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Chinese Robotics Startup Unitree Targets $7B IPO Valuation Amid Tech Push

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Chinese humanoid robotics firm Unitree Robotics is preparing for a landmark IPO on Shanghai’s STAR Market, seeking a valuation of up to 50 billion yuan ($7 billion), according to sources. The company, founded in 2016 by Wang Xingxing, has gained global attention with viral videos of robots walking, climbing, and carrying loads.

Unitree confirmed last week that IPO preparations are underway, with a formal application expected in Q4, though it disputed reports on the exact valuation. If successful, this would be one of China’s largest onshore tech listings in years, underscoring Beijing’s drive to fund domestic “unicorns” and bolster self-sufficiency in robotics and AI.

The potential listing comes after a funding round in June that included investments from Alibaba, Tencent, and Geely, boosting Unitree’s valuation to 12 billion yuan. Sources say the company is already profitable, with annual revenue above 1 billion yuan, and poised for rapid growth.

Unitree’s IPO plans coincide with China’s heavy investment in robotics and AI to counter U.S. tech rivalry and address an aging population. The humanoid robot industry enjoys strong government subsidies and policy support, making Unitree a likely beneficiary.

The company’s targeted valuation would mark a sharp jump from its last funding round, testing investor appetite for humanoid robotics — a field where China is positioning itself as a global leader.

Chinese Tech Firms Still Pursuing Nvidia Chips Despite Government Pressure

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Chinese tech giants including Alibaba (9988.HK) and ByteDance remain eager to secure Nvidia’s (NVDA.O) artificial intelligence chips despite regulators in Beijing discouraging such purchases, according to four sources familiar with procurement talks.

The companies are pressing for assurance that their orders for Nvidia’s H20 model—which regained U.S. approval for sale in China in July—are being processed. They are also closely tracking Nvidia’s development of a more advanced chip, tentatively called the B30A, based on its Blackwell architecture. Sources said the B30A could cost roughly twice as much as the H20’s current $10,000–$12,000 price tag but may deliver up to six times more power, making it an attractive option if cleared by Washington.

Both the H20 and B30A are downgraded versions of Nvidia’s global products, designed to comply with U.S. export restrictions. The issue of whether Chinese firms can access advanced chips remains a central flashpoint in the U.S.–China technology rivalry. While Washington has relaxed some curbs, U.S. President Donald Trump recently struck a deal requiring Nvidia to give 15% of its H20 revenue to the U.S. government.

China, meanwhile, is urging its companies to reduce reliance on U.S. chips. Regulators have summoned Tencent (0700.HK), ByteDance, and others to question their H20 purchases, citing potential information security risks. However, Beijing has not formally banned Nvidia products.

Strong demand persists due to limited domestic chip supply. Products from Huawei and Cambricon (688256.SS) remain constrained and, according to engineers at Chinese firms, perform less effectively than Nvidia’s. Nvidia itself acknowledged rising competition from local rivals but declined further comment.

Uncertainty over its China sales led Nvidia to issue a cautious forecast in August, excluding potential revenue from the world’s second-largest economy. The company’s shares have since fallen about 6%. CEO Jensen Huang has reassured Chinese customers about H20 availability and is reportedly preparing B30A samples for delivery to China as early as September. Nvidia is estimated to hold 600,000–700,000 H20 units in inventory and has asked TSMC to produce more.

Huang has previously said China could represent a $50 billion market for Nvidia if it maintains access to competitive products.

Tencent Cites Uncertainty Over U.S. AI Chip Imports Amid Government Talks

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Chinese tech giant Tencent said Wednesday it lacks clarity on the status of U.S. AI chip imports, as Beijing and Washington continue negotiations, though it maintains sufficient inventory for its AI operations.

IMPORT UNCERTAINTY
Tencent President Martin Lau noted that ongoing discussions between the two governments have left the company without a definitive answer on AI chip imports, particularly Nvidia’s H20 chips, designed for the Chinese market and recently scrutinized for security concerns. Lau emphasized that the uncertainty will not constrain Tencent’s AI ambitions, as the company has multiple deployment options and adequate supplies for AI model training.

Q2 PERFORMANCE
Tencent reported strong second-quarter results, beating analyst expectations:

  • Revenue: 184.5 billion yuan ($25.7B), +15% YoY (est. 178.5B)

  • Domestic gaming revenue: 40.4 billion yuan, +17% YoY

  • International gaming revenue: 18.8 billion yuan, +35% YoY

  • Marketing services revenue: 35.8 billion yuan, +20% YoY

  • Net profit: 55.6 billion yuan (est. 52.3B)

AI STRATEGY AND INVESTMENTS
Tencent continues to invest in AI while moderating capital expenditure, which fell to 19.1 billion yuan in Q2 after higher spending in previous quarters. The company is focused on sustainable monetization of its AI initiatives.

Tencent has developed its Hunyuan large language model, releasing the “Turbo S” version in February, while also integrating third-party AI models like DeepSeek across platforms including WeChat, which boasts over 1 billion monthly active users.