- Unitree’s IPO draws fierce demand, with just 0.0181% of online investors
- The valuation debate now shifts to how far the humanoid robot maker can run after listing
Unitree (宇树科技) disclosed on the evening of August 10 that the final allocation rate for its Shanghai IPO was just 0.0181%, meaning investors had roughly a one-in-5,554 chance of winning a subscription lot.
The company, widely billed as the first humanoid robotics company to list on China’s A-share market, began its online and offline offering earlier that day.
Each winning lot consists of 500 shares and requires a payment of 75,400 yuan ($11,178).
Among the hardest IPOs to win
The odds are among the lowest for a STAR Market IPO this year. Most new listings on the market have posted subscription rates of around 0.02% to 0.03%.
For instance, high-end laser equipment maker Precision Laser (频准激光), which began subscriptions on August 7, recorded only 0.0201%.
By comparison, CXMT (长鑫存储), a leading Chinese memory-chip maker that listed in July, had a 0.47% allocation rate, an all-time high in the Nasdaq-style board’s history.
Unitree’s final rate therefore makes it one of the most difficult new shares for retail investors to secure this year.
The enthusiasm reflects expectations for strong gains after listing. A-share IPOs have gained an average 276% on their first trading day this year, while the average for STAR Market listings has reached 466%.
If Unitree matched that average, one winning lot could generate a paper gain of roughly 350,000 yuan.
Valuation remains a debate
Unitree priced its shares at 150.8 yuan, implying a post-IPO market capitalization of about 60.99 billion yuan and a price-to-earnings ratio of around 220 times.
Analysts are broadly bullish, but their valuation estimates vary sharply.
China International Capital Corp. and SPDB International, among others, estimate that Unitree’s IPO valuation could support a post-listing market capitalization of roughly 60 billion to 100 billion yuan.
CICC has set a 2026 target price-to-sales multiple of 32 times, implying a potential valuation of about 109 billion yuan.
Downside risk
More conservative estimates based on earnings multiples put fair value at around 30 billion to 45 billion yuan, using a 2026 price-to-earnings range of 35 to 45 times.
Under those assumptions, the stock could face downside risk after listing.
The unusually wide gap highlights the challenge facing investors: Unitree is entering the market with enormous expectations for China’s humanoid robotics industry, but at a valuation that already prices in substantial future growth.
