drawing the attention of both large and small investors, Tian Feng, former dean of SenseTime's Intelligence Industry Research Institute, told the Global Times on Sunday.
Unlike large language model companies, whose capabilities are often assessed through benchmarks and demonstrations that are difficult for ordinary secondary-market investors to directly evaluate, robots offer visible and verifiable evidence through tasks such as grasping, walking and dexterous manipulation, Tian said. This tangible demonstration of "embodied" intelligence naturally creates a valuation premium in market narratives, he added.
Tian cautioned that extreme subscription figures, such as RobotHoenix's 14,855-fold oversubscription on its listing and LDRobot's 127.62 percent first-day share price surge, were driven by a combination of institutional advantages and sector scarcity rather than serving as evidence of the commercial validation of robotics products. He noted that there is no direct correlation between oversubscription multiples and the certainty of product deliveries or commercialization prospects.
Beyond Unitree Robotics, a broader financing boom in China's robotics industry has also gained significant momentum, with the Hong Kong Stock Exchange emerging as the main battleground for this latest IPO wave.
Citing industry data provider Wind, the China STAR Market reported that five robotics-related companies have gone public in Hong Kong so far in 2026. Meanwhile, 51 companies with businesses spanning industrial robots, service robots and embodied intelligence solutions are currently in the IPO pipeline in Hong Kong, accounting for 12.7 percent of all companies awaiting listing.
According to data from IT industry research platform ITjuzi.com, financing in China's embodied intelligence sector totaled 93.5 billion yuan in the first half of 2026, surpassing 90 billion yuan and marking a fivefold increase from the same period in 2025. The number of financing deals reached 322, up 137 percent year-on-year.
Tian said that while policy support and clearer commercialization pathways are boosting confidence in the sector, the latest IPO wave should also be viewed through a more cautious lens. The surge comes partly as the primary market's ability to continue funding embodied intelligence companies faces limits, prompting firms to seek new liquidity channels through public markets, rather than solely reflecting a dramatic leap in industrial maturity.
As emerging technology sectors increasingly become the focus of public attention, more objective and professional analysis is also needed to help investors assess companies' technological capabilities, commercialization prospects and long-term value, rather than simply following market enthusiasm, Chinese experts noted.
。然而，正是这样的波折，造就了新加坡不同于其他国家的强大精神力和凝聚力，成就了新加坡的“逆袭”传奇。

B | 恰逢新加坡58周年国庆，以此文致敬始终奋勇向前的“新加坡人”。01.归属的混沌 不知前途的新加坡1965年，新加坡总理李光耀哭了，他担心这个从马来西亚独立出来的新生国家是否能够生存。

C | 那时候的新加坡，几乎没有自然资源、淡水缺乏、经济不发达，夹在马来族为主的伊斯兰国家马来西亚和以穆斯林为主的印尼之间。这个狭小的岛国，内外均危机重重，生存艰难。

D | 新加坡的未来在哪里？新加坡国民的归属在哪里？在英语、汉语、马来语、泰米尔语混杂的狭小岛屿，新加坡的未来又在哪里？所有的问题，在当时甚至很长一段时间里，都没有答案，这个新生国家内忧外患重重，国民混沌迷茫。02.精神的混沌 不知“我是谁”的国民与国情相照应的，是国民精神的混沌。生活在同一片区域同一个国度的国民，却没有“我是谁”的共同认知，或漠然地无视一切精神存在，或独立地强调自我的生存。精神的混沌，使新加坡的国民，没有国家的归属感，没有国民的凝聚力，国家发展步步维艰。03.混沌中重生 意识觉醒的新加坡如何让新加坡这个各种族人群混居、各语言混杂的新兴国家的国民在心理上认同一个国家、一个新加坡呢？痛定思痛之后，执政党提出了“共同价值观”，发布了《共同价值观白皮书》。1988年开始的“国民意识周”主题活动、1990年学生社区服务计划、推行租屋混居政策、扶持跨种族跨帮派的社团等，共同发力，提高国民的归属感，让新加坡这个小岛国的国家凝聚力和战斗力迅速提升。