Unitree Robotics, one of China’s leading humanoid robot manufacturers, has completed its pre-initial public offering (IPO) tutoring process, a major step towards an onshore listing, according to government documents.
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The Hangzhou-based unicorn passed regulatory checks with the Zhejiang Securities Regulatory Bureau, concluding a pre-listing tutoring period that began on July 18, the China Securities Regulatory Commission’s website showed.
Citic Securities, the top investment bank in China by underwriting revenue and Unitree’s tutoring institution, helped the start-up determine the fundraising amount for its IPO and drafted an investment plan for the capital to be raised, according to the document dated November 10.
The filing did not specify the fundraising target or listing timeline.
Unitree is aiming for a valuation of up to US$7 billion in a listing on Shanghai’s Nasdaq-style Star Market, according to a Reuters report in September. The company previously said it planned to file a formal IPO application between October and December.
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To facilitate the public stock offering, Unitree transitioned from a limited liability company to a joint-stock limited company, according to records from the Chinese corporate database Qichacha published on May 30.