Unitree Closes Day One up 460% at ~RMB 342bn: Pricing and First-Day Review
FutureX Research · AI Lab · 2026.08.03 · 13 pp · preview 4 pp
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Abstract
(Data as of 2026-08-19) Unitree priced its STAR Market IPO at RMB 150.80 per share on the evening of August 9, implying a post-issue market capitalization of about RMB 60.99 billion and gross proceeds of about RMB 6.099 billion — roughly RMB 1.8 billion above the RMB 4.202 billion target. A correction is due: the August 3 edition of this report divided the target raise by the share count to derive an indicative price of ~RMB 104 and a ~RMB 42 billion valuation; the book-building outcome came in about 45% higher, and that gap is the over-raise. The offering P/E is 219.23x (diluted), roughly 5.7 times the 38.56x average trailing P/E of A-share robotics names. On August 10, 9.7846 million retail accounts subscribed at 8,288.82x initial oversubscription; the final online allocation rate after clawback was 0.01809759%, below the 0.02-0.03% the market had expected. One lot of 500 shares requires RMB 75,400, due August 12. Strategic placement locks about 20% of the deal — the National Social Security Fund, DeepSeek and CNPC among the participants, some tranches for 36 months. The shares listed on the STAR Market on August 19: they opened at RMB 1,100, up 629.44% (about RMB 444.9bn at the open), and closed at RMB 845, up 460.34%, for a closing market value of roughly RMB 341.8bn; a winning 500-share lot showed a paper gain of about RMB 347,000 at the close. This report is pricing-stage analysis plus an after-the-fact record; it makes no forecast of subsequent performance and is not investment advice.
Key Findings
- 01Pricing outcome: the offering was priced at RMB 150.80 per share on the evening of August 9, implying a post-issue market cap of about RMB 60.99 billion and gross proceeds of about RMB 6.099 billion — roughly RMB 1.8 billion above the RMB 4.202 billion target. The August 3 edition of this report derived ~RMB 104 per share and a ~RMB 42 billion valuation by dividing the target raise by the share count, about 45% below the actual print; we correct that here explicitly.
- 02Valuation multiple: the offering P/E is 219.23x (diluted), roughly 5.7 times the 38.56x average trailing P/E of A-share robotics names. Working backwards from disclosed figures, that multiple implies a net-profit base of about RMB 278 million — close to the 2025 attributable net profit (~RMB 288 million) rather than the RMB 591 million recurring figure; on the recurring basis the multiple would be about 103x.
- 03Subscription and allocation: on August 10, 9.7846 million valid retail accounts subscribed, an initial oversubscription of 8,288.82x; the final online allocation rate after clawback was 0.01809759% (about 1.8 per 10,000), below the 0.02-0.03% the market had expected and among the lowest on the STAR Market this year (Changjin Photonics 0.020%, CXMT 0.47%). One lot of 500 shares requires RMB 75,400, with payment due August 12.
- 04Strategic placement: about 20% of the deal is locked up via strategic allocation, with the National Social Security Fund, DeepSeek and CNPC among the participants and some tranches locked for 36 months. DeepSeek has separately agreed an AI-model partnership with Unitree, giving the placement an industrial-synergy dimension. Longer lock-ups mean a smaller effective free float in the early trading period.
- 05Existing shareholders and intermediaries (per Jiemian News): Meituan-affiliated vehicles hold 9.65% with paper gains above RMB 3.6 billion; Sequoia China holds 7.11% on cumulative investment of about RMB 102 million; Variable Capital invested RMB 2.09 million in 2018 for a reported return of over 174x; Matrix Partners China holds 5.45% and Shunwei 4.42%. CITIC Securities earned sponsorship and underwriting fees of about RMB 145 million plus a RMB 122 million follow-on investment. A DJI-affiliated fund planned a RMB 10.13 million investment in 2018 and was briefly the largest outside shareholder, but exited via capital reduction in 2019 — a stake worth roughly RMB 3.7 billion at the offering price had it been retained.
- 06Trading rules and historical context: STAR Market new listings have no daily price limit for the first five trading days. New STAR Market listings this year have averaged a 466.61% first-day gain with a 289.48% median, ranging from Yisiwei's 58.93% to Changjin Photonics' 1,510% (Zhenbao Technology second at 1,212.83%) — an extremely wide dispersion. Outcome: on August 19 Unitree closed its first day up 460.34% — almost exactly on this reference class's 466.61% year-to-date mean rather than near the 289.48% median. Worth recording: the reference class was right while the point estimate was wrong. Our August 3 back-solve of RMB 42bn from proceeds divided by shares was about 45% too low, whereas framing a range from the sector's first-day distribution landed close to the real outcome. This report makes no forecast of subsequent performance and is not investment advice.
Timetable: A 104-Day Review, Subscription on August 10
The most striking fact about this IPO is speed: accepted by the Shanghai Stock Exchange on March 20, 2026, approved by the Listing Committee on June 1, registration submitted June 2, and CSRC registration effective July 2 — 104 days in total, widely reported as one of the fastest A-share IPOs of the year and the second deal under the STAR Market's pre-review mechanism (after CXMT). Per the offering announcement disclosed on July 30: preliminary price inquiry on Aug 5, pricing on Aug 6, online roadshow Aug 7 (14:00-17:00), online/offline subscription Aug 10, and payment due Aug 12. CITIC Securities is sponsor and lead underwriter. The offering combines a strategic placement (initially 8.09 million shares, 20%), an offline tranche (25.89 million) and an online tranche (6.47 million). On completion, Unitree becomes the A-share market's first humanoid-robot stock.
Offering Terms: RMB 4.2bn Raise at a ~RMB 42bn Valuation
Unitree plans to issue 40.4464 million new shares — 10% of post-issue share capital (~404 million shares) — to raise RMB 4.202 billion, implying an offering valuation of about RMB 42 billion. Dividing the target raise by the share count gives an indicative price of ~RMB 103.9 per share; a standard STAR Market lot of 500 shares implies ~RMB 52,000 per lot. The final price is subject to the August 6 announcement. Some market commentary reported by Sina Finance on July 27 anticipates a post-listing market cap approaching RMB 100 billion — media-relayed sentiment, not an official figure. Proceeds fund four projects: embodied-AI model R&D (RMB 2.022bn, nearly half), robot-body R&D, new product development and a manufacturing base — an R&D-heavy allocation. Governance features dual-class shares: founder Wang Xingxing holds 44.07 million Class A shares carrying 10 votes each, giving him 23.82% of shares and 68.78% of voting rights.
Financials: 226.78% CAGR, 60% Gross Margin — and a 2026 Speed Bump
Per the SSE review-reply filing: revenue grew from RMB 159m (2023) to RMB 392m (2024) and RMB 1,699m (2025), a 226.78% CAGR; recurring net profit went from RMB -18m to RMB 78m to RMB 591m (34.77% recurring margin in 2025); blended gross margin rose from 44.75% to 57.22% to 60.44%. Note the accounting nuance: 2025 net profit attributable to shareholders was about RMB 288m (per broker reports citing the prospectus), far below the RMB 591m recurring figure due to non-recurring items. Humanoid robots reached 51.78% of 2025 revenue, overtaking quadrupeds, with over 5,500 humanoid units shipped in 2025 per the prospectus. Against peers in 2025 — UBTech (RMB 2,001m revenue, 37.67% gross margin, RMB -715m recurring loss), Dobot, DEEP Robotics, Leju — Unitree is a rare profitable-at-scale humanoid maker. But the prospectus flags deceleration: Q1 2026 revenue of RMB 423m grew 68.49% (vs 332.64% a year earlier) and recurring profit fell 52.55%; H1 guidance implies a 6.43-21.97% profit decline.
Sector Effect: A Pricing Anchor for Humanoids on the STAR Market
The prospectus states plainly that the A-share market has no listed general-purpose robotics company. Unitree's listing therefore matters beyond one firm: it creates the first A-share benchmark for humanoid-robot revenue, margins and valuation. It also lands on the tail of the STAR Market's 'super IPO month': CXMT surged 471.59% on debut July 27 with a record 9.43 million online subscribers; Enflame's registration became effective July 9; media counts put 79 companies in the STAR Market review pipeline as of late July, dominated by semiconductors, embodied AI and commercial space. On policy, the CSRC extended the STAR Market's fifth listing standard to AI foundation-model companies in June 2026, and the pre-review mechanism has compressed review timelines. A robotics IPO queue is forming (per Guotai Haitong research): DEEP Robotics cleared STAR Market tutoring acceptance in May and Leju cleared ChiNext acceptance in April, while AgiBot, Galbot, Xinghaitu, Fourier, EngineAI and Noetix have completed shareholding reform, mostly eyeing Hong Kong. Unitree's pricing will be the reference point for the entire queue.
Key Questions
When is the Unitree IPO subscription, and what is the indicative price?
Online and offline subscription is on August 10, 2026, with payment due August 12; preliminary inquiry was August 5 and pricing August 6. Unitree plans to issue 40.45 million shares to raise RMB 4.202 billion, implying a ~RMB 42 billion valuation and an indicative price of about RMB 104 per share (one 500-share lot ≈ RMB 52,000). Final price is set in the August 6 announcement. This is not a subscription recommendation.
How are Unitree's revenue and profits, and is growth slowing?
Revenue grew from RMB 159 million (2023) to RMB 1.699 billion (2025), a 226.78% CAGR, with 2025 recurring net profit of RMB 591 million, a 60.44% gross margin, and humanoids at 51.78% of revenue. However, Q1 2026 recurring profit fell 52.55% year-on-year, and H1 2026 guidance implies a 6.43%-21.97% profit decline — a clear deceleration. Not investment advice.
Why was Unitree's IPO review so fast, and who controls the company?
The review took just 104 days — accepted March 20, 2026, registration effective July 2 — as the second deal under the STAR Market pre-review mechanism (after CXMT), among 2026's fastest A-share IPOs; CITIC Securities is sponsor. Founder Wang Xingxing directly holds 23.82% and controls 68.78% of voting rights via 10:1 super-voting shares; outside shareholders reportedly include Sequoia China, Tencent, Alibaba, Meituan- and Xiaomi-affiliated funds.
Sourcing and standards
Compiled from public sources; data current as of 2026.08.03. The text separates verified facts, reported claims, our own estimates and disputed points, and states the derivation behind every estimate. When we get something wrong, the correction is written into the report body with the original call left visible, and logged publicly.
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The above is a public preview. The full version includes the sections below; per compliance it is not posted publicly and is not free to download — please contact a FutureX colleague to request it.
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- 🔒Subscription Mechanics and Early-Trading Rules: Tranche Structure and No Price Limits for 5 Days
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Industry research from FutureX Capital's AI Lab, compiled from public information; not investment advice; contains no fund performance, AUM, or offer to raise capital.