Liang Wenfeng's Unrealized Gains from Unitree IPO Exceed RMB 1.1 Billion; Lei Jun Earns RMB 15.2 Billion; Meituan Group Records RMB 33.3 Billion in Unrealized Gains; DJI Misses Out on Over RMB 25 Billion

On the 19th, Unitree, the first listed stock in the "humanoid robot" sector, officially debuted on the Main Board & Growth Enterprise Market (GEM), opening with a 629.44% surge to RMB 1,100.00 per share. At the current price, winning one lottery unit in the IPO subscription yields a profit of RMB 474,600.

It was no easy feat for retail investors to secure an allocation in Unitree's IPO.

The valid number of shares subscribed online for Unitree's IPO reached a staggering 53.637 billion shares, while the final number of shares issued online was only 9.707 million. Consequently, the final allocation rate was determined to be merely 0.0181%. In comparison, the final online allocation rate for the recently popular new listing, Changxin Technology, was 0.4714%, making the probability of securing an allocation in Unitree's IPO less than 4% of that for Changxin Technology.

Notably, Unitree, one of the "Hangzhou Six Dragons," boasts a star-studded lineup of shareholders behind its listing.

Among the top ten shareholders are entities from the Meituan group, Sequoia Capital, Matrix Partners China, and Shunwei Capital. The complete shareholder list also includes internet giants such as Tencent and Alibaba, as well as AI newcomer Liang Wenfeng.

Calculations show that DeepSeek, High-Flyer Quant, and Jiuzhang Asset Management, under Liang Wenfeng, were allocated a combined total of approximately 1.1916 million shares through strategic placement and offline IPO subscriptions. Based on the issue price (same below), their unrealized gains exceed RMB 1.1 billion.

Astrend IV, an affiliate of Shunwei Capital founded by Lei Jun, holds 16.106 million shares, with unrealized gains exceeding RMB 15.2 billion.

The Meituan group is Unitree's largest external shareholder by shareholding ratio. Through Hanhai Information, Chengdu Longzhu, and Galaxy Z, it holds a combined total of approximately 35.1236 million shares, with unrealized gains exceeding RMB 33.3 billion.

Notably, a fund under DJI had the opportunity to participate in Unitree's capital increase in 2018, but the investment ultimately did not materialize. Had the investment been fully retained until Unitree's listing at the estimated amount of RMB 10.12 million, the corresponding equity market value would have exceeded RMB 3.5 billion based on the issue price; calculated at the opening price, the missed opportunity amounts to over RMB 25 billion.

Unitree is a high-performance general-purpose robotics company. It was the first globally to achieve public sales and industry implementation of high-performance quadruped robots. In recent years, its global sales volume of high-performance general-purpose humanoid robots and quadruped robots has remained leading.

In this listing, Unitree raised RMB 6.099 billion. Regarding the use of proceeds, the company plans to invest in projects such as the R&D of intelligent robot models and robot bodies.

In terms of performance, in the first half of 2026, Unitree's total operating revenue was RMB 1.152 billion, a year-on-year increase of 48.54%; net profit attributable to shareholders of the parent company was RMB 274 million, marking a turnaround from losses.

However, Unitree also warned of risks related to slowing growth rates and fluctuations in operating performance.

In recent years, Unitree's revenue and profit scale have achieved rapid growth, rising from RMB 159.1344 million in 2023 to RMB 1.6992693 billion in 2025. During the same period, net profit after deducting non-recurring items grew from -RMB 18.0191 million to RMB 590.7528 million. However, as the company's revenue base has significantly increased, industry enthusiasm has gradually cooled, and market competition has become increasingly fierce, the year-on-year growth rate of operating revenue in the first quarter of 2026 dropped to 68.49%. Furthermore, due to the rapid growth of period expenses, net profit after deducting non-recurring items decreased by 52.55%.

Meanwhile, with the accelerated advancement of global tech companies, the widespread emergence of startups, and the active layout of cross-industry entrants, market competition in the embodied intelligence industry is intensifying further.

Unitree stated that several domestic vehicle manufacturing enterprises and consumer electronics companies have formally laid out their humanoid robot businesses. These companies possess certain advantages in resource investment, market promotion, and manufacturing experience, further intensifying competition in the humanoid robot industry in areas such as product development, talent acquisition, and R&D investment. After related products are launched into the market, they may exert potential competitive pressure on the company in terms of product pricing, market share, and profit margin levels.

Regarding development plans, Wang Xingxing, the actual controller and chairman of Unitree, stated in a letter to investors that after years of accumulation, the company has established a self-developed and self-produced system covering robot bodies, core intelligent algorithms, embodied intelligence, and core components, as well as robot components represented by joint modules, dexterous hands, collaborative robotic arms, and perception sensors. In the future, the company will continue to layout frontier technology R&D, striving to accelerate the high-quality development of the embodied intelligence industrial chain by enhancing financial strength, optimizing corporate governance, and improving talent incentives through the listing. It aims to lead the global robotics industry towards large-scale scenario applications through continuous technological innovation.

China Newsweek

Risk Warning and Disclaimer

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 align with their specific circumstances. Investors bear full responsibility for their own decisions.