Hyperliquid Launches Unitree Pre-IPO Futures at a 4.88x Premium Over the Expected A-Share Price

ChainCatcher report: According to on-chain analyst Ai Yi, the decentralized exchange Hyperliquid has launched a perpetual contract for Unitree Technologies’ pre-IPO shares, with an initial price of $73.33, implying a total share count of approximately 404 million shares and an implied market capitalization of about $29.7 billion (approximately RMB 212.9 billion). As of publication, the contract is trading at around $74, implying a market cap of approximately $30 billion. According to the prospectus, Unitree Technologies plans to issue approximately 40.45 million shares (10% of post-offering total shares) on the STAR Market, resulting in a total share count of about 404.5 million shares, with a targeted IPO valuation of approximately RMB 42 billion (about $5.8–6.2 billion). The A-share pricing results will be announced on August 5, with an expected offering price of RMB 104 per share and a subscription date set for August 10. Based on the expected offering price, Hyperliquid’s current price implies a premium of approximately 4.88 times the anticipated A-share offering price.