Unitree Robotics, one of the Six Little Dragons of Hangzhou, saw its shares rally 6 times on its Shanghai Stock Exchange STAR Market debut on Wednesday, bringing the company's valuation to 61 billion yuan (HK$70.94 billion).
The Hangzhou-based humanoid and quadruped robot maker, which is the first humanoid robot manufacturer to list on the mainland, rose 629 percent to trade at 1,100 yuan apiece, compared with its offer price of 150.8 yuan. That translates to a paper gain of 474,600 per 500 shares. The market capitalization reached 444.9 billion yuan.
Based on the offering price and a post-issuance total share capital of over 400 million shares, the valuation at the time of the offering was approximately 61 billion yuan. Its retail tranche was oversubscribed by more than 5,500 times, making the shares far harder to secure than those of memory chip giant ChangXin Memory Technologies, which listed earlier.
According to the company's prospectus, Unitree Technology chairman Wang Xingxing directly holds approximately 86.71 million shares, representing about 21.4 percent of the total share capital after the offering. Prior to the offering, he also indirectly held about 9.5 percent of the company’s shares through the equity incentive platform Shanghai Yuyi.
In other words, Wang Xingxing’s combined direct and indirect shareholding is approximately 30 percent, with a market value exceeding 100 billion yuan, making him the richest person born in the 1990s. According to the 2025 list of post-90s entrepreneurs published by New Fortune magazine, Insta360 founder Liu Jingkang was previously the new richest post-90s individual with a net worth of 20.2 billion yuan.
