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China’s chip exports nearly double in Jan-Jul; ‘New new three’ products to fuel continued export growth_我的网站

一 |     Unitree: Valuation rise reflects optimism    Investors are showing a strong appetite for Unitree Robotics' initial public offering, reflecting growing optimism about China's ambition to turn its industrial chain strengths into commercially viable artificial intelligence applications in the physical world, market experts and investment banks said.    Though still at an early stage of commercialization, China's embodied intelligence industry is gaining momentum in scaling up applications, first in business scenarios and later in consumer markets, creating a distinctive opportunity set for global investors, they said.    The IPO of Unitree on Shanghai's STAR Market — the first A-share listing of a major producer of humanoid robots — has entered the subscription stage, with buoyant demand helping to lift its issue price and fundraising size above earlier expectations.    Its issuing announcement showed that it had priced its IPO at 150.80 yuan ($22.35) per share, with expected proceeds amounting to 6.099 billion yuan, higher than the 4.202 billion yuan estimated in its earlier IPO filing at an implied price of about 104 yuan per share.    Its IPO price represents a price-to-earnings ratio of 219.23 times, far surpassing the industry average of 38.56 times and giving it a market capitalization of about 60.99 billion yuan at the IPO price, the announcement said.    The offering attracted a group of strategic investors, including the National Council for Social Security Fund, DeepSeek, as well as investment arms or affiliates of China National Petroleum Corp, China Southern Power Grid, China Telecom, Tencent and CITIC Securities.    Notably, the social security fund has become Unitree's largest strategic investor, subscribing to 933,402 shares, or 2.31 percent of the offering, for around 141 million yuan.    The move underscores long-term institutional capital's recognition of the humanoid robotics sector's prospects.    Retail investors have also shown enthusiasm ahead of Unitree's online subscriptions that open on Monday, with posts wishing for successful allocations piling up on financial information platform Eastmoney's online stock forum for the company.    Yang Shuning, executive director and partner at Wenzhi Capital, a Beijing-based private equity company focused on high-tech investments, said the keen demand and high valuation reflect investors' optimism about Unitree's commercialization prospects and its positioning in the embodied intelligence sector.    "Given the scarcity premium enjoyed by leading players in tech sectors and the multibillion-dollar valuations seen among overseas humanoid robotics peers, Unitree's valuation is not without justification," he said.    But Yang cautioned that Unitree's valuation is less about current earnings than about investors pricing in its future profitability. "If Unitree falls behind in scaling up commercialization, revenue growth weakens or investors start using a different valuation yardstick, valuations would come under pressure."    Commercial promise    Wang Xingxing, Unitree's founder and chairman, said on Friday that the company's pure humanoid robot shipments exceeded 5,500 units in 2025, the highest in the world.    Unitree's rise has come as China's humanoid robotics sector takes the lead worldwide in terms of shipments, with its commercialization prospects becoming increasingly visible.    Citing exhibition examples at the World Artificial Intelligence Conference in Shanghai, UBS said in a recent report that humanoid robots are "increasingly being evaluated as production tools rather than exhibition assets".    Commercialization should first scale in structured business-to-business scenarios such as factories, logistics and smart pharmacies, while consumer use cases remain a longer-term prospect, the report said.    Zhao Liang, a partner at Unique Capital, an investment institution focused on AI innovation, said that humanoid robots may integrate with specific application scenarios on a large scale in the next three to five years.    "Given China's advantages in industrial supply chains and talent, the country's embodied intelligence industry chain may bring a surprise to the world," Zhao said.    Unitree's listing, which took only 104 days to go from the application acceptance stage to registration approval, is expected to further boost financing, investment and development of China's embodied intelligence sector, experts said.    Besides Unitree, another major Chinese humanoid manufacturer, AGIBOT, is seeking an IPO in Hong Kong. According to UBS, China's embodied AI sector saw a wave of IPO filings and strong primary market financing this year, with first-half funding going above 34.5 billion yuan.    With a buoyant listing pipeline, China's embodied intelligence industry — and the broader physical AI sector — could offer global investors a distinct exposure to the next phase of AI development where physical-world applications become increasingly important, experts added.    Goldman Sachs said in a report that while the US and North Asian tech companies hold a dominant position in sectors such as semiconductor and AI models, China's AI opportunity set seems better populated in power, infrastructure and physical AI, implying a potentially strong value proposition and diversification benefits to global investors.                    。    

    Workers produce electronic components for exports at a factory in Xinle, North China's Hebei Province, on June 16, 2026. Photo: VCG
China's exports of integrated circuits (ICs) reached $216.02 billion in the first seven months of 2026, up 99.5 percent year-on-year, according to data released by the General Administration of Customs (GAC) on Friday. 
Chinese experts said that rising global artificial intelligence (AI) demand is a factor, but the main drivers of the leap in chip exports are the country's technological breakthroughs and upgraded industrial chain.
The robust growth in IC exports also came as China's overall foreign trade saw stable expansion. According to data released by the GAC, the sound upward trend in China's foreign trade continued in July, with growth of 19.2 percent year-on-year to reach 4.66 trillion yuan ($686.26 billion), remaining above 4 trillion yuan for the fifth consecutive month. 
In the first seven months of the year, total foreign trade in goods amounted to 30.13 trillion yuan, up 17.3 percent year-on-year, the data showed.
"Since the start of this year, China's economy has forged ahead against headwinds and moved toward innovation-driven, higher-quality development, providing strong underpinning for the growth of foreign trade," said Lü Daliang, an official with the GAC.
According to the GAC, China's exports of electromechanical products reached 11.12 trillion yuan between January and July, up 21.2 percent year-on-year. They accounted for 63.8 percent of the country's total exports, up 3.8 percentage points on a yearly basis.
There was notable progress in green and low-carbon products, with exports of electric vehicles (EVs) and lithium batteries rising by 71.2 percent and 35.8 percent, respectively, while exports of 3D printers soared by 110 percent, with industrial robots jumping 13.2 percent and ships 32.7 percent.
"The surge in China's chip exports reflects breakthroughs in multiple aspects," Fu Liang, a Beijing-based tech analyst, told the Global Times on Friday. Fu pointed to a rise in mature-node capacity, industrial and supply chain resilience, and scale production advantages of Chinese companies.
As demand for chips in automotive electronics, industrial control systems, and household appliances keeps rising, China-made mature-process chips - backed by reliable supply capability and strong cost-performance - have become an indispensable link in the global supply chain, Fu said.
Meanwhile, there has been an upgrade in China's chipmaking industry, such as the new chip design approach at Huawei based on the company's Tau Scaling Law, and the international competitiveness of China-made chips is expected to increase, supporting further growth in exports, the expert noted.
China recently issued a revised regulation on protection of IC layout-designs. Scheduled to take effect on October 15 this year, the regulation aims to strengthen the protection and application of layout-designs, and improve registration and management systems by elevating proven practices into regulations, while also aligning with relevant laws and international treaties.
These institutional upgrades are unfolding alongside broader efforts to expand domestic demand and open the Chinese market wider to the world. China has also accelerated imports in the first seven months of this year to promote a more balanced development of foreign trade. China has remained the world's second-largest import market for 17 consecutive years. In the first seven months of 2026, China's import growth outpaced export growth by 8 percentage points, according to the GAC. 
In addition, China's imports and exports with over 180 countries and regions registered growth over the period. Specifically, the country's trade with ASEAN, the EU, Latin America, and Africa rose by 20 percent, 9.5 percent, 15.4 percent, and 18.9 percent year-on-year, respectively. Trade with the US, however, fell by 1.6 percent, with the decline narrowing by 2 percentage points compared with the first half of the year, according to the GAC.
Amid a complex external environment, China has leveraged its complete industrial chain to accelerate trade structure upgrading, driving brisk growth in both imports and exports, Wen Bin, chief economist of China Minsheng Bank, told the Global Times.
Although China's foreign trade sector still faces pressure in the second half of the year, Wen said the same fundamentals are still supporting China's export growth: the competitiveness of China's "new new three" products, the ongoing AI investment cycle, plus a raft of domestic risk-mitigation policies covering forex, fiscal and customs.
"China's export sector is projected to hold onto double-digit growth in the second half of the year," he said.
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