Chinese startup Unitree Robotics has entered the "tutoring" stage for a potential initial public offering, according to a filing with the securities regulator on Friday. CITIC Securities is serving as the company’s tutoring institution and is expected to help Unitree prepare its listing application documents during the fourth quarter of this year, in line with regulatory requirements.
Based in Hangzhou, Unitree is aiming to attract investors by entering the growing humanoid robotics market. China is in a strong position to lead this sector due to its broad, self-sufficient manufacturing capabilities, supportive government policies, and generous local subsidies.
Although robots like Unitree's G1 are still being tested in factories and other environments, the industry is pouring resources into artificial intelligence to give these robots the decision-making ability needed for better productivity.
Over the past five years, Unitree has secured at least 90 contracts from Chinese government bodies and universities, worth a total of 39 million yuan ($5.43 million). More than half of that revenue came in the last year, according to a Reuters review of official tenders.
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