Unitree IPO Registration Approved: Shoucheng Holdings' Robotics Investment Enters Value Realization Phase

HONG KONG, July 3, 2026 - (ACN Newswire) - Leading embodied intelligence companies are forming a clear capital-market pipeline.

On one hand, high-valuation unlisted companies invested in by Shoucheng Holdings (697.HK), including Galaxea and Galbot, have recently completed sizeable financing rounds, becoming closely watched Pre-IPO reserves in the market. On the other hand, Unitree Robotics, another representative project in Shoucheng Holdings’ robotics investment portfolio, has taken the lead in moving into the value realization stage through its IPO process. As the robotics industry gradually shifts from high-valuation private-market financing to public-market pricing and capital-market realization, industrial capital and fund platforms that made early investments across the relevant value chain are also entering an important window for asset-value reappraisal.

Judging from recent developments, Galaxea and Galbot are both embodied intelligence projects in which Shoucheng Holdings has invested through related industrial funds, and both are among the more closely watched high-valuation unlisted companies in the sector. This year, Galaxea completed a nearly RMB2 billion Series B+ financing round, with its post-money valuation exceeding RMB20 billion. Earlier, the company completed a nearly RMB1 billion Series B round in February. The company’s ability to secure large-scale funding in a short period reflects sustained capital-market attention toward leading embodied intelligence projects.

Galbot is also an important project in Shoucheng Holdings’ robotics industrial investment landscape and is currently in the high-valuation Pre-IPO reserve stage. In March this year, Galbot announced the completion of a RMB2.5 billion new financing round, with investors including state-level funds, industrial capital and multiple market-oriented investment institutions. Although Galaxea and Galbot have not yet submitted IPO applications, their financing scale, valuation level, industry position and progress in shareholding reform suggest that both companies already carry relatively strong capitalization expectations and are expected to become the next batch of IPO candidates closely watched by the market after Unitree Robotics.

Meanwhile, Unitree Robotics, likewise a representative project in Shoucheng Holdings’ robotics investment portfolio, has taken the lead in entering a key phase of capital-market pricing and value realization. On July 2, the China Securities Regulatory Commission website showed that the CSRC had issued its approval for the registration of Unitree Robotics Co., Ltd.’s initial public offering, meaning that this A-share "first embodied intelligence stock" is now only a few steps away from officially listing on the STAR Market, with follow-up procedures such as issuance and underwriting remaining. For Shoucheng Holdings, the approval of Unitree Robotics’ IPO registration represents not only the capitalization progress of a single portfolio company, but also an important validation of the investment capability and asset-value visibility of its robotics industrial fund.

Public information shows that Unitree Robotics plans to raise RMB4.202 billion through the IPO. The initial offering will comprise no fewer than 40.4464 million shares, accounting for no less than 10% of the total share capital after issuance, corresponding to an issuance market value of approximately RMB42 billion. In terms of fundamentals, Unitree Robotics is one of the few profitable embodied intelligence companies in China. According to its prospectus, from 2023 to 2025, the company recorded revenue of RMB159 million, RMB392 million and RMB1.699 billion, respectively, while net profit attributable to shareholders after deducting non-recurring items was RMB-18 million, RMB78 million and RMB590 million, respectively. The company expects revenue for the first half of 2026 to reach RMB1.052 billion to RMB1.128 billion, representing year-on-year growth of 35.62% to 45.41%. Due to increases in period expenses such as R&D investment, net profit after deducting non-recurring items is expected to be RMB236 million to RMB283 million. These figures indicate that Unitree Robotics is not merely a concept-stage company, but already has strong commercialization capabilities and a profit base, which provides more solid valuation support for the relevant equity interest held by Shoucheng Holdings.

More importantly, Unitree Robotics’ industrial progress is reinforcing the growth logic of Shoucheng Holdings’ robotics investment portfolio. The company’s founder, Wang Xingxing, previously stated publicly that the target shipment volume for humanoid robots in 2026 is 10,000 to 20,000 units. With the support of capital-market funding, Unitree Robotics is expected to further amplify scale effects in robot-body R&D, manufacturing-base construction and supply-chain cost reduction, forming a positive cycle of "higher shipments - lower costs - expanded market share." For Shoucheng Holdings, this means that the leading robotics projects it invested in early are moving from technology verification and product verification into the stage of scaled commercial validation, while the value of the relevant investments is also expected to gradually move from private-market book valuation toward public-market pricing and capital-market realization.

Based on an issuance valuation of RMB42 billion, the value corresponding to Shoucheng Holdings’ equity interest in Unitree Robotics through its fund is approximately RMB1.445 billion. If Unitree Robotics’ market value rises further to RMB50 billion or RMB60 billion after listing, the corresponding value of Shoucheng Holdings’ interest would increase to approximately RMB1.72 billion and RMB2.06 billion, respectively. Market analysts noted that the approval of Unitree Robotics’ IPO registration provides the first relatively clear public-market valuation anchor for Shoucheng Holdings’ robotics investment portfolio, and also makes the asset value of its early investment in leading embodied intelligence projects more observable. As Unitree Robotics takes the lead in opening a channel for capital-market validation and value realization, the valuation reference system for subsequent portfolio companies such as Galaxea and Galbot is expected to become clearer, and the investment value of Shoucheng Holdings’ robotics industrial fund is gradually moving from book gains toward capital-market realization.

Overall, Galaxea, Galbot and Unitree Robotics, as representative projects in Shoucheng Holdings’ robotics industrial fund portfolio, have already formed a relatively clear capitalization pipeline: Galaxea and Galbot are in the high-valuation Pre-IPO reserve stage, while Unitree Robotics has taken the lead in entering the IPO realization phase. Together, the three companies strengthen the logic of Shoucheng Holdings’ robotics investment portfolio moving "from book gains to capital-market validation, and from valuation reappraisal to value realization."

As the embodied intelligence industry advances further from technology verification and scenario validation toward commercialization and capitalization, the value of Shoucheng Holdings’ early robotics industrial fund investments is expected to continue becoming more visible and to become an important incremental factor in the company’s valuation re-rating. In the future, on top of its existing infrastructure asset management platform, Shoucheng Holdings is expected to further cultivate a second growth curve through robotics industrial investment and emerging-industry asset management.