Gasgoo Munich- Unitree Technology opened subscriptions for its STAR Market listing on August 10, trading under code 688836 with an online subscription code of 787836, according to Gasgoo Embodied Intelligence. Investors looking to participate should act today, with payments due on August 12.The offer price was set at 150.80 yuan per share, requiring 75,400 yuan for a single lot of 500 shares. That is a steep entry. However, given the average 276% first-day surge for new listings this year, Unitree could deliver a paper profit of over 200,000 yuan per lot if it follows suit. That potential payout explains why financial headlines are already promoting the chance to "make 200,000 yuan on a single lot."Securing an allocation will not be easy. Roughly 6.47 million shares are available for the online tranche, with institutions predicting a winning rate of just 0.02% to 0.03% — lower than most recent STAR Market debuts. It is a game that will likely favor only the lucky few.The lineup of strategic investors is notably high-profile. The National Social Security Fund, Tencent, DeepSeek, and a unit of PetroChina all participated in the placement. DeepSeek, for its part, was allocated roughly 930,000 shares subject to a 36-month lock-up period — a clear signal of long-term confidence.Fundamentally, Unitree lives up to its billing as the "first humanoid robot stock." It sold over 5,500 humanoid robots in 2025, capturing more than 32% of the global market to rank first; its cumulative quadruped robot sales hit 33,000 units, also a global leader. Revenue surged from 159 million yuan in 2023 to nearly 1.7 billion yuan in 2025. The company swung from a loss to a profit of nearly 600 million yuan, with growth continuing into the first half of this year.The risks, however, are stark. At 150.80 yuan, the issue price implies a price-to-earnings ratio of over 200 times last year’s profit — well above the industry average of 38 times. Most of the raised capital will fund model development and capacity expansion, targeting annual production of 75,000 humanoid robots and 115,000 quadrupeds. Whether the market can absorb that volume remains an open question. The IPO may be tempting, but high returns have always come with high volatility — ordinary investors should tread carefully.
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