Unitree Robotics' IPO becomes the second deal under the STAR Market's "pre-review" process, and the first humanoid robot stock is about to debut on the A-share market.

Why does the pre-approval mechanism for AI shorten the listing process?

On March 20, the Shanghai Stock Exchange officially accepted the IPO application of Yushu Technology Co., Ltd. (hereinafter referred to as “Yushu Technology”) for the STAR Market. If the IPO proceeds smoothly, Yushu Technology is expected to become the first A-share company specializing in humanoid robots.

According to the prospectus, for this A-share IPO, Yushu Technology plans to issue no less than 40.44 million new shares, raising 4.202 billion yuan. The funds will be used for four major projects: intelligent robot model research and development, robot body R&D, new intelligent robot product development, and the construction of an intelligent robot manufacturing base.

Among these, the largest single investment, accounting for 48.13% (over 2 billion yuan), will be used for core technology breakthroughs in embodied large models and other foundational technologies for robot “brains” and “cerebellums.”

From the prospectus, Yushu Technology has shown impressive operational performance in recent years. From 2022 to the first three quarters of 2025, the company achieved revenues of 123 million yuan, 159 million yuan, 392 million yuan, and 1.167 billion yuan, with net profits of -22.10 million yuan, -11.14 million yuan, 94.50 million yuan, and 105 million yuan. As product sales rapidly increase, Yushu Technology expects its 2025 revenue to exceed 1.7 billion yuan, a year-on-year increase of 335.36%, and net profit after non-recurring gains and losses to surpass 600 million yuan, up 674.29%.

As a leading enterprise in the embodied intelligence industry, Yushu Technology’s listing process has attracted attention from the capital market and industry experts. Yuan Shuai, Deputy Director of Investment at the China Urban Development Research Institute, believes that as a leader in general robotics and embodied intelligence, Yushu Technology’s listing will generate strong industry spillover effects.

Yuan Shuai stated, “It establishes a valuation benchmark for hard-tech companies in the capital market, attracting more long-term capital to focus on the embodied intelligence sector and easing financing pressures for related startups. Additionally, through the implementation of its fundraising projects, Yushu Technology will promote the coordinated evolution of upstream core component industries such as motors, sensors, and reducers, accelerating the localization of key technologies.”

Notably, Yushu Technology is the second company to apply after the implementation of the STAR Market’s pre-approval review mechanism, which has also increased its visibility.

“Regulators’ efficient promotion of Yushu Technology’s listing essentially places the embodied intelligence industry at a strategic level of new productive forces,” said Huo Hongyi, a well-known business consultant and corporate strategy expert. In an interview with Xiaoxiang Morning Post and Chili Finance, he explained that embodied intelligence connects AI’s soft power with the hard demands of the physical world, driving manufacturing from automation to intelligence, and creating new scenarios in services, healthcare, and other fields.

Huo further analyzed that this virtual-real integration makes it an important symbol of national technological competitiveness. For similar companies, it sends a clear signal: as long as there are irreplaceable breakthroughs in core areas such as motion control and embodied intelligence models, even in the early stages of commercialization, they can gain recognition from the capital market.

“More importantly, the pre-approval mechanism shortens the listing cycle, allowing companies to convert capital into R&D investment more quickly. This positive cycle of ‘capital chasing technology’ will accelerate technological iteration across the industry.”

Xiaoxiang Morning Post · Chili Finance Reporter Hao Yongqi

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