Recently, there has been discussion in the market claiming that 'scalpers are buying up allotments' for Unitree Technology off-exchange, with some intermediaries offering prices significantly above the issue price.
In response, reporters from Shanghai Securities News conducted inquiries with multiple market veterans, including investment institutions, private equity firms, and securities companies. They all indicated that they had not observed such situations and that the related rumors were largely unsubstantiated. They also pointed out that this type of private, off-exchange agreement and trading is of questionable compliance, and investors are highly susceptible to incurring losses.
CITIC Securities, the lead underwriter for Unitree Tech's IPO issuance, also cautioned that securities trading must strictly comply with laws, regulations, and securities market trading rules. Trading should only be conducted through legally recognized channels using real-name accounts. It is advised not to blindly follow market hype, but to adhere to rational and value investing, and to prudently assess investment risks.
Grey Market Trading Rumors Are Unsubstantiated
Regarding the recent claims of 'grey market trading' for Unitree Tech, reporters made inquiries to several investment institutions, private equity firms, and brokerage wealth management departments. Feedback from all parties indicated: 'Haven't heard of it, basically doesn't exist in reality.'
A private equity manager told reporters that situations where intermediaries arrange in advance to purchase new shares off-exchange at a set price previously targeted a few non-STAR Market stocks. Claims about such trading for Unitree Tech are unsubstantiated; even if it exists, it would be extremely isolated and minimal. 'We cannot assume it has become a common situation based on hearsay from a few individuals or extremely scattered private agreements.'
A relevant person from the research institute of Southwest Securities stated that grey market trading in A-shares is a sporadic and niche activity. It has not formed a large-scale, normalized market trading atmosphere and does not possess industry-wide universality.
A relevant person from Guotai Junan Securities' investment banking department pointed out that such off-exchange agreements lack centralized matching rules, public quotation mechanisms, and standardized settlement guarantees. Furthermore, the purchase prices offered by intermediaries often deviate significantly from the actual transaction price. There may even be situations of 'prices without a market, inflated quotations,' where many high prices are merely exploratory quotes for attracting attention, not actionable real bids.
Do Not Cross the Legal 'Red Line'
Market observers noted that some investors might confuse this type of trading with Hong Kong's 'grey market trading,' but they are fundamentally different in terms of institutional basis and legal liability.
In the Hong Kong market, during the period from 16:15 to 18:30 on the trading day before a new stock officially lists on the Hong Kong Stock Exchange, some investors can buy and sell allotted new share holdings in advance through brokers' internal matching systems.
'This type of trading in Hong Kong is governed by clear rules and also conducted through brokers' trading systems. However, even so, its liquidity and transparency are significantly lower than the exchange market, prices are prone to sharp fluctuations, and grey market price drops below the issue price are not uncommon in Hong Kong,' said the aforementioned market observer.
'However, in the A-share market, privately trading publicly issued shares or making agreements about subsequent returns itself treads on the red line of compliance,' said a legal expert. Article 37 of the Securities Law clearly stipulates that publicly issued securities shall be traded on stock exchanges established in accordance with the law or on other nationwide securities trading places approved by the State Council. Article 58 explicitly prohibits lending one's own securities account or using another person's securities account to engage in securities trading.
Several securities research and investment banking professionals stated that these private, non-public matching activities between a few intermediaries and individual allottees face multiple hidden dangers, including unclear counterparty qualifications, lack of fund settlement guarantees, and non-standardized account operations. The compliance and legal risks are prominent.
A private equity manager added: 'This allotment acquisition model often involves disguised lending or borrowing of securities accounts, or private transfers of IPO subscription profit rights. The agreements themselves may be deemed invalid due to legal or regulatory violations. Once issues like payment defaults or settlement disputes arise, investors may be unable to protect their rights through judicial channels.'
Beware of Speculation Risks
Regarding the news of 'grey market' trading for this new stock, some voices have interpreted it as a signal of scarce allotments and a substantial post-listing stock price surge.
In response, market experts call for investors to view this rationally. As a 'star' company in the robotics sector, Unitree Tech's listing is another significant example of the capital market serving hard technology and supporting the development of the real economy, attracting widespread attention. However, some directly equate a 'low allotment rate' with the company's stock price 'soaring' after listing, which requires careful consideration. An institutional source stated, 'The so-called new stock scalper intermediaries are actually similar to dark web gambling in principle.'
Looking at the issue price, Unitree Tech's IPO pricing is 150.8 yuan per share, corresponding to a price-to-earnings ratio of 219 times based on its 2025 net profit forecast, far exceeding the industry average P/E ratio of 38 times.
'This price is also the result of full consideration and negotiation by all parties, taking into account the company's industry position, R&D capabilities, and development potential. It already largely reflects the investment value of the company based on its current fundamentals,' said a public fund manager. 'The allotment rate is influenced by multiple factors such as issue size and subscription volume, but the demand for subscription and market sentiment are not static. One cannot directly infer from this that the company's stock price will immediately realize a substantial increase after listing.'
In fact, market participants hold a wait-and-see attitude regarding Unitree Tech's post-listing performance: the optimistic camp is bullish on its profitability, advantages of full-stack in-house R&D, and the long-term potential of the embodied AI sector; the cautious camp focuses on earnings stability, commercialization prospects, and the sustainability of high growth.
In essence, a company's issue pricing is the result of full negotiation by all parties based on company value, reflecting the value expectations of professional market institutions for the company's current status. 'Scalper' trading involves subjective speculation about the post-listing stock price outside the framework of professional institutions. 'This type of off-exchange trading lacks a unified pricing standard, relying entirely on private negotiation between buyers, sellers, and intermediaries. Quotations are highly arbitrary and may deviate from the company's true fundamental value, leading to inflated valuations,' said a relevant person from Southwest Securities' research institute.
A Guojin Securities investment banking professional further pointed out, 'Under 'scalper' pricing, the actual transaction volume and proportion are extremely small, having a very limited impact on stock price trends. Isolated instances cannot be equated with secondary market price expectations.'
Practice has proven countless times that without fundamental support, even if a company's stock price rises in the short term, it will eventually experience valuation reversion over a longer period. In this process, investors who buy in at high prices are likely to suffer significant losses. In the long run, this not only encourages short-term and new-stock speculation in the market but is also detrimental to enhancing the resilience and confidence of the capital market.
Wang Xingxing, Chairman, General Manager, and Chief Technology Officer of Unitree Tech, also noted during the IPO roadshow, 'We hope that investor friends buy our company's stock because they recognize its value, not for speculation.'
In this regard, several interviewed experts reminded investors to exercise more rationality and calm in the face of the hype surrounding off-exchange 'scalper acquisition.' They should adhere to legal and compliant investment participation through personal, real-name securities accounts. Only rational investing and prudent decision-making constitute a sustainable approach. Meanwhile, a legal expert stated, 'Such under-the-table operations cannot rule out the possibility of longer interest chains behind them. For those who manipulate the market by inciting emotions or controlling allotments, regulators will resolutely investigate and punish promptly to maintain market trading order.'
