Latest news with #WangXingxing
South China Morning Post
3 days ago
- Business
- South China Morning Post
Unitree Robotics changes to joint stock limited company, fanning IPO speculation
China's top humanoid robot start-up Unitree Robotics has converted into a company limited by shares, a move that has fanned speculation around its public listing plans, as Chinese robotics firms rapidly expand amid the country's fervour for the artificial intelligence (AI)-enabled machines. Advertisement Unitree has changed from a limited liability company into a joint stock limited company, an equivalent to a company limited by shares, according to records on Chinese corporate database Qichacha published on Thursday. In a letter to business partners, the company said the move was 'due to company development needs', according to a report by the state-run Chinese news outlet Securities Times. A robot dog from Unitree is seen at Zhejiang Overseas Talent Innovation Park in Hangzhou, China, April 23, 2025. Photo: Dickson Lee A joint stock limited structure lets a company issue and transfer shares, allowing it to raise more capital as it scales up its operations. Chinese media outlets have called Unitree's restructuring a move that paved the way for its initial public offering. Hangzhou-based Unitree did not immediately respond to a request for comment. During Hong Kong chief executive John Lee Ka-chiu's visit to Hangzhou in April, Unitree founder and CEO Wang Xingxing reportedly told him that a listing in Hong Kong was a possibility. Advertisement
South China Morning Post
28-04-2025
- Business
- South China Morning Post
China's Unitree open to Hong Kong IPO as Auntea Jenny, tech firms move ahead with listings
A number of mainland China companies are making plans for initial public offerings (IPOs) or secondary listings in Hong Kong, a trend that augurs well for the city's effort to claw its way back to the top of the global league table of fundraising destinations. Advertisement Wang Xingxing, the founder of humanoid-robotics start-up Unitree, told Hong Kong's chief executive John Lee Ka-chiu during his visit to Hangzhou last week that a listing in the city remains a future consideration, local media reported. Companies with firm plans to list in the city, according to recent exchange filings, include Shanghai-listed Suzhou Novosense Microelectronics, China's fifth-largest analogue chipmaker, and Shenzhen-listed Fibocom Wireless, a producer of wireless communication modules for Internet of Things applications. On Monday, mainland bubble-tea chain Auntea Jenny launched its Hong Kong IPO, aiming to raise up to HK$270 million (US$35 million) at a maximum offer price of HK$113.12 per share, according to a stock exchange filing. Advertisement Auntea Jenny, one of the mainland's largest tea sellers, posted a 2 per cent drop in revenue last year to 3.3 billion yuan (US$453 million), while its adjusted net profit edged up to 418 million yuan.
The Star
22-04-2025
- Business
- The Star
Chinese robotics star Unitree opens Hangzhou factory amid humanoid frenzy
Chinese humanoid robot maker Unitree Robotics has opened a new factory in Hangzhou as it races to meet soaring demand amid China's craze for the human-shaped machines. The factory, launched earlier this year, spans over 10,000 square metres, and it is expected to support the company's expansion over the next three to five years, according to the company. 'We won't expand production blindly,' Unitree's marketing director Huang Jiawei told the South China Morning Post in a recent interview. 'Instead, we'll enhance capacity by increasing working hours and efficiency.' The move was supported by the municipal government, which helped the company locate a plant just a 15-minute drive from Unitree's headquarters in China's eastern Zhejiang province. As one of China's most successful robotics start-ups, Unitree's supply chain management and production capacity are seen as key advantages that set it apart in an industry where many peers struggle to commercialise their products, even as competition heats up in the domestic market. The company's Go2 robotic dog starts at US$1,600 (RM7,004), while its G1 humanoid starts at US$16,000 (RM70,048). The company develops core components such as motors in-house, works closely with various suppliers and handles final assembly itself. Earlier this year, Unitree's rising popularity spurred excitement in China's stock market, boosting shares of suppliers associated with the company, dubbed 'Unitree-concept stocks'. Founded in 2016 by robotics enthusiast Wang Xingxing, the company first became known for its quadruped robots before moving into humanoids ahead of an ongoing industry boom aided by the rise of generative artificial intelligence (AI). Unitree is continuously investing in AI as the industry looks to give robots a 'brain', Huang said. He added that among the company's growing workforce of around 500 people, more than half are in research and development. Unitree became a household name almost overnight in February after its humanoid robots performed a dance at China's Spring Festival Gala. The company's profile further surged that month when 35-year-old Wang was among an elite group of tech executives – including Huawei Technologies founder Ren Zhengfei, Alibaba Group Holding founder Jack Ma and Tencent Holdings founder Pony Ma Huateng – at a high-profile meeting with Chinese President Xi Jinping. Its profile has also risen alongside a handful of other start-ups based in Hangzhou, home to tech giants Alibaba and NetEase. The so-called six little dragons, which includes AI phenom DeepSeek, have helped shine a spotlight on the city as a centre of innovation amid the escalating US-China tech war. Alibaba owns the Post. Unitree's headquarters has become much busier following its rise to fame. During a recent midweek visit by the Post, staff said that the building had seen hundreds of visitors daily in recent months, including distributors, journalists, government officers and business partners. Last Wednesday, several groups of guests with badges could be seen in the company's modest display room on the second floor. A sign on the first floor warned, 'Unitree does not provide paid tours. Please beware of scams!' The company remains highly protective of its employees. Research staff rarely give public interviews, and office space is strictly off-limits to visitors. Another bold warning greets visitors at the entrance of the office area: 'Severe Warning! Unauthorised persons are strictly forbidden. Violators will be prosecuted for theft of trade secrets!' 'All this attention adds more pressure, pushing our team to uphold even higher standards for products,' said Huang, the marketing director. He warned that consumers could face disappointment from the current state of the technology. 'Public expectations can become unrealistic,' he said. 'Robots are not intelligent enough.' Unlike some of its rivals, Unitree has not promoted its robots as options for handling household chores such as cleaning or providing home care. 'We're not at that stage yet,' Huang said. 'It will take at least another five to 10 years before robots enter household scenarios.' On Saturday, Beijing hosted a humanoid robot half-marathon, where Tien Kung Ultra, a robot developed by Beijing Humanoid Robot Innovation Centre and backed by robot maker UBTech Robotics, won with a finish time of 2 hours, 40 minutes, and 42 seconds – roughly two-and-a-half times longer than the top human male runner. During the live-streamed race, a Unitree robot fell shortly after the start. In response, Unitree clarified it did not officially participate in the marathon. 'Several independent teams used Unitree robots with their own algorithms. Performance varied significantly depending on different operators and developers,' the company said in a statement. Before the marathon, Unitree staff told the Post that while the company lacks the bandwidth to join every event, it views such competitions positively as drivers of industry growth. – South China Morning Post
South China Morning Post
24-03-2025
- Business
- South China Morning Post
Chinese humanoid robot star Unitree to focus on industrial models before household aides
Chinese robotics unicorn Unitree Robotics, whose products are mainly used in research and industrial applications, will not be launching humanoid robots for household use in the near future because of stringent safety requirements, according to the company's founder and CEO. Advertisement Wang Xingxing , who founded the start-up in 2016, said its household humanoid robots would come after industrial models, as the company would need to 'consider more safety issues', according to an interview published by Chinese government-affiliated media outlets, including China News Service and Guangzhou Daily. 'It's not easy to predict exactly how long it would take, [but] I think it wouldn't happen in the next two or three years,' Wang told reporters while attending a government event in Beijing last week. Unitree and its founder have gained significant visibility since January, after the start-up's 1.8 metre-tall H1 robots performed a folk dance during the state broadcaster's televised Spring Festival Gala, the country's most-watched show. In February, Wang sat in the front row at a high-profile business symposium hosted by Chinese President Xi Jinping. Unitree, along with AI start-up DeepSeek, has drawn attention to its hometown of Hangzhou, capital of eastern Zhejiang province, overshadowing other tech hubs like Shenzhen in southern Guangdong province. Advertisement However, Unitree has recently established a new entity in Shenzhen. Shenzhen Tianyi Technology was registered on March 5 with a capital of 100,000 yuan (US$13,800). Its legal representative is Zhou Changhui, who also represents the company's entities in Beijing and Shanghai.
Yahoo
28-02-2025
- Business
- Yahoo
China's robotics star Unitree warns of scams as investors seek a way in
Unitree Robotics, one of the hottest start-ups in China, issued a warning about scams that aimed to exploit growing interest from investors seeking to acquire shares of the privately held company amid a frenzy around the humanoid robot sector. "All new Unitree shares and old equity belonging to shareholders are directly managed by the company's financing head and communicated through official email," the Hangzhou-based company said in a WeChat post on Wednesday. "There is no middleman, middle shareholder or middle company." Unitree has emerged as an attractive investor target after its founder Wang Xinxing was seen seated in the front row at Chinese President Xi Jinping's high-profile business symposium last week. Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team. Wang, 35, was the youngest among an elite group of tech executives in attendance, including Huawei Technologies founder Ren Zhengfei, 80, and Alibaba Group Holding founder Jack Ma, 60. Alibaba owns the South China Morning Post. Stocks associated with Unitree have surged in China's market in recent weeks, after the company's H1 robots gave a folk dance performance during this year's Spring Festival Gala aired by state broadcaster China Central Television - the country's most-watched show. Zhejiang Changsheng Sliding Bearings, a robot-arm supplier to Unitree, has seen its share price more than triple this year. Amid a surge in interest in Unitree, "there is now a lot of false information in the market, and almost all of it is fake", the company said. "Please be careful to avoid being cheated." Unitree's valuation will reach at least 12 billion yuan (US$1.6 billion) in its next funding round, according to Beijing-based angel investor Guo Tao, who does not own any stake in the start-up. "There have been too many investment institutions queuing up for a share," he said. Chinese tech news site 36Kr, which regularly publishes transactions involving shares of private companies, published a post on Wednesday that listed three interested buyers of Unitree shares. Two of them valued the company at around 10 billion yuan. One seller was looking to offload its stake in a capital fund that owns shares of Unitree. Unitree was valued at 8 billion yuan during its previous funding round in September. Wang Xingxing, founder and CEO of Unitree Robotics. Photo: Handout alt=Wang Xingxing, founder and CEO of Unitree Robotics. Photo: Handout> The momentum has also raised the valuation of other robotics companies. A Chinese technology investor said his entity had invested in two robotics start-ups after the Lunar New Year. "It's a fear-of-missing-out situation - even though valuations have gone up, we insisted on grabbing a share." Wang founded Unitree in August 2016 after his self-developed prototype quadruped robot, XDog, received media coverage at home and abroad, helping it secure an angel investment of 2 million yuan. Last year, Unitree raised over 1 billion yuan in two funding rounds. Its investors include a variety of high-profile backers, such as a Beijing municipal government-backed robotics fund, a Shanghai government technology fund, state-owned venture firm Shenzhen Capital Group, as well as Meituan's venture capital arm, Xiaomi's Shunwei Capital, HongShan Capital Group, Matrix Partners and Source Code Capital. Wang remains Unitree's controlling shareholder with a 33 per cent stake, according to data from Chinese corporate information tracker Tianyancha. This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2025 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2025. South China Morning Post Publishers Ltd. All rights reserved. Sign in to access your portfolio
