❯ Unitree Robotics Opens Subscription Tomorrow: Issue Price 150.80 Yuan, Offline Subscription Multiple 2,618x, DeepSeek in Strategic Placement

OFFERINGThe “first humanoid-robot stock” Unitree Robotics kicks off its STAR Market subscription on August 10: issue price 150.80 yuan/share, planned total raise RMB 6.099 billion, about 45% above the target, issue market cap near RMB 61 billion, corresponding to a P/E of 219 times. Offline subscription has been swamped — effective subscription multiple reached 2,618.30 times, with BlackRock and multiple regional occupational pension plans among the bidders.

SHAREHOLDERSAccording to the prospectus, the 44 institutional shareholders before listing include internet giants Meituan, Alibaba, Tencent, ByteDance, plus Sequoia China and Ant Group, with the Meituan camp being the largest external institutional shareholder. The strategic placement list is even more noteworthy: three portfolios of the National Social Security Fund received allocations, and DeepSeek’s parent company also secured a slot, and will cooperate with Unitree on general AI, high-performance robotics, and large models — a large-model company directly taking a stake in a robot-body maker is a first on the A-share market.

CONTROL & CHAINThe company is controlled by founder Wang Xingxing, with post-issuance voting rights not exceeding 65.31%; core employees received 4.45% via two asset-management plans. The supply chain spans the entire humanoid-robot industry chain, with A-share companies such as Zhongda Leader, Wolong Electric Drive, and Orbbec supplying components. The IPO subscription fever has already rippled into the share prices of these suppliers ahead of the listing.

PRICINGA 219x P/E is not paying for current earnings; it’s an option on the humanoid-robot mass-production timeline. After listing, Unitree’s quarterly shipments and gross margins will be benchmarked against this valuation — this stock is the yardstick for how much patience the secondary market has with embodied AI.

▪ SIGNALDeepSeek’s stake in Unitree turns the convergence of “brain” and “body” from a forum topic into an equity structure.