China's Unitree Robotics completes pre-IPO tutoring for onshore listing

Unitree Robotics, 1 of China's starring humanoid robot manufacturers, has completed its pre-initial nationalist offering (IPO) tutoring process successful lone 4 months, a large measurement towards an onshore listing amid Beijing's propulsion for technological self-reliance and advancement, according to authorities documents.

The Hangzhou-based unicorn passed regulatory checks with the Zhejiang Securities Regulatory Bureau, concluding a pre-listing tutoring play that began connected July 18, the China Securities Regulatory Commission's website showed.

Citic Securities, the apical concern slope successful China by underwriting gross and Unitree's tutoring institution, helped the start-up find the fundraising magnitude for its IPO and drafted an concern program for the superior to beryllium raised, according to the papers dated November 10.

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The filing did not specify the fundraising people oregon listing timeline.

Unitree is aiming for a valuation of up to US$7 cardinal successful a listing connected Shanghai's Nasdaq-style Star Market, according to a Reuters study successful September. The institution antecedently said it planned to record a ceremonial IPO exertion betwixt October and December.

To facilitate the nationalist banal offering, Unitree transitioned from a constricted liability institution to a joint-stock constricted company, according to records from the firm database Qichacha published connected May 29.

Citic confirmed successful its filing that Unitree had established the indispensable firm governance operation and accounting foundations required for a listed firm.

China's IPO tutoring play typically lasted betwixt six and 12 months, according to Shen Meng, manager astatine Beijing-based concern steadfast Chanson & Co. Unitree's completion of this process wrong conscionable 4 months signalled beardown authorities enactment for the exertion and innovation sector.

"Some tech companies are receiving exceptional authorities support, arsenic policymakers person made it wide that they purpose to physique an economical maturation exemplary based connected high-quality productive forces anchored successful innovation," Shen said.

"Technology has go a halfway constituent successful the planetary contention for nationalist prowess."

Unitree laminitis and CEO Wang Xingxing attends the World Internet Conference successful eastbound China's Zhejiang state earlier this month. Photo: Reuters alt=Unitree laminitis and CEO Wang Xingxing attends the World Internet Conference successful eastbound China's Zhejiang state earlier this month. Photo: Reuters>