Unitree Completes IPO Tutoring, Clearing Key Hurdle for A-Share Listing

Unitree Robotics has officially cleared a major regulatory hurdle in its bid to go public. According to a status update filed on November 29, the Hangzhou-based company has changed its IPO tutoring status to "Tutoring Work Completed," signaling that it has satisfied the pre-conditions required by the China Securities Regulatory Commission (CSRC) to formally file for a listing.

This development marks a significant acceleration in what we have previously described as a race to the public market among China's top humanoid robotics firms. While competitors like AgiBot and Aelos are also maneuvering for capital, Unitree’s completion of the tutoring phase positions it as a frontrunner to list on the domestic A-share market.

The Fast Track

The filing reveals that Unitree’s tutoring process—essentially a compliance "boot camp" required for Chinese companies intending to list domestically—moved quickly. The company formally entered the "tutoring acceptance" phase on November 14, 2025, and completed the work just two weeks later.

The process was overseen by CITIC Securities, one of China's leading investment banks, with legal counsel from Beijing Deheng and auditing by Rongcheng.

This regulatory milestone follows a series of corporate restructuring moves designed to prepare the company for public scrutiny. As we reported earlier this month, the company recently simplified its name from "Hangzhou Unitree Technology Co., Ltd." to "Unitree Technology Co., Ltd.," and formally designated founder Wang Xingxing as Chairman of the Board.

A Validated Business Model?

Unitree’s push for an IPO is underpinned by a financial narrative that differs from many of its venture-backed competitors. While much of the humanoid sector relies on future promises of general-purpose utility, Unitree has claimed profitability since 2020, driven largely by its dominance in the quadruped (robot dog) market.

CEO Wang Xingxing stated in June that the company’s annual revenue had exceeded 1 billion RMB, with quadrupeds comprising roughly 65% of sales in 2024. This existing cash flow provides a stable foundation as the company aggressively expands into the more capital-intensive humanoid market with its mass-market G1 and R1 models and the high-performance H2 flagship.

The company’s brand visibility has also played a role in its valuation argument. The filing notes many of Unitree’s high profile public appearences, domestically and world wide.

The IPO Race Heats Up

Unitree’s progress places increased pressure on its domestic rivals, specifically AgiBot (Zhiyuan Robotics) and Aelos (Leju Robot).

• AgiBot: The Shanghai-based "embodied intelligence" unicorn is reportedly pursuing a different route, aiming for a Hong Kong IPO in 2026 with a target valuation of up to HK$50 billion.
• Aelos: Like Unitree, Aelos is targeting the mainland A-share market and registered for its own IPO tutoring recently.

While the companies are competitors in the capital markets, they are increasingly collaborators in regulatory frameworks. Just days ago, the Ministry of Industry and Information Technology (MIIT) appointed both Wang Xingxing and AgiBot founder Peng Zhihui as deputy chairs of the new national standardisation committee for humanoid robots, signaling Beijing's intent to have its leading commercial players define the industry's technical future.

With the tutoring phase complete, the next step for Unitree will be the formal submission of its prospectus to the stock exchange. If successful, Unitree could become the bellwether stock for the humanoid robotics industry, providing the first public stress test of the sector's soaring valuations.