On March 20, Unitree Robotics' IPO on the STAR Market was accepted, with plans to raise RMB 4.202 billion, corresponding to an issuing market capitalization of no less than RMB 42 billion. This company, which has appeared multiple times on the CCTV Spring Festival Gala and won 11 medals at the first World Robot Games, has finally arrived at the doorstep of the capital market.

The intermediary service agencies for this IPO are no ordinary players: CITIC Securities serves as the sponsor; Rongcheng Certified Public Accountants (Special General Partnership) as the auditor; Beijing DeHeng Law Firm as the issuer's legal counsel; and Zhongshui Zhiyuan Asset Appraisal Co., Ltd. as the appraisal agency.

The list of 46 shareholders disclosed in the prospectus is even more luxurious. Founder Wang Xingxing places himself at the core, surrounded by industrial capital such as Meituan, Tencent, Alibaba, and Geely. Further out are financial capital firms like Sequoia, Matrix Partners, and Source Code Capital, with national-level funds such as the Beijing Robot Fund and China Internet Investment Fund standing at the outermost layer.

01

One Share Equals Ten Votes: Wang Xingxing Holds Absolute Decision-Making Power

As of the date of signing the prospectus, Wang Xingxing directly holds 86,714,964 shares of the company, accounting for 23.8216% of the total share capital, making him the controlling shareholder and actual controller of the company. This figure is not particularly high for any company planning to go public. However, by setting up special voting rights, he has amplified his control.

Specifically, among Wang Xingxing's shares, 44,074,296 are Class A shares, each enjoying 10 votes, while the remaining shares are Class B shares, with one vote per share. As a result, he alone controls 63.5457% of the voting rights. When combined with the employee stock ownership platform Shanghai Yuyi, which he controls, the total voting rights further increase to 68.7816%. Even after his shareholding is diluted to 21.4395% post-IPO, his voting rights will still be as high as 65.3090%, maintaining absolute decision-making power.

Calculated based on the latest post-investment valuation of RMB 12.7 billion, the value of Wang Xingxing's direct and indirect shareholdings exceeds RMB 4 billion. Notably, the partnership interests he holds through Shanghai Yuyi will all be used for employee equity incentives in the future, with the prospectus explicitly stating that Wang Xingxing himself is not included among the incentive recipients.

However, the company's valuation experienced significant fluctuations shortly before the filing. The pre-investment valuation corresponding to the most recent capital increase and equity transfer was RMB 12 billion, while the valuation for an equity transfer just one week earlier was only RMB 5.8 billion, representing a surge of over 107% in seven days. This abnormal fluctuation directly triggered key inquiries from the exchange.

02

Industrial Capital Enters the Scene: Meituan Invests the Most Heavily

Among Unitree Robotics' shareholders, the presence of industrial capital is quite prominent.

Among external shareholders, Meituan-affiliated entities hold the highest stake. Hanhai Information, Chengdu Longzhu, and Galaxy Z together hold 9.6488%. All three are linked to Meituan upon further examination.

Behind this lies Meituan's anxiety. In the cost structure of food delivery, labor costs constitute the largest portion. If robots can one day handle the last few hundred meters of delivery, Meituan's cost structure will be completely rewritten. Wang Xing has mentioned his interest in robots on multiple occasions, and this time, he has invested real money.

Tencent holds 0.5986%, Alibaba holds 0.4490%, and Geely holds 0.1497%. While none of these proportions are high, each company has its own calculations.

Tencent is eyeing the AI ecosystem and cloud services. If Unitree's humanoid robots are to run large models in the future, running on Tencent Cloud would present a natural scenario. Alibaba is looking at e-commerce logistics automation. Robots are already commonplace in Cainiao's warehouses. Geely is focused on intelligent manufacturing. Robots are bound to take on roles in Li Shufu's car factories sooner or later.

It's worth mentioning that just one day before the IPO was accepted, on March 19, at Xiaomi's SU7 product launch, Lei Jun specifically invited Wang Xingxing to attend and publicly thanked him: 'Thank you, Wang Xingxing, for giving us the opportunity to invest in Unitree five years ago.' Shunwei Capital, affiliated with Lei Jun, holds a 4.4245% stake in Unitree Robotics through its related party Astrend IV. An investment made five years ago has now quietly stepped into the spotlight of the IPO.

These industrial capital investments are not just in Unitree but also in their own business scenarios for the next decade.

03

Venture Capital Flocks In: CITIC Securities Adopts 'Investment + Sponsorship' Strategy

Alongside industrial capital, a host of leading venture capital firms and securities firms have also poured in.

Sequoia China holds a total of 7.1149% in shares, making it the heaviest investor among financial capital firms. Ningbo Sequoia holds 6.2100%, and Xiamen Yaheng holds 0.9049%, with both entities acting as concert parties under the same control.

Sequoia's investment logic in hard technology has always been clear: invest in sectors, invest in leaders, and hold for the long term. Unitree Robotics shipped over 5,500 humanoid robots in 2025, ranking first globally. This data is the core basis for Sequoia's heavy investment.

Matrix Partners China holds a total of 5.4528% in shares, with Matrix Partners China I holding 4.2598% and Matrix Partners China III holding 1.1930%. Matrix Partners has deep accumulation in hard technology, having invested in many early-stage projects from robots to autonomous driving. This bet on Unitree is a continuation of its typical 'invest early, invest small, invest hard' logic.

Source Code Capital holds a 2.6035% stake through its funds. With deep layout (strategic layout should be translated as 'strategic layout ' or more naturally as 'deep investments') in industrial digitization and intelligent technology, Source Code is one of Unitree Robotics' important financial investors.

In addition, two subsidiaries of the sponsor, CITIC Securities, have also entered the fray. Goldstone Growth holds 4.1520%, and CSC Investment holds 0.3377%, together holding a total of 4.4897%. This is a typical 'investment + sponsorship' model, where the securities firm uses its own funds to bet on the projects it sponsors, deeply aligning interests.

CITIC Securities' move is not an isolated case. On the STAR Market, it has become standard practice for sponsors to co-invest in companies they sponsor through their private equity or alternative investment subsidiaries. On one hand, the STAR Market's co-investment system requires sponsors to participate in strategic placements with a two-year lock-up period. On the other hand, CITIC Securities' early layout (strategic layout ) in Unitree Robotics through equity financing before the IPO indicates that its judgment of the company is not just 'able to go public' but also 'worth holding for the long term.' Based on an issuing market capitalization of RMB 42 billion, the value of the stakes held by CITIC Securities' two subsidiaries approaches RMB 1.9 billion.

04

National-Level Funds Make Their Move: Capital Forces from Three Regions Converge

National-level industrial funds and local capital platforms have also appeared in the shareholder lineup, jointly betting on this 'first humanoid robot stock.'

The Beijing Robot Industry Development Investment Fund (Robot Fund) holds a 3.8262% stake. This is a municipal-level industrial investment fund established by Beijing with a total scale of RMB 10 billion, jointly initiated by Capital Capital and Beijing State-owned Assets Management in December 2023. Its presence indicates Beijing's expectations for Unitree Robotics' industrial driving capabilities.

The China Internet Investment Fund (CIIF) holds a 2.1089% stake. Co-founded by the Cyberspace Administration of China and the Ministry of Finance, the fund has a planned total scale of RMB 100 billion. CIIF primarily invests in seven areas: internet foundational key technologies and infrastructure, cybersecurity, network information services, cloud computing, big data, artificial intelligence, and industrial digitization. Unitree Robotics represents an important move by CIIF in the robotics sector in recent years.

The Shenzhen Capital Group ecosystem has four shareholders: Xinjiang Shenzhen Capital holds 1.2888%, Jiangsu Jianquan holds 0.5934%, Innovation Capital holds 0.3752%, and Shenzhen Capital Group holds 0.2966%. These four entities act in concert, holding a total of 2.554%. Shenzhen Capital is an important platform for Shenzhen's state-owned assets, and its entry indicates that industrial capital from the Pearl River Delta is also betting on Unitree.

Shanghai Sci-Tech Innovation holds 0.3746%, and Zhongguancun Science City holds 0.9309%. Capital from Shanghai, Beijing, and Shenzhen has all converged.

China Mobile Innovation and Creation holds 0.5986%, a private equity fund under China Mobile. Its investment suggests potential deep cooperation in areas such as 5G + robots, edge computing, and smart parks in the future.

05

Foreign Capital and Industrial Synergy: Several Noteworthy Details

If national-level funds and local capital represent policy endorsements, then the entry of foreign shareholders and industrial chain collaborators reveals Unitree Robotics' true appeal in terms of industrial logic.

First, Hexagon holds a 1.3311% stake. This global leader in industrial software and measurement technology first invested RMB 20 million in 2022 when it acquired a 0.4807% stake in registered capital. Now, this stake is worth over RMB 500 million. Hexagon's investment has a clear industrial chain synergy logic, as robot precision manufacturing cannot proceed without high-precision measurement.

Second, foreign shareholders collectively hold 7.2517%. Astrend IV holds 4.4245%, Vertex holds 1.8085%, and Galaxy Z holds 1.0187%. Among these, Galaxy Z is part of the Meituan ecosystem.

Third, two shareholders have waived their voting rights. CSC Investment has committed to waiving voting rights for its 0.3377% stake, and Shanghai Yunchang has committed to waiving voting rights for its 0.2245% stake. Shanghai Yunchang is a wholly-owned subsidiary of Ant Group, and the waiver of voting rights is to avoid acting in concert with Alibaba-affiliated Hangzhou Haoyue.

Fourth, the employee stock ownership platform Shanghai Yuyi holds a 10.94% stake, but the prospectus discloses that some portions of this platform have not yet been granted. The company plans to grant no less than 50% of the remaining shares within two natural years after the company has been listed for 36 months. This means there will be continuous equity incentives for the next three years post-IPO.

Another set of data worth noting: In 2025, the company's operating income reached RMB 1.708 billion, a year-on-year increase of 335.36%; non-recurring net profit exceeded RMB 600 million, a year-on-year increase of 674.29%.

Since Unitree Robotics publicly released its prospectus on March 20, as of the close on March 23, over two trading days, Xiaomi Group's Hong Kong-listed shares have cumulatively declined by 11.73%, Meituan by 5.14%, and Alibaba by 9.32%.

These shareholders and numbers form the solid foundation of this IPO feast. How the capital story will unfold with an issuing market capitalization of RMB 42 billion depends on how the capital market prices this global leader.

Note: All content in this article is compiled based on publicly available information. If there are any feedback or corrections, please contact Panorama Network for clarification.

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