Mutual Funds and Private Equity Dominate Unitree IPO Feast
The offline subscription results for humanoid robot leader Unitree Technology’s IPO have been officially announced, with mutual funds and private equity funds emerging as the biggest winners in this capital feast. According to the initial offline allotment results for the initial public offering disclosed on August 12, mutual fund and private equity institutions together received allotments totaling 2.19 billion yuan (approximately $325.7 million), accounting for approximately 64% of the total initial offline placement amount.
Unitree Technology’s IPO was priced at 150.80 yuan per share, giving it a market capitalization of approximately 60.99 billion yuan (approximately $9.1 billion) at listing. Due to an astonishing online preliminary effective subscription multiple of 8,288.82 times, the online final winning rate after the clawback mechanism was activated was only 0.01809759%, demonstrating the market’s extremely strong enthusiasm for this robotics company.
In the offline subscription process, a total of 11,052 valid-priced allotment targets managed by 313 investors participated in this scramble for shares, with effective subscription volume reaching 67.78 billion shares. However, the final offline offering volume was only 22.65 million shares, highlighting the fierce competition.
Top Mutual Funds Compete Aggressively, Six Join the “Billion-Yuan Club”
Among the mutual fund institutions participating in the subscription, top-tier fund companies demonstrated overwhelming capital advantages and channel mobilization capabilities. According to reporter statistics, 5,089 allotment targets under 93 mutual fund institutions received initial allotments, totaling 11.99 million shares with an allotment amount of 1.81 billion yuan (approximately $268.6 million).
E Fund Management topped the list with absolute dominance, with 584 allotment targets under its umbrella receiving initial allotments totaling 1.71 million shares, corresponding to an allotment amount of 258 million yuan (approximately $38.3 million). China Southern Asset Management and ICBC Credit Suisse Asset Management followed closely. China Southern’s 531 allotment targets received 1.44 million shares worth 217 million yuan (approximately $32.2 million); ICBC Credit Suisse’s 464 allotment targets received 1.26 million shares worth 190 million yuan (approximately $28.2 million).
Institutions with allotment amounts exceeding 100 million yuan (approximately $14.9 million) also included China Asset Management (109 million yuan), Guotai Asset Management (108 million yuan), and China Merchants Fund (103 million yuan). Harvest Fund Management, GF Fund Management, and Bosera Asset Management also ranked near the top.
Looking solely at public mutual funds, E Fund had 186 public funds receiving allotments worth 80.72 million yuan (approximately $12.0 million); GF Fund had 155 funds receiving 54.67 million yuan (approximately $8.1 million); China Asset Management had 144 funds receiving 50.71 million yuan (approximately $7.5 million). Behind these numbers lie not only traditional mutual fund products but also diverse capital pools managed by fund companies, including social security funds, annuities, pension funds, and asset management plans.
Notably, not all institutions successfully secured a piece of the pie. Caitong Fund, known for its tech-sector products, unexpectedly came up empty-handed. According to The Paper, during the preliminary price inquiry stage, 22 products under Caitong Fund submitted a bid price of 153.39 yuan, which was ultimately deemed invalid, causing the firm to miss out on this allotment entirely.
Multiple Billion-Yuan Fund Managers “Win the Lottery,” Single Fund’s Highest Allotment Reaches 642,000 Yuan
The movements of star fund managers have always been a focal point of market attention, and this subscription was no exception. Products managed by several well-known managers overseeing tens of billions of yuan appeared on the allotment list.
E Fund Blue Chip Select, co-managed by Zhang Kun of E Fund; Invesco Great Wall Dingyi, co-managed by Liu Yanchun; China-Europe Healthcare and China-Europe Healthcare Innovation, co-managed by Ge Lan; and Ruiyuan Growth Value, co-managed by Fu Pengbo and Zhu Lin, all placed top-tier subscriptions of 12.5 million shares, ultimately each receiving 4,178 shares worth 630,000 yuan (approximately $93,609). Four products under GF Fund’s Liu Gesong collectively received 16,700 shares worth 2.52 million yuan (approximately $374,437); five products under Yongying Fund’s Gao Nan collectively received allotments worth 1.76 million yuan (approximately $262,076).
Among all mutual funds receiving allotments, the single fund with the largest allotment was Invesco Great Wall Strategic Select. This fund also placed a top-tier subscription of 12.5 million shares, ultimately receiving 4,257 shares worth 642,000 yuan (approximately $95,392). The reason it received 79 more shares than comparable products is that, according to the announcement, the 79 residual shares generated from this offline placement were all allocated to this fund according to placement principles.
Quantitative Private Equity Dominates the Rankings, Five Institutions Field Over 1,000 Products
Private securities investment funds were equally active in this subscription. A total of 2,839 allotment targets under 135 private equity institutions received allotments, totaling 2.55 million shares worth 384 million yuan (approximately $57.1 million). Among them, quantitative private equity firms occupied the front ranks by leveraging their advantage in product numbers.
In terms of allotment amount, Hainan Century Frontier topped the list with 33.93 million yuan (approximately $5.0 million), with 230 products receiving 225,000 shares. Ubiquant Investment’s 205 products received allotments worth 31.61 million yuan (approximately $4.7 million); Ningbo High-Flyer Quant’s 155 products received 29.41 million yuan (approximately $4.4 million).
Shanghai Yanfu Investment had the largest number of products, with 271 products receiving allotments totaling 28.91 million yuan (approximately $4.3 million). Its product line covers CSI 1000 Index Enhanced, CSI 500 Index Enhanced, and multiple quantitative strategy products. Shanghai Minghong Investment and Shanghai Chengqi Investment also ranked near the top, with allotment amounts reaching 20.6 million yuan (approximately $3.1 million) and 19.51 million yuan (approximately $2.9 million), respectively.
Just these five quantitative private equity firms—Yanfu, Century Frontier, Ubiquant, Chengqi, and Ningbo High-Flyer Quant—had as many as 1,041 products successfully securing Unitree Technology’s offline allotments.
Beyond quantitative institutions, subjective long-only private equity firms such as Chongyang Investment, Yingshui Investment, Lin Yuan Investment, and Ren Bridge Asset Management also actively participated. Shanghai Chongyang Strategic Investment’s nine products received 4.37 million yuan (approximately $649,708); Yingshui’s 33 products received 2.84 million yuan (approximately $422,564); Lin Yuan Investment’s 34 products collectively received 1.17 million yuan (approximately $173,994); Ren Bridge’s six products received 1.32 million yuan (approximately $196,089).
There was a slight difference in allotment ratios between mutual funds and private equity. The allotment ratio for Class A investors was 0.03342228%, while for Class B investors it was 0.03339470%. Based on these ratios, a Class A mutual fund placing a top-tier subscription of 12.5 million shares typically received 4,178 shares (approximately 630,000 yuan), while a Class B private equity product typically received 4,176 shares (approximately 629,700 yuan).
Explosive Revenue Growth Fuels Valuation Expectations
Unitree Technology is an enterprise focused on the R&D and production of high-performance general-purpose humanoid robots, quadruped robots, and embodied intelligence models. Its predecessor, Unitree Limited, was established in August 2016, with 2026 marking the company’s tenth anniversary.
According to the prospectus, Unitree Technology has experienced explosive revenue growth in recent years. From 2023 to 2025, the company’s operating revenue was 159 million yuan (approximately $23.6 million), 392 million yuan (approximately $58.2 million), and 1.71 billion yuan (approximately $253.8 million), respectively; net profit jumped from a loss of 11.15 million yuan (approximately $1.7 million) to 94.5 million yuan (approximately $14.0 million), and further grew to 288 million yuan (approximately $42.8 million). In the robotics industry, which requires massive R&D investment, Unitree Technology has become one of the few companies globally to achieve scaled sales and sustained profitability.
Market valuation expectations for the company post-listing are quite optimistic. The total expected funds raised from this IPO amount to 6.1 billion yuan (approximately $906.2 million). Previously, CCB International had assigned Unitree Technology a secondary market valuation of 109 billion yuan (approximately $16.2 billion). Some industry insiders also anticipate that its post-listing valuation could reach the 200-billion-yuan (approximately $29.7 billion) mark. Winning one online subscription lot requires a payment of 75,400 yuan (approximately $11,203), and given current market sentiment, investors hold high expectations for the stock’s performance on its first trading day.