Chinese robotics company Unitree is preparing for a highly anticipated Shanghai stock market debut, with investor demand pointing to one of the most closely watched technology listings of the year.

The company’s IPO was reportedly more than 8,000 times oversubscribed by retail investors, a record for Shanghai’s STAR Market. Unitree raised around 6.1 billion yuan ($905 million) by selling just 10% of its enlarged share capital, creating expectations that limited supply could fuel a sharp first-day rally.

Private trading platforms and derivatives markets are already pricing in substantial gains. Some secondary-market indications suggest Unitree shares could nearly triple from their IPO price, while more speculative markets imply even larger increases.

Unitree has attracted global attention with humanoid robots capable of running, dancing and performing martial arts. Unlike many robotics startups, the company is already profitable and is considered one of the world’s largest humanoid robot manufacturers by sales.

Investors are also betting on strong long-term demand as China prioritizes robotics and embodied AI as strategic technologies. Unitree has backing from major Chinese technology companies including Tencent and Alibaba, while its growing prominence has strengthened perceptions that the company is well positioned within China’s broader robotics strategy.

However, analysts warn that expectations may be running ahead of fundamentals. Humanoid robotics remains a young industry, commercial applications are still limited, and competition is intensifying from companies including Boston Dynamics, Tesla and other Chinese manufacturers.