China's First Humanoid Robot Listing, Now Live on Pyth Pro

Unitree Robotics builds humanoid and quadruped robots. It shipped more than 5,500 humanoids in 2025, the highest annual figure any manufacturer has reported. Its debut on Shanghai's STAR Market is the first listing of a pure-play humanoid robotics company on China's A-share market.

Unitree priced at $22 a share, raising about $900 million and valuing the company near $9 billion, well past the $620 million it originally targeted. Demand ran far ahead of the deal, with the retail tranche drawing 9.8 million individual orders, a larger book than CXMT's in July.

Every platform that opens a market on a listing like this starts from the same problem. It needs a price.

Another Chinese IPO Priced From First Tick

A stock that has just listed has no trading history. STAR Market debuts trade without a daily price limit through their opening sessions, and the IPO represented only 10% of the company’s enlarged share capital. The first prints can move a long way fast.

Pyth delivered real-time Unitree data from the opening print, giving exchanges, perpetual platforms, and prediction markets the pricing inputs to open a market on day one. Unitree is Pyth's second day-one feed for a mainland Chinese IPO, after CXMT, and follows day-one coverage of US listings including CRCL, FIG, CBRS, and SPCX.

Two markets waiting for an underlying

TradeXYZ, Paragon, and Lighter all opened Unitree markets before the stock existed as a tradable instrument.

TradeXYZ has become the venue traders turn to for assets that have historically traded only during traditional market hours. Built on Hyperliquid's HIP-3, it runs permissionless perpetual markets across global equities, commodities, and macro assets, and drives the majority of HIP-3 activity, part of an ecosystem that has processed more than $530 billion in cumulative volume priced by Pyth.

Paragon is another HIP-3 deployer, running perpetual markets on crypto indices, single-name equities, and US Treasury yields. Its equity book concentrates on the AI infrastructure supply chain: Broadcom, Lam Research, Teradyne, Super Micro, Seagate, Credo, Coherent. Pyth prices the equities across trading sessions and serves as the primary source for Paragon’s index markets. Unitree extends that book from the chips and optics into the machines built on top of them.

Lighter is a perpetual exchange running on its own zero-knowledge rollup on Ethereum, and it has processed more than $1.75 trillion in cumulative volume. Its book is mostly crypto which accounts for most of the volume and open interest, alongside a growing set of real-world asset markets. Unitree strengthens Ligther’s RWA presence.

Once Unitree began trading in Shanghai, those markets gained a real underlying. Both integrated Pyth as an external pricing source during regular market hours.

"The hardest price to establish is the first one," said Mike Cahill, CEO of Douro Labs and Contributor to Pyth Network. "Direct access to this stock is limited for many investors outside China, and TradeXYZ and Paragon provided another way to gain market exposure. Those markets need a price the moment Shanghai opens, and that is what Pyth supplies."

The Asian equity expansion continues

Unitree joins a Pyth Pro equity catalog that has moved quickly across Asia. Hong Kong equities went live earlier this year, now spanning close to 100 listed stocks. Mainland Chinese and South Korean equities followed, including Cambricon Technologies, GigaDevice Semiconductor, and SK Hynix. Japanese equities are live across Toyota, Sony, Nintendo, SoftBank, Tokyo Electron, and Advantest.

Each arrives through the same integration already delivering US equities, FX, commodities, fixed income, and crypto. Perpetual exchanges can launch Asia equity markets priced alongside crypto and US equities on the same stack. Prediction markets can build event contracts on Asian technology earnings and index movements.

Unitree is live on Pyth Pro today. Existing Equities and All Access subscribers can use the feed immediately. Teams looking to integrate can start at the Pyth Terminal.