Gasgoo Munich-Unitree Robotics (688836.SH) released preliminary offline allocation and online lottery results for its STAR Market debut on the evening of August 11. The filing reveals 19,414 winning numbers for the online tranche, with each allotment allowing the purchase of 500 A-shares.
With the results out, the "first A-share humanoid robot stock" has entered its final pre-listing payment phase. Trading on the STAR Market is expected to begin shortly.
Unitree plans to issue 40.45 million new shares in this IPO—representing 10% of the post-offering capital—at 150.80 yuan per share. That implies total proceeds of roughly 6.10 billion yuan, nearly 1.90 billion yuan above the 4.20 billion yuan originally targeted. The valuation sits at approximately 60.99 billion yuan upon listing.
Image Source: Unitree
Earlier filings show Unitree secured strategic investments from DeepSeek, Tencent Qishan Investment, PetroChina Kunlun Capital, CSG Industrial Finance, and Tianyi Capital. Their backing underscores strong confidence across the supply chain in the long-term potential of embodied intelligence.
Demand on the retail side also blew past expectations. Data shows 9.78 million valid subscription accounts applied for 53.64 billion shares, generating an initial oversubscription ratio of 8,288 times—far above the threshold that triggers a clawback on the STAR Market.
After the clawback mechanism kicked in, 3.24 million shares were shifted from institutional to retail investors. That lifted the final online tranche to 9.71 million shares, yet the winning rate stood at just 0.01809759%—roughly one success for every 5,500 applications. It marks one of the hardest IPOs to win on the A-share market since 2026.
Estimates suggest the paper profit could be substantial. The average first-day gain on the STAR Market this year is 466%, while new A-share listings have jumped an average of 276.04%. Based on those metrics, a single winning allotment could yield a paper profit exceeding 200,000 yuan. If Unitree matches the STAR Market's 466% average, that figure could climb to 351,800 yuan.
Unitree's debut is a milestone for China's embodied intelligence sector. As the A-share market's first pure-play humanoid robot listing, its secondary-market performance will likely serve as a crucial valuation anchor for the entire industry. This could reshape capitalization expectations for companies waiting in the wings, such as Zhiyuan, Leju, and DeepRobotics, while triggering a revaluation of upstream supply chains for reducers, sensors, and servo systems.
