Unitree IPO Priced at RMB150.80 a Share, Market Cap about RMB60.9 Billion; DeepSeek, Tencent Among Strategic

Unitree Technology Co. , Ltd. disclosed its initial public offering (IPO) price and strategic placement details on the evening of August 6. The issue price was set at RMB150.80 per share, corresponding to an issue market capitalisation of approximately RMB60.9 billion. Hangzhou DeepSeek Artificial Intelligence Basic Technology Research Co. (DeepSeek) was allocated 933,399 shares, representing 2.31% of the offering, with a lock-up period of 36 months, at an amount of RMB141 million based on the issue price. Tencent's Shanghai Qishan Investment Co. was allocated 903,290 shares, amounting to RMB136 million, with a lock-up period of 36 months from the date Tencent Technology (Shanghai) Co. first acquired shares in the issuer, and 12 months from the date of the issuer's IPO and listing, whichever is later.

Among the large enterprises with strategic cooperation or long-term collaboration intentions with Unitree's business are also CNPC Kunlun Capital Co. , China Southern Power Grid Industrial Finance Holdings Co. , and Tianyi Capital Holdings Co. In addition, Unitree's Employee No. 1 Asset Management Plan was allocated 1,356,100 shares, representing 3.35% of the offering, with a 12-month lock-up period, subscribed by 159 core employees; the Employee No. 2 Asset Management Plan was allocated 444,297 shares, representing 1.1% of the offering, with a 36-month lock-up period, subscribed by 12 senior management and core employees.

After the offering, Unitree's total share capital stands at 404,464,340 shares. According to the announcement, the issue price corresponds to a diluted static price-to-sales ratio of 35.89 times for 2025, and a diluted price-to-earnings ratio of 219.23 times for 2025, calculated on the lower of earnings before or after deducting non-recurring gains and losses. Unitree's IPO was accepted on March 20, approved on June 1, and registered effective on July 2, taking a total of more than 100 days.