Unitree Robotics will launch its initial public offering in Shanghai next week, the firm announced late on Thursday, as China’s robotics start-ups race to go public amid an intense rivalry with their counterparts in the United States.

The Hangzhou-based company plans to sell 40.45 million shares, or 10 per cent of its enlarged share capital.

After the listing, Unitree founder Wang Xingxing and related parties will hold 31.29 per cent of the company’s shares and 65.31 per cent of its voting rights.

Unitree will begin book-building on August 5 and set an offer price the following day, with the final results set to be published on August 14.

One of China’s most high-profile robotics firms, Unitree had its listing application accepted by the Shanghai Stock Exchange in March. China’s securities regulator cleared the registration on July 2.

The company’s accounts show a profitable business in a sector that mostly burns cash. Unitree booked revenue of 1.7 billion yuan (US$251 million) last year and adjusted profits of 591 million yuan.