--- title: "UNITREE's Issuance Market Cap Reaches RMB 61 Billion; Over 30 Insurance Companies Enter Indirectly via Private Equity" type: "News" locale: "en" url: "https://longbridge.com/en/news/295177283.md" description: "UNITREE's issuance price on the STAR Market is RMB 150.80 per share, with a market capitalization of approximately RMB 61 billion. More than 30 insurance companies hold shares indirectly through private equity funds and do not appear directly on the shareholder list. CPIC, AIA Life, Ruizhong, NCI, and China Post Life participated in the investment through different fund channels. The shareholding ratios of some insurance companies are clear after penetration, while more than 20 other institutions have made indirect arrangements through deeper-tier funds" datetime: "2026-08-07T03:53:51.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/295177283.md) - [en](https://longbridge.com/en/news/295177283.md) - [zh-HK](https://longbridge.com/zh-HK/news/295177283.md) --- # UNITREE's Issuance Market Cap Reaches RMB 61 Billion; Over 30 Insurance Companies Enter Indirectly via Private Equity On August 6, UNITREE released its announcement regarding the initial public offering (IPO) and listing on the STAR Market, setting the issuance price at RMB 150.80 per share; Based on the total share capital after issuance, the corresponding issuance market capitalization is approximately RMB 60.993 billion. As a key enterprise in the robotics sector, the finalization of UNITREE's pricing has attracted attention. However, the participation method of insurance capital in its shareholder structure reveals a unique layout path. In UNITREE's publicly disclosed list of direct shareholders and strategic placements, insurance capital does not appear as "explicit shareholders." However, when penetrating to the private equity fund level, the shareholding profile of insurance capital becomes visible. **Currently, a total of six insurance companies, as limited partners (LPs), indirectly hold equity in UNITREE through three fund channels.** The first channel is Nanjing Jingwei Chuang No. 3 Investment Partnership (Limited Partnership), which directly holds 1.19% of UNITREE's shares; Among its LP composition, CPIC Changhang Equity Investment Fund, under CPIC, contributed RMB 500 million, holding a 24.59% share; AIA Life contributed RMB 400 million, holding a 19.67% share; Sino-US United MetLife contributed RMB 200 million, holding a 9.84% share. Consequently, these three insurance companies indirectly hold approximately 0.64% of UNITREE's shares after penetration. The second channel is Jinshi Growth Equity Investment (Hangzhou) Partnership (Limited Partnership), which directly holds 4.152% of the shares; Among the contributors, Ruizhong Life and NCI hold 5.45% and 2.55% of the shares, respectively. After penetration, their indirect shareholding ratios are approximately 0.23% and 0.11%, respectively. In addition, this fund includes institutional investors such as CITIC Securities and CITIC Trust. The third channel involves China Post Life, which participates indirectly by holding a portion of the shares in China Internet Investment Fund (Limited Partnership); This fund directly holds 2.11% of UNITREE's shares, but the specific shareholding ratio of China Post Life has not been fully disclosed. **If** **penetrating further to the fourth-level shareholder structure, the scope of insurance capital involvement is even larger** **:** **More than** **20** **institutions, including China Life and PICC Property and Casualty, hold shares indirectly through channels such as the National SME Development Fund and Wuhan Yuanxia Fund.** **However, due to the lack of item-by-item disclosure of details for some funds, they are not included in the precise shareholding statistics.** Insurance capital's avoidance of direct investment in favor of indirect shareholding may be directly related to the timing of financing and changes in valuation. UNITREE's early financing was mostly concentrated between 2016 and 2022, a period when insurance capital's direct layout in science and technology innovation equities was still in its exploratory early stages. On the other hand, asset matching and risk considerations also determined this path; Hard technology enterprises are characterized by long R&D and commercialization cycles, which naturally align with insurance capital that has long liability durations. Leveraging private equity fund managers for portfolio investment helps insurance companies diversify the volatility risk of single projects, complying with regulatory requirements for solvency management; Meanwhile, in terms of accounting treatment, indirect shareholding through private funds is usually classified as Fair Value Through Profit or Loss (FVTPL), which differs from the Other Comprehensive Income (FVOCI) approach that might be adopted for direct shareholding, reflecting different considerations in financial presentation. As UNITREE's listing process advances, changes in the shares indirectly held by insurance capital through private funds remain to be observed by the market. The market carries risks; investment requires caution. This article does not constitute personal investment advice, nor does it take into account the specific investment objectives, financial status, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article are suitable for their specific circumstances. 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