Gasgoo Munich- Following CXMT, another hard-tech listing on China's A-share market is capturing nationwide attention.
On August 10, Unitree officially opened subscriptions for its STAR Market debut under the ticker 688836. Investors looking to subscribe must complete their orders today, with payments due on August 12.
From the offer price to the allocation ratio, and from the cornerstone investor lineup to the company's fundamentals, every metric of this "first humanoid robot stock" is being dissected by the market.
Putting Up 1.5 Million for Max Subscription, Yet Odds Are One-Tenth of CXMT's
Tech-focused investors have been waiting for this moment. "Xiao Hua," a pseudonymous investor, told Gasgoo that friends have set aside 1.5 million yuan specifically for the subscription. "They're buying the maximum amount possible."
On social platforms like Weibo, posts praying for an allocation are everywhere. Many investors are treating this subscription like a lottery ticket.
The enthusiasm is driven by real profit expectations. Unitree set its offer price at 150.80 yuan per share, meaning one lot of 500 shares requires a payment of 75,400 yuan. Given the median first-day gain of 289.48% for STAR Market listings this year, if Unitree matches that performance, a single lot could yield a paper profit exceeding 200,000 yuan. That explains why many headlines are screaming "One Lot Could Net 200,000."
Image Source: Unitree
But securing an allocation is no easy feat. The initial online tranche consists of just 6.471 million shares, translating to roughly 13,000 available lots across the entire market.
Several brokerages predict Unitree's online allocation rate will fall between 0.02% and 0.05%. Some believe the actual rate could dip even lower given the frenzy. By comparison, CXMT, which listed in July, saw an online allocation rate of 0.47%—making Unitree's odds less than one-tenth of its predecessor.
High payment thresholds and low allocation odds define this listing. To participate, investors need two things: STAR Market trading permissions and sufficient Shanghai market capital. The subscription cap is set at 6,000 shares, requiring 60,000 yuan in Shanghai market assets to max out the order.
Unitree's cornerstone investor lineup is equally impressive. The National Social Security Fund, Tencent, DeepSeek's parent company Beijing DeepSeek Artificial Intelligence, and PetroChina's capital arm all participated. DeepSeek was allocated 933,400 shares, worth about 141 million yuan, with a 36-month lock-up period.
"This market listing marks a brand new starting point for Unitree," Wang Xingxing, Unitree's chairman, general manager, and CTO, said during the IPO roadshow.
From CXMT to Unitree, the Valuation Logic for Hard Tech Is Being Rewritten
Unitree's debut inevitably brings to mind CXMT from half a month ago. When CXMT listed on July 27, its opening market cap surpassed 3 trillion yuan, topping the A-share charts. It raised 57.919 billion yuan, setting a record for the largest IPO in STAR Market history.
As of the close on August 10, CXMT shares sat at 51.43 yuan—more than five times their 8.66 yuan offer price—giving it a total market cap of roughly 3.4 trillion yuan.
Unitree is offering 40.4464 million shares, aiming to raise 6.099 billion yuan. After deducting about 182 million yuan in issuance costs, net proceeds are expected to reach 5.917 billion yuan. Yet some institutions have pegged its target market cap above 100 billion yuan, with broad expectations of a significant post-listing surge. From CXMT to Unitree, the back-to-back debuts of these hard-tech leaders are reshaping how the A-share market values such enterprises.
Image Source: Unitree
The two companies operate in different sectors but share the same capital logic. CXMT is the leader in domestic memory chips and the world's fourth-largest DRAM maker, with a 7.67% market share. Data from Omdia shows Unitree is the global leader in humanoid robots, selling over 5,500 units in 2025 for a market share exceeding 30%. Its cumulative sales of quadruped robots reached 33,000 units—also a global first.
Import substitution, sector leadership, and technological barriers—these three keywords form the core logic driving the capital rush toward CXMT and Unitree.
In terms of growth velocity, Unitree's explosive power is undeniable. Revenue surged from 159 million yuan in 2023 to nearly 1.7 billion yuan in 2025—a near tenfold increase in two years. Net profit swung from a loss to a gain of nearly 600 million yuan. Such speed is almost unimaginable in traditional manufacturing.
Yet the valuation controversy is just as clear. Unitree's offer price of 150.80 yuan implies a diluted post-issue price-to-earnings ratio of 219 times for 2025, compared to an industry average of just 38.56 times. That's more than five times the sector's valuation.
The use of proceeds reflects the company's ambition. Unitree plans to channel most of the funds into model R&D and capacity expansion, targeting an annual output of 75,000 humanoid robots and 115,000 quadruped robots. That scale is more than ten times current sales volumes. Whether the market can absorb that capacity remains an open question.
What is certain is that the flurry of hard-tech listings, from CXMT to Unitree, is driving a valuation reset in the A-share tech sector. Leaders in cutting-edge fields like chips, robotics, and AI are gaining unprecedented pricing power. But the flip side of high valuation is high volatility. A P/E ratio of 219 times has already priced in years of future growth; if performance disappoints, the correction could be severe.
Still, while the subscription is tempting, high rewards always come with high risks. For ordinary investors, rather than betting on luck to win a lot, it may be wiser to calmly assess the company's real value before deciding to jump in.
