ME News report, August 10 (UTC+8): The IPO subscription of Unitree Technologies (688836.SH), dubbed "the first A-share humanoid robot company," has drawn significant market attention. The company’s IPO price-to-earnings ratio reached 219.23 times, substantially higher than the industry average of approximately 38.56 times, with the offline inquiry process seeing an effective subscription multiple exceeding 2,618 times. Moreover, early-stage investors have already realized substantial returns. Variable Capital invested just RMB 2.09 million in 2018 and now enjoys a return multiple exceeding 174 times; Sequoia China has cumulatively invested approximately RMB 102 million over the years, and based on the IPO price, its stake is now valued close to RMB 3 billion. Meituan-affiliated entities, through multiple investment vehicles, collectively hold 9.65% of the shares, with unrealized paper gains exceeding RMB 3.6 billion. However, in contrast to the high returns in the primary market, secondary market investors will face the challenge of high valuations coupled with limited tradable shares. Unitree Technologies is offering approximately 40.44 million shares in its public offering, with only about 16% allocated to online retail investors; the remaining shares are primarily allocated to institutional investors via strategic placements and offline inquiries. Based on a post-IPO total share capital of approximately 404 million shares, only about 29.77 million shares—roughly 7.36% of total shares—will be tradable on the first day of listing, with over 90% of shares locked up. Unitree Technologies has not yet announced its official listing date. According to the STAR Market’s new share issuance process, the company could potentially begin trading as early as mid-August. (Source: ODAILY)
MetaEra: UBTech IPO Attracts Strong Subscription, Early Investors Realize Significant Gains
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Summary
On-chain data shows that UBTech Robotics (688836.SH), known as the "first humanoid robot company on the A-share market," has generated strong demand for its IPO. The stock priced at 219.23 times earnings, significantly above the industry average of 38.56. Early investors such as Sequoia China and Meituan have realized returns exceeding 170 times their initial investment. On-chain analysis indicates that less than 10% of shares will be available for trading on the first day, as the majority are locked through strategic placements and underwriting commitments.
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