What changed
Unitree opened subscriptions for a Shanghai offering priced at 150.8 yuan per share, targeting about 6.1 billion yuan and the first mainland listing by a humanoid-robot maker.
Why it matters
The offering converts humanoid robotics from venture financing into a public-market capacity test with disclosed revenue, profit, and demand concentration.
What to do
Separate the financing milestone from product capability, then track allocation, proceeds, factory expansion, customer mix, service reliability, and delivered deployments.
Caveat
The price and fundraising target were announced on 6 August; subscription opening adds no new robot capability, and demand remains concentrated in research and demonstrations.