Unitree Robotics, a Chinese company, is targeting a corporate valuation of up to 50 billion yuan (approximately $7 billion) for its upcoming initial public offering, according to reports.
The company announced on its X platform last week that it was making significant progress on IPO preparations and anticipated filing listing application paperwork during the final quarter of this year.
The company refrained from sharing additional specifics, including when the listing might actually occur.
Should it proceed successfully, Unitree's public offering would rank among the most substantial and prominent domestic technology listings in recent years, coinciding with Beijing's increased initiatives to assist technology leaders in accessing capital markets for financing requirements.
Stock exchanges in China are witnessing a slow recovery in initial public offerings following an almost two-year pause caused by stricter regulatory oversight of applications and unstable market conditions.
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Domestic IPO fundraising reached $7 billion through this year, representing a 40 percent increase compared to the previous year, though still significantly below the tens of billions collected during the same timeframe from 2020 through 2023, according to LSEG information.
A recovering Chinese IPO landscape could support Beijing's technological independence initiative and retain the nation's unicorn companies - businesses valued above $1 billion - within domestic markets, while supporting an economy impacted by US-China trade and technology conflicts.
Although the exact amount Unitree plans to raise through the IPO remains unclear, companies with valuations around 50 billion yuan generally must offer more than 10 percent of their equity in Chinese public offerings.
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Unitree, which counts over 30 investors based on local corporate registration records, intends to go public on Shanghai's technology-centered STAR Market, the sources indicated. They requested anonymity since they lacked authorization to discuss the matter publicly.
During a June financing round, Unitree secured new backing from major technology companies Alibaba and Tencent, along with automotive manufacturer Geely Holding Group, as reported by local news outlets.