On August 19, A-shares’ “first humanoid robot stock,” Unitree Robotics (688836.SH), officially debuted on the STAR Market. Opening at 1,100 yuan per share, it skyrocketed 629.44%—a jaw-dropping 949.20 yuan jump from its IPO price of 150.80 yuan—pushing its market cap to 444.9 billion yuan.
As one of the “Six Little Dragons of Hangzhou,” Unitree Robotics issued a total of 40.4464 million shares, with 9.707 million available for online subscription. Priced at 150.80 yuan per share with a P/E ratio of 219.23 times, each winning lot (500 shares) translated into a cool 474,600 yuan profit.
Unitree’s shareholder roster reads like a who’s who of tech royalty, and they’re all basking in hefty paper gains from this listing. Liang Wenfeng’s DeepSeek, High-Flyer Quant, and Nine Chapter Asset Management collectively secured about 1.1916 million shares via strategic placement and offline IPO subscription, pocketing over 1.1 billion yuan in floating profit. Meanwhile, Astrend IV, an affiliate of Shunwei Capital founded by Xiaomi’s Lei Jun, holds 16.106 million shares, now worth over 15.2 billion yuan more than at IPO.
Interestingly, Meituan’s camp is the largest external shareholder in Unitree. Through Hanhai Information, Chengdu Longzhu, and Galaxy Z, it holds roughly 35.1236 million shares, reaping more than 33.3 billion yuan in unrealized gains.
Looking at other backers, the prospectus reveals that as of its signing date, Tencent Technology directly held 2.17917 million shares of Unitree. Alibaba Group’s indirect wholly-owned subsidiary, Hangzhou Haoyue, held 1.634346 million shares. Ant Group’s wholly-owned entity, Shanghai Yunchang, held 817,236 shares.
Sequoia Capital China, with a combined Unitree stake of 7.11%, stands as a key institutional investor. Matrix Partners China, via Jingwei No.1 and Jingwei No.3, holds a total of 5.45%.
Founded on August 26, 2016, Unitree Robotics is helmed by legal representative Wang Xingxing. The company focuses on R&D, production, and sales of high-performance general-purpose humanoid robots, quadruped robots, robotic components, and embodied intelligence models. As the controlling shareholder and actual controller, Wang Xingxing directly owns 23.8216% of shares and commands 68.7816% of voting rights through special voting arrangements.
Post-listing, restricted A-shares account for 92.5611% of tradable shares, while unrestricted A-shares make up 7.4389%. For strategic placement, the sponsor’s subsidiaries, the issuer’s senior management and core employee special asset management plans, along with other strategic investors, participated at a 20% allocation ratio. The raised funds are earmarked for R&D investment, capacity expansion, and marketing initiatives.
For the first half of 2026, the company reported revenue of 1.1522456 billion yuan, up 48.54% year-over-year; net profit of 273.9999 million yuan, reversing a loss of 32.0245 million yuan in the same period last year; and net cash flow from operations of 231.5453 million yuan, down 32.53% from a year ago.
