Chinese Robot Manufacturer Unitree Is Estimated by Citic to Be Worth About $7.4 Billion, Following Its IPO
Chinese robot manufacturer Unitree Technology is anticipated to be worth more than 50 billion yuan ($7.4 billion) following its planned Shanghai IPO, according to a report by Citic Securities, which is sponsoring the IPO.
Six to twelve months after going public later this month, Citic Securities predicted that the Hangzhou-based company would be valued between 50.6 billion and 55.9 billion yuan. Before Wednesday’s IPO pricing inquiry, the valuation report, which was given to investors and saw by Reuters, is mostly regarded as suggestion.
Unitree, a competitor of Tesla (TSLA.O) and Boston Dynamics in the creation of humanoid robots, hopes to raise 4.2 billion yuan to finance research and development.
One of China’s strategic industries that is crucial to Beijing’s tech competition with Washington is robotics.
According to Citic Securities’ analysis, Unitree is valued at nearly 80 times the projected earnings and 20 times the anticipated revenues for this year.
According to Citic Securities’ study, Unitree, which also produces quadruped robots, is “a globally-renowned, world-leading maker of high-performance, general purpose robotics.”
“It maintains its leading position in comprehending the embodied intelligence ecosystem while also adhering to a prudent R&D investment strategy.”
The IPO coincides with an intensified rivalry between the US and China. Recently, Washington restricted foreign-made advanced robotics’ access to the equipment authorization needed for U.S. sales by adding them to its Covered List.
The United States put Unitree and other significant Chinese tech companies to a list of businesses it believes are supporting Beijing’s military in June.
Unitree will begin accepting investor subscriptions on Friday after setting its IPO price on Thursday.