(Yicai) July 21 -- Chinese startup Unitree Robotics has initiated the counseling process for an initial public offering and will likely submit its application documents as early as October.

Unitree has hired Citic Securities as advisors for the listing, according to a notice released on the website of the China Securities Regulatory Commission on July 18. Founder and Chief Executive Wang Xingxing directly and indirectly owns almost 35 percent of the company.

Hangzhou-based Unitree counts Meituan, Tencent Holdings, Alibaba Group Holding, HongShan Capita Group, Matrix Partners China, Beijing Robot Industry Development Investment Fund, and Shenzhen Capital Group among its investors. Its latest valuation exceeded CNY10 billion (USD1.4 billion).

Driven by the news, shares of new chemical materials supplier KingFa Science & Technology [SHA: 600143], non-metallic mineral supplier Golden Summit Group Joint Stock [SHA: 600678], and chemical products maker Xinan Chemical Industrial Group [SHA: 600596] surged by their 10 percent exchange-imposed daily trading limit in Shanghai today.

In addition, several humanoid robot concept stocks, including Changsheng Sliding Bearings [SHE: 300718] and Seashine New Materials [SHE: 300885], closed up by their daily limit in Shenzhen.

The annual global humanoid robot production capacity is expected to top at least one million units by 2029, with the market reaching CNY150 billion (USD20.9 billion), according to a report by Donghai Securities. In addition, demand for related core mechanical parts will likely surge.

Unitree's annual revenue has exceeded CNY1 billion (USD139 million), Wang said at the World Economic Forum's Annual Meeting of the New Champions -- often called Summer Davos -- last month, without disclosing information regarding its profitability.

Established in 2016, Unitree focuses on research, development, production, and sales of high-performance general-purpose humanoid robots and dexterous robotic arms for consumer and industrial applications.

Editor: Martin Kadiev