629.44%! Unitree Soars on First Trading Day, Market Cap Surpasses 400 Billion Yuan, Wang Xingxing's Net Worth Hits 130 Billion Yuan, Becomes New 90s Billionaire

Unitree made a strong debut on China's STAR Market today (19th), opening at 1,100 yuan per share (RMB, same below), up 629.44% from its IPO price, with a market capitalization reaching 444.911 billion yuan. Investors who won the lottery and sold at the opening price could earn approximately 474,600 yuan per 500-share lot.

According to prior announcements, the IPO price was set at 150.80 yuan, with 364 million shares outstanding before the offering. The company issued 40.4464 million new shares, representing 10% of the post-issue total shares. The final number of shares allocated to strategic investors was 8.0893 million, accounting for approximately 20% of the total offering.

The announcement also stated that the offering did not include a greenshoe (over-allotment) option. After the issuance, the number of shareholder accounts totaled 27,666. Due to a subscription rate as high as 8,288 times, the final online allotment winning rate was only 0.0181%, setting a new low for new share lotteries this year.

According to the prospectus, Wang Xingxing, Chairman, General Manager, and CTO of Unitree, directly holds 86.714964 million shares, representing 21.4395% of the company's total post-IPO shares. Prior to the IPO, Wang also indirectly held a 9.5367% stake through Shanghai Yuyi, an equity incentive platform, bringing his total direct and indirect ownership to approximately 30%. His stake is now worth over 100 billion yuan, making him the wealthiest individual among China's post-1990 entrepreneurs.

According to the 2025 list of post-90s entrepreneurs released by New Fortune magazine, Liu Jingkang, founder of Insta360, previously held the title with a net worth of 20.2 billion yuan.

As one of the most anticipated IPOs of 2026, Unitree's listing is not only dubbed "the STAR Market's most subscribed new stock to date" but also marks a pivotal shift for China's humanoid robotics industry—from concept validation to a new phase where capitalization and commercialization proceed in parallel.

Notably, Unitree's strategic investor lineup is exceptionally prestigious, including the National Council for Social Security Fund, social security fund portfolios, DeepSeek, CNPC Kunlun Capital, China Southern Power Grid Industrial & Financial Holding, Tianyi Capital (under China Telecom), Tencent-affiliated Shanghai Qishan Investment, and Zhongzheng Investment. Lock-up periods range from 12 to 36 months. DeepSeek was allocated 933,400 shares, representing 2.31% of the total offering.

Founded in 2016 and headquartered in Hangzhou by Wang Xingxing, Unitree is one of the few general-purpose robotics companies in China that has achieved both significant revenue and actual profitability. The company's core products fall into two main categories: quadruped robots and humanoid robots.

Public data shows that in the first half of this year, Unitree achieved 1.152 billion yuan in revenue, a year-on-year increase of 48.54%. This growth was primarily driven by the gradual expansion of downstream application scenarios for humanoid robots and sustained market demand. The company's humanoid robot product line maintained relatively rapid revenue growth.