Chinese robot maker Unitree Technology is expected to be valued at more than RMB 50 billion ($7.4 billion) after its planned Shanghai IPO, reports Reuters citing a report by Citic Securities, which is sponsoring the initial public offering.
Citic Securities expected the Hangzhou-based company to be worth RMB 50.6 billion to RMB 55.9 billion six to 12 months after listing later this month. The valuation report, distributed to investors and seen by Reuters, is largely seen as guidance ahead of Wednesday’s IPO price enquiry.
Unitree, which competes with Tesla and Boston Dynamics in making humanoid robots, aims to raise RMB 4.2 billion to fund innovation and production. Robotics is seen as one of China’s strategic industries key to Beijing’s tech rivalry with Washington. Citic Securities’ report values Unitree roughly 20 times this year’s expected sales, and about 80 times forecast earnings.