❯ Unitree Technology Opens 629% Higher on STAR Market Debut, Closes Up 460%; Market Cap Tops 340 Billion Yuan

DEBUTAccording to Shanghai Stock Exchange trading data, Unitree Technology debuted on the STAR Market on August 19, opening at 1,100 yuan, 629.44% above its 150.80 yuan issue price. Its intraday market cap once hit 444.9 billion yuan; the stock closed up 460.34%, with a market capitalization exceeding 340 billion yuan, landing in the STAR Market’s top ten. Winning one lot yielded paper gains of about 474,600 yuan.

IPO RECORDAccording to the offering announcement, from acceptance on March 20 to listing on August 19, Unitree needed just 152 days. The subscription phase set multiple STAR Market records: 9.7846 million valid subscription accounts, and an allotment rate of only 0.018%, the lowest on record.

SHAREHOLDER GAINSThe shareholder list is an even better story than the trading. The following shareholding data comes from the prospectus and offering announcement; paper gains are calculated at the first-day price. DeepSeek, High-Flyer Quantitative, and Jiuzhang Asset—all under Liang Wenfeng—were collectively allocated about 1.1916 million shares, with paper gains exceeding 1.1 billion yuan. Astrend IV, an affiliate of Lei Jun’s Shunwei Capital, holds 16.106 million shares, with paper gains exceeding 15.2 billion yuan. Three Meituan-affiliated entities hold a combined approximately 35.1236 million shares, with paper gains exceeding 33.3 billion yuan. The counterexample is DJI: in 2018, one of its funds planned to invest 10.1286 million yuan for an equity stake. The business registration change was completed, but the capital contribution never came through; it reduced capital and exited in 2019. Based on the opening price, it missed out on more than 25 billion yuan.

PRICING ANCHORThis price for A-shares’ first humanoid-robot stock will become the valuation anchor for subsequent fundraising across the entire supply chain. Robot companies in the primary market will bump up their quotes accordingly; but the public funds and retail investors taking over the shares face another problem: Unitree cannot currently produce the shipment volumes and profits that a 444.9 billion yuan market cap implies.

▪ SIGNALDJI’s 10.1286 million yuan in unpaid capital contribution is the most expensive “think again” in this wave of embodied intelligence.