July was for Changxin, August is for Unitree.
Today (August 6), Unitree Technology's IPO issue price was set at 150.8 yuan per share, projecting an estimated market capitalization of approximately 60.9 billion yuan. This means Wang Xingxing, the post-90s founder who holds nearly 30% of the shares, is poised to become the richest post-90s entrepreneur on the STAR Market.
It is worth noting that DeepSeek AI, established by Liang Wenfeng, is also on the list of strategic investors, having been allocated 933,400 shares amounting to 141 million yuan.
The exciting time ahead is August 10, when the online subscription for the "first humanoid robotics stock" officially begins. Looking back to the end of last year, the profitable effect of IPOs where "a single lot could earn over 300,000 yuan" is still fresh in memory with the listings of Moore Thread and MetaX. Moving into this year, the market enthusiasm for new share subscriptions remains fervent.
According to statistics from iFind, since the beginning of this year, 87 companies have successfully completed IPOs on the A-share market, with none breaking issue price on their first trading day. Companies like Changjin Photonics and Zhenbao Technology even saw their share prices surge more than tenfold on debut. However, testing one's luck, often out of ten thousand participants in a new share subscription, fewer than four individuals successfully get an allotment.
The big year for IPOs is upon us.
Those Who Missed Changxin Are Now Making Wishes for Unitree
In ten years, a startup can experience a turning point in its destiny.
In 2016, Wang Xingxing rented an office in Hangzhou with a registered capital of only 100,000 yuan, holding a prototype of a quadruped robot called XDog; in 2026, Unitree Technology set a record for the fastest IPO review process so far this year, taking only 73 days from acceptance to approval on June 1.
At this moment, the "first humanoid robotics stock" is ready for launch. Online subscription for Unitree Technology will officially commence on August 10, and the market generally expects it to officially list on the STAR Market in late August.
However, unlike the previously listed Changxin Technology with its massive offering size, the probability of winning an allotment for Unitree Technology is lower. The initial online offering is approximately 6.47 million shares, and even if a clawback is triggered, the online allotment quantity remains limited, with a success rate estimated between 0.02% and 0.05%. Additionally, it was disclosed that 171 employees of Unitree collectively subscribed to shares worth 270 million yuan in this IPO, with founder Wang Xingxing contributing 15 million yuan.
Combined with the issue price of 150.8 yuan per share announced on August 6, the offering market capitalization is approximately 60.9 billion yuan—yet many market institutions already foresee Unitree's future market cap reaching 100 billion or even 200 billion yuan.
Partial List of Strategic Investors
Thus, the imagination space for IPO subscription still fills investors with hopeful anticipation. "Wishing to win a Unitree IPO allotment," across social platforms, investors have begun online prayer mode since the subscription date was confirmed.
Behind this enthusiasm is Unitree Technology's demonstrated promising profitability.
Financial data shows: In 2025, Unitree Technology achieved revenue of 1.699 billion yuan, a year-on-year increase of 332.64%, with a non-GAAP net profit of 591 million yuan, officially turning profitable; for the first half of 2026, it is expected to achieve a revenue increase of 35.62% to 45.41% compared to the same period last year. Looking at its total revenue composition, humanoid robotics revenue in 2025 was approximately 868 million yuan, accounting for 51.78% of main business revenue. In other words, the humanoid robotics business has taken over the growth baton from the quadruped robot business.
Ten years of enduring hardships have not cooled their passion. As written in its prospectus:
"The present moment coincides with the eve of global breakthroughs in AI and embodied intelligence technology. Once this dream seemed distant, but through ten years of relentless effort, we have truly gained the confidence and capability to pursue and realize this dream."
In the 4.2 billion yuan fundraising plan of this IPO, the "Intelligent Robot Model R&D Project" is slated to receive 2.022 billion yuan. This project focusing on the robot's "brain" may be related to the breakthrough for Unitree's next chapter of dreams—achieving large-scale commercialization of general-purpose robots.
The Richest Post-90s Entrepreneur on the STAR Market
"Behind Unitree stands almost half of the investment community," this is no longer news.
In the last round of financing in June 2025, Unitree Technology's post-money valuation reached 12.7 billion yuan. Its shareholder lineup assembles dozens of well-known institutions and local state-owned assets including Sequoia Capital China, Meituan, Matrix Partners, Vertex Ventures, Shunwei Capital, Dunhong Asset, Tencent, Shenzhen Capital Group, and Guanghe Capital.
On this list, the largest external shareholder by stake is the Meituan camp—before listing, Meituan-related companies held nearly 9.65% collectively through Hanhai Information, Chengdu Longzhu, and Galaxy Z, forming the second-largest shareholder group after founder Wang Xingxing and the employee持股 platform.
Looking along the timeline, Yin Fangming was Unitree's earliest angel investor. In 2016, when Wang Xingxing started his venture, Yin Fangming invested 2 million yuan in Unitree Technology for a 15% equity stake. Later, in August 2020, Yin withdrew from Unitree's shareholder list as an individual investor but remained a shareholder indirectly by holding Tianjin Junwan Hongyi.
Interactions between Yin Fangming and Unitree Technology are rarely seen publicly. Details in the prospectus show that in 2023, Yin Fangming personally spent 56,400 yuan to purchase fitness pumps, robotic arms, and other components from Unitree Technology.
Meanwhile, founder Wang Xingxing is set to become a new post-90s billionaire. Before listing, Wang Xingxing directly and indirectly held nearly 33% of Unitree's shares. After dilution from the IPO, his stake remains around 30%. Merely based on the current offering market cap calculation, Wang Xingxing's net worth will easily exceed 10 billion yuan, and it would be even more astonishing if calculated based on a market cap of 100 billion yuan.
For the industry, Unitree's IPO holds significant symbolic meaning.
According to incomplete statistics, nearly 20 embodied intelligence companies are currently in or have initiated IPO processes, including other STAR Market aspirants like Yun Shenchu and Fourier Intelligence, and those targeting the Hong Kong market like Zhiyuan Robot, Galaxy General, Xinghaitutu, Zhipingfang, Zibianliang Robot, Zhuji Power, and Kuaiwei Intelligence—most of these companies have already entered the unicorn valuation territory of tens of billions or even crossed the 20 billion yuan threshold.
It can be imagined that in the current fervor surrounding embodied intelligence, as a leading company in the industry, Unitree's market performance post-listing will inevitably serve as a reference for valuation realization for companies in the embodied intelligence赛道.
The Window of the IPO Boom Year
As predicted at the beginning of the year, 2026 is a boom year for IPOs.
Before Unitree, major AI model companies MiniMax and Zhipu AI IPOed on the Hong Kong Stock Exchange in January this year amid great anticipation, while memory giant Changxin Technology just listed on the STAR Market in July; and after Unitree, computing power giant Superfusion, GPU manufacturer Suiyuan Technology, NAND giant Yangtze Memory, and commercial aerospace firm LandSpace are all pushing forward intensively towards the final steps of their IPOs.
Amid this density, sentiment for new share subscriptions is exceptionally heated.
On the A-share market, memories are still fresh of the "收益超300,000 yuan per lot" profit narrative brought by Moore Thread and MetaX last December. Following that, since 2026,超级大肉签 like Hengyunchang, Dapowei, Lianxun Instrument, Changjin Photonics, Zhenbao Technology, and Changxin Technology have appeared. Almost every month, the market hears of phenomenal cases of IPO subscription returns.
According to iFind statistics, from the beginning of 2026 to August 4, a total of 87 companies successfully completed IPOs on the A-share market, with an average first-day gain of 278%, and none broke their issue price on debut. Even the lowest gainer, Oulun Electric, saw a first-day increase of over 20%. This means that investors who successfully subscribed to new shares so far have almost all made money. Looking further, top gainers among new listings like Changjin Photonics, Zhenbao Technology, and Lianxun Instrument saw first-day gains of 1510%, 1212%, and 875% respectively—winning a single lot on debut could yield收益 of hundreds of thousands of yuan on the same day.
However, winning a new share allotment is much harder than imagined.
Among the 87 IPOs this year, the companies with the highest success rates for allotment were Changxin Technology, Huarun New Energy, and Huike shares, with allotment rates of 0.47%, 0.14%, and 0.07% respectively. For most others, the allotment rates were actually below 0.04%, meaning that out of 10,000 participants in a new share subscription, fewer than four individuals got an allotment.
This scarcity of allotments恰恰 reflects investors' enthusiasm for new listings, especially for those hard-tech companies that open up the imagination for China's technological future: such as the currently hot Unitree, which was the world's number one company in humanoid robot shipments in 2025; and the previously hot subscription target Changxin Technology, which is the world's fourth-largest DRAM manufacturer. Similar narratives are playing out densely.
An IPO is never just a trading moment; how the era rewards innovation is the greater proposition.
Disclaimer: This article does not constitute any investment advice. The market involves risks, investment requires caution. Please make independent judgments and decisions.
This article is from the WeChat public account "Investment Community" (ID: pedaily2012), author: Feng Yuchen
