Unitree prices its IPO above expectations
On 6 August, Unitree Technology fixed its IPO issue price at 150.80 yuan per share. On a post-issue share count, that implies a market value of about 60.99 billion yuan, comfortably above the 42 billion yuan valuation the market had broadly expected.
As founder, Wang Xingxing held 23.82 percent of Unitree directly before the listing and a further 9.54 percent indirectly through Shanghai Yu Yi, a combined stake of roughly 33.36 percent. At the issue price, that holding is worth about 20.3 billion yuan.
The market prices in more upside
Several institutions argue Unitree still has meaningful re-rating room. CCB International set a 2026 target market value of about 109 billion yuan, roughly 1.8 times the issue value, which would put Wang’s stake near 36 billion yuan.
The market is, if anything, more bullish. On 6 August, investor Serenity noted that Unitree’s implied valuation in the derivatives market had reached about 29.3 billion US dollars, or roughly 198 billion yuan, some 3.24 times the IPO value. Priced at a 200 billion yuan market cap, Wang’s shares would be worth about 66 billion yuan.
A founding team that defines the 90s cohort
Unitree’s management is a textbook post-90s startup team. Beyond Wang, born in 1990, the software R&D director Zhang Yangguang (1993), structure R&D director Yang Zhiyu (1991) and sales director Chen Li (1990) all belong to that generation. Two core engineers, Zhang and Yang, hold 0.15 percent and 0.49 percent through employee platforms, already worth tens of millions of yuan each.
The investor roster
Unitree’s backers span top-tier venture capital and internet giants. Before the IPO, shareholders holding above 5 percent (directly or as concert parties) include Meituan, Sequoia China and Matrix Partners. Meituan vehicles (Hanhai, Galaxy Z and Chengdu Longzhu) together hold 9.6488 percent; Ningbo Sequoia and Xiamen Yaheng hold 7.1149 percent; Matrix No.1 and No.3 hold 5.4528 percent. Lei Jun’s Shunwei affiliate Astrend IV holds 4.42 percent, making it the fifth largest shareholder.
Among industrial capitalists, Meituan is the largest internet holder, with 35.12 million shares worth about 5.30 billion yuan at the issue price. Tencent holds 2.18 million shares (about 329 million yuan), Alibaba’s Hangzhou Haoyue holds 1.63 million (about 246 million yuan) and Ant Group’s Shanghai Yunyang holds 0.82 million (about 123 million yuan).
DeepSeek enters as a strategic investor
Beyond original shareholders, Unitree brought in strategic investors with industrial synergy. The final strategic allocation was 8.09 million shares, about 20 percent of the issue. The headline name is DeepSeek: its affiliate Hangzhou DeepSeek Artificial Intelligence Research was allocated 933,400 shares for 141 million yuan, with a 36 month lock-up. That makes Liang Wenfeng a Unitree shareholder and binds the two hottest themes, large language models and humanoid robots, through a capital link.
CNPC Kunlun Capital, Southern Grid’s industrial-finance arm, Tianyi Capital and Shanghai Qishan each took 903,300 shares, about 136 million yuan. Kunlun, Southern Grid and Tianyi carry 12 month locks; Shanghai Qishan, linked to Tencent, carries a 36 month lock from Tencent’s first acquisition.
The earnings picture is softer
In the first quarter of 2026, Unitree posted revenue of 422 million yuan, up 68.49 percent year on year, but attributable net profit excluding non-recurring items was just 40.25 million yuan, down 52.55 percent. The company expects first-half revenue of 1.052 to 1.128 billion yuan, still up 35.62 to 45.41 percent, yet net profit excluding non-recurring items of 236 to 283 million yuan, down 6.43 to 21.97 percent. Management attributes the drop to a 38.33 million yuan rise in R&D and heavier brand spending, including a CCTV Spring Festival Gala appearance.
Editor’s note: This article is based on reporting by OFweek Robot. Read the original in Chinese here: https://robot.ofweek.com/2026-08/ART-898890-12005-30697498.html.