As Unitree completed its STAR Market subscription in August 2026 at a post-issue value of 60.99 billion yuan, the race for the next humanoid listing intensified. Galaxy General, a Beijing embodied-large-model humanoid firm, carried out a sweeping management overhaul, ten out and nine in, with former chairman Guo Xiaoliang and nine others leaving and nine newcomers arriving. The new chairman is Yin Fangming, the angel investor who first backed Unitree.
Yin’s Unitree stake is the stuff of legend. In 2016 he invested 2 million yuan at a 10 million yuan valuation for 15 per cent, the firm’s first angel cheque, reportedly without even a signed term sheet at wire time. By the 2026 IPO prospectus his vehicle held about 3.07 per cent, the tenth-largest shareholder, worth roughly 280 million yuan, a return near 140 times. He had by then moved his direct holding into a partnership he controls, keeping the economic interest while shedding the direct name.
A third entry into the same race
The reshuffle landed about eight months after Galaxy General’s joint-stock reform and four months after a 2.5 billion yuan round hit the bank. Yin’s path to the chair runs through a holding chain: Beijing Xingyuxing, then Galaxy Tuojie, which holds 18.32 per cent, the largest of three platforms totalling 31.32 per cent. He is no passive backer, taking the chairman seat means operating decisions, not just a wait for the listing. The move invites the question his track record raises: is this run fuelled by the lessons of Roobo, the education-robot firm he founded in 2014 that later fell into legal trouble, or by the reward of backing Unitree?
Galaxy General was registered in May 2023. With Unitree’s listing imminent, the humanoid queue, AgiBot, Deep Robotics, Leju, Zhiyuan and others, is forming behind it. A board reset this close to a likely offering is less a crisis than a recapitalisation of control ahead of the market’s verdict.
Editor’s note: This is an adapted translation of the original OFweek report. It has been trimmed and restructured for readability for an international business audience.