HuoXing Finance reports that on August 4, according to TradingBeats (formerly Hyperinsight), the Unitree IPO contract (para:UNITREE) launched on Hyperliquid this afternoon at an opening price of $73.33, peaking intraday at $75.67 before dropping to a low of $61.92. As of reporting, UNITREE is trading at $62.88, down 14.2% from the opening price and down 16.9% from its intraday high. Since its launch, cumulative trading volume has reached approximately $2.74 million, with open interest valued at around $1.039 million. Market sentiment has shifted from bullish momentum to bearish. The first three funding rate settlements for UNITREE were positive, followed by negative values; the current hourly funding rate is approximately -0.0044%, and the contract’s mark price is about 2.2% below the oracles’ price of $64.30. One UNITREE contract represents the expected value of one share of Unitree Technology. At an exchange rate of approximately 6.742 RMB per USD, the current contract price implies a share value of about RMB 424. Unitree’s prospectus indicates that its total post-offering shares will be no less than 404.46 million. Based on the minimum share count, the current contract implies an implied market capitalization of approximately RMB 171.5 billion; the opening and intraday high prices corresponded to implied valuations of approximately RMB 200 billion and RMB 206.3 billion, respectively. The company plans to raise RMB 4.202 billion, with a public offering ratio of no less than 10%. Based on this, the offering valuation implies approximately RMB 42 billion; the current on-chain implied market cap is about 4.1 times this amount. With projected 2025 revenue of approximately RMB 1.7 billion and non-GAAP net profit of RMB 591 million, this translates to a price-to-sales ratio of approximately 101x and a non-GAAP price-to-earnings ratio of approximately 290x. Compared to ChangXin Technology, Unitree’s current implied market cap is approximately 29.6% of ChangXin’s RMB 579.2 billion offering valuation. ChangXin closed today at RMB 55; with approximately 6.6881 billion shares outstanding post-offering, its current market cap is about RMB 3.68 trillion, meaning Unitree’s implied market cap is only about 4.7% of ChangXin’s.
UNITREE Futures Drops 14% After Listing on Hyperliquid
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Summary
On-chain data shows that UNITREE futures (para:UNITREE) dropped 14.2% on Hyperliquid following listing, falling from $73.33 to $61.92. The contract has recorded $2.74 million in trading volume and $1.039 million in open interest. On-chain analysis reveals negative funding rates of -0.0044% per hour, with the mark price 2.2% below the oracle price of $64.30. The implied valuation is now 171.5 billion yuan, significantly exceeding the fundraising target of 4.202 billion yuan.
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