Unitree Robotics, the world's largest humanoid robot manufacturer, launched its initial public offering (IPO) in Shanghai, and its stock price rose by more than 460% at the close of the first trading day.
Shares in the Chinese company were offered to investors at 150.80 yuan (US$22.36; NT$714.79) per share and closed at 845 yuan on Wednesday (August 19).
The much-anticipated listing took place on the Science and Technology Innovation Board, which is dominated by technology companies. The Science and Technology Innovation Board is widely known as China’s Nasdaq. The move marks an important step in Beijing's ambitious plan to promote the development of its own robotics industry.
The United States and China are now vying for dominance in the global market for robots and the artificial intelligence (AI) models that power them.
Although Yushu Technology is not the first Chinese manufacturer of humanoid robots to go on the market, it is the first in mainland China.
Automated industrial equipment and robots such as smart vacuum cleaners have been widely used in factories, warehouses and homes.
Today, the humanoid robot industry is attracting huge investment, with major companies including Tesla, BYD and Amazon developing bipedal robots that can perform tasks usually done by humans.
Yushu Technology—a robotics leader rooted in Hangzhou
Yushu Technology, officially known as Hangzhou Yushu Technology Co., Ltd., was established in 2016 and currently plays an important role in Beijing's plan to promote the development of advanced technology.
The company has become a leader in the robotics industry, selling products including sensors, automated robotic arms, quadruped robots and humanoid robots.
As market demand grows, Yushu Technology shipped more than 5,500 humanoid robots last year.
Yushu Technology is one of the few companies in this field to achieve profitability, recording a net profit of 278 million yuan in 2025.
It is seen as a strong rival to U.S. developers because it can provide robotic products with similar functions to U.S. competitors at a lower price.
The company is headquartered in Hangzhou, a city in eastern China. The so-called "golden cluster belt" of robotics companies has formed locally and has benefited from the government's large-scale investment.
According to the official English-language China Daily, with the support of relevant policies, the number of robotics companies in China will more than triple between 2020 and 2024.
Dr. Qin Fei, associate professor at the University of Bath, said robots are also seen as a potential solution to China's aging population, as demographic changes are expected to lead to labor shortages.
She said Beijing views the robotics industry as a "strategic priority" to achieve leadership in advanced technology.
Dr. Qin Fei added: "Robots are where artificial intelligence goes beyond the screen and enters areas of economic activity," including factories, hospitals, and possibly homes in the future.
Dr Harold Soh, a scholar at the National University of Singapore, said that American robot software is generally easier to use, but the low prices offered by Chinese manufacturers are still hard to ignore.
The starting price of Yushu Technology's robot dog is 2,700 yuan (18,200 yuan; 86,100 NT dollars) in US dollars, which is only a fraction of the approximately US$70,000 price of Boston Dynamics' four-legged robot Spot.
Dr. Su Shunhong said: "The two are not completely comparable, because some of Yushu's mechanical dogs are much smaller, but the price difference is very obvious."
Yushu Technology has been selling humanoid robots since 2023, and its $13,500 child-sized G1 model went on sale the following year.
Meanwhile, major U.S. rivals including Elon Musk's Tesla have yet to start delivering similar products.
In the lead-up to its initial public offering, Yushu Technology's humanoid robots were the centerpiece of a massive marketing campaign.
This week, the company's robots are competing in the 2026 World Humanoid Robot Games in Beijing. The event attracts hundreds of teams and includes running, soccer, and less physical challenges such as unboxing and sorting library books.
In February this year, Yushu Technology's G1 robot demonstrated martial arts moves at the Chinese Spring Festival Gala, attracting the attention of the public and researchers.
Robot researcher David Hsu said the live broadcast showed the robot completing a series of actions "in a way we have never seen before."
Xu Ye added: "This shows that an industry is rising."
A bellwether for robotics companies?
Some experts expect that the market performance of Yushu Technology after its listing will reflect investor interest in the fast-growing humanoid robot industry.
Jack Pearson of investment firm RoboStrategy said the listing gives the public a rare opportunity to invest in humanoid robot companies and could establish a valuation benchmark for other manufacturers.
Pearson said that the success of Yushu Technology also represents a "turning point" for China's robot industry, because its launch coincides with the United States restricting the import of foreign-made robots.
UBTech's listing comes nearly three years after smaller Chinese rival UBTech Robotics listed in Hong Kong.
In July this year, UBTECH launched a humanoid robot that was described as "highly lifelike" by Chinese state media, saying it could provide "emotional support and daily interaction" and received global attention.
In the next few months, more robotics companies, including Leju Robotics and AgiBot, are expected to follow UBTECH and Yushu Technology in listing.
However, behind the optimism, some experts are skeptical about the demand for humanoid robots outside of industrial and commercial use.
Su Shunhong said that it will still take several years before robots can effectively enter the home environment. He pointed out that developers still need to solve issues such as battery life, privacy protection and reliability.
He added that the initial market will mainly focus on places such as factories and hospitals.
Sino-US technology competition
As both China and the United States regard robotics and artificial intelligence as industries of strategic importance, related fields have become the latest focus of competition between the two parties.
The administration of U.S. President Donald Trump said in July this year that it would ban new Chinese-made humanoid and four-legged robots from entering the U.S. market based on considerations of national security and protecting U.S. manufacturing.
Beijing denies the claims and accuses Washington of "politicizing" trade issues.
The United States has also imposed strict restrictions on other Chinese technology products, including artificial intelligence models and electric vehicles.
Christine Wan, a researcher at the Peterson Institute for International Economics, said China's dominance in the robotics industry reflects a broader problem facing Washington, which is that Chinese companies are becoming more and more deeply embedded in the global manufacturing system.
Wan Yuting said other countries may be reluctant to reduce their reliance on Chinese suppliers because such a move could disrupt their own manufacturing operations.
The BBC has also contacted Tesla and Boston Dynamics to seek response on their humanoid robot plans.
Xu Ye said that one thing is very clear: the United States has lost its leading position in the field of robotics.
He added: "We no longer hear about U.S. robotics companies in the news. Now it's Chinese robotics companies that are in the news."
"They have replaced the United States and become the most watched new force."
