宇树科技上市首日收涨460%、收盘市值约3418亿:定价与首日结果复盘

Executive Summary · English

(Data as of 2026-08-19) Unitree priced its STAR Market IPO at RMB 150.80 per share on the evening of August 9, implying a post-issue market capitalization of about RMB 60.99 billion and gross proceeds of about RMB 6.099 billion — roughly RMB 1.8 billion above the RMB 4.202 billion target. A correction is due: the August 3 edition of this report divided the target raise by the share count to derive an indicative price of ~RMB 104 and a ~RMB 42 billion valuation; the book-building outcome came in about 45% higher, and that gap is the over-raise. The offering P/E is 219.23x (diluted), roughly 5.7 times the 38.56x average trailing P/E of A-share robotics names. On August 10, 9.7846 million retail accounts subscribed at 8,288.82x initial oversubscription; the final online allocation rate after clawback was 0.01809759%, below the 0.02-0.03% the market had expected. One lot of 500 shares requires RMB 75,400, due August 12. Strategic placement locks about 20% of the deal — the National Social Security Fund, DeepSeek and CNPC among the participants, some tranches for 36 months. The shares listed on the STAR Market on August 19: they opened at RMB 1,100, up 629.44% (about RMB 444.9bn at the open), and closed at RMB 845, up 460.34%, for a closing market value of roughly RMB 341.8bn; a winning 500-share lot showed a paper gain of about RMB 347,000 at the close. This report is pricing-stage analysis plus an after-the-fact record; it makes no forecast of subsequent performance and is not investment advice.

• 01Pricing outcome: the offering was priced at RMB 150.80 per share on the evening of August 9, implying a post-issue market cap of about RMB 60.99 billion and gross proceeds of about RMB 6.099 billion — roughly RMB 1.8 billion above the RMB 4.202 billion target. The August 3 edition of this report derived ~RMB 104 per share and a ~RMB 42 billion valuation by dividing the target raise by the share count, about 45% below the actual print; we correct that here explicitly.
• 02Valuation multiple: the offering P/E is 219.23x (diluted), roughly 5.7 times the 38.56x average trailing P/E of A-share robotics names. Working backwards from disclosed figures, that multiple implies a net-profit base of about RMB 278 million — close to the 2025 attributable net profit (~RMB 288 million) rather than the RMB 591 million recurring figure; on the recurring basis the multiple would be about 103x.
• 03Subscription and allocation: on August 10, 9.7846 million valid retail accounts subscribed, an initial oversubscription of 8,288.82x; the final online allocation rate after clawback was 0.01809759% (about 1.8 per 10,000), below the 0.02-0.03% the market had expected and among the lowest on the STAR Market this year (Changjin Photonics 0.020%, CXMT 0.47%). One lot of 500 shares requires RMB 75,400, with payment due August 12.
• 04Strategic placement: about 20% of the deal is locked up via strategic allocation, with the National Social Security Fund, DeepSeek and CNPC among the participants and some tranches locked for 36 months. DeepSeek has separately agreed an AI-model partnership with Unitree, giving the placement an industrial-synergy dimension. Longer lock-ups mean a smaller effective free float in the early trading period.
• 05Existing shareholders and intermediaries (per Jiemian News): Meituan-affiliated vehicles hold 9.65% with paper gains above RMB 3.6 billion; Sequoia China holds 7.11% on cumulative investment of about RMB 102 million; Variable Capital invested RMB 2.09 million in 2018 for a reported return of over 174x; Matrix Partners China holds 5.45% and Shunwei 4.42%. CITIC Securities earned sponsorship and underwriting fees of about RMB 145 million plus a RMB 122 million follow-on investment. A DJI-affiliated fund planned a RMB 10.13 million investment in 2018 and was briefly the largest outside shareholder, but exited via capital reduction in 2019 — a stake worth roughly RMB 3.7 billion at the offering price had it been retained.
• 06Trading rules and historical context: STAR Market new listings have no daily price limit for the first five trading days. New STAR Market listings this year have averaged a 466.61% first-day gain with a 289.48% median, ranging from Yisiwei's 58.93% to Changjin Photonics' 1,510% (Zhenbao Technology second at 1,212.83%) — an extremely wide dispersion. Outcome: on August 19 Unitree closed its first day up 460.34% — almost exactly on this reference class's 466.61% year-to-date mean rather than near the 289.48% median. Worth recording: the reference class was right while the point estimate was wrong. Our August 3 back-solve of RMB 42bn from proceeds divided by shares was about 45% too low, whereas framing a range from the sector's first-day distribution landed close to the real outcome. This report makes no forecast of subsequent performance and is not investment advice.