Unitree IPO valuation over 50 billion yuan

Chinese robot maker Unitree Technology is expected to be valued at more than 50 billion yuan ($7.4 billion) after its planned Shanghai IPO, according to a report by Meritz Securities, which is sponsoring the offering. The valuation report, distributed to investors, projects the company to be worth 50.6 billion to 55.9 billion yuan six to 12 months after listing later this month. Unitree aims to raise 4.2 billion yuan to fund innovation and production. The IPO comes amid heightened tech rivalry between China and the United States, with Washington recently adding foreign-made advanced robots to its Covered List, restricting U.S. sales, and in June adding Unitree to a list of companies believed to be aiding Beijing's military. Unitree will set its IPO price on Thursday and accept investor subscriptions on Friday.