Chinese humanoid robot maker Unitree Robotics, formally registered as Yushu Technology (ticker 688836.SS), opened public subscriptions for its Shanghai STAR Market IPO on Monday, collecting 8,288 applications for every available share, the largest oversubscription multiple ever recorded for any A-share listing. The company priced its IPO at ¥150.80 (approximately $22.35) per share on August 6, giving it a valuation of approximately ¥61 billion (approximately $9 billion). Retail investors submitted 9.78 million accounts competing for a fixed online allocation of 9.707 million shares, producing a winning rate of 0.018%, freezing over ¥800 billion (approximately $118.6 billion) in subscriber funds in a single day. A joint filing with AI firm DeepSeek, announced four days earlier, named the specific technical problem preventing humanoid robots from doing real work: they can dance, fight, and execute synchronized routines, but cannot understand a room they have never entered. On August 6, DeepSeek invested ¥140.8 million (approximately $20.9 million) in Unitree's IPO through the strategic placement tranche, receiving 933,399 shares under a three-year lock-up agreement. The companies will combine DeepSeek's AI model expertise with Unitree's mechanical engineering and motion control to develop joint AI humanoid models. Unitree delivered over 5,500 humanoid robots globally in 2025, claiming