News linked to both this project and an event.
According to STAR Market Daily, humanoid robotics company Current Robotics (Yuanliu) has publicly disclosed its financing progress for the first time, having completed seed, angel, and Pre-A funding rounds with a cumulative total of several hundred million RMB. Financial investors include Baidu Ventures, Hillhouse Capital, Oasis VC, Monolith Capital, Qianhai Ark, FSG Investment Management, and Junshan Capital; strategic partners include Agibot, StarSea, and JiKe Technology. The proceeds will primarily be used to advance large-scale acquisition of human full-body data, with a key focus on the research and development of core technologies such as whole-body dexterous manipulation foundation models and interactive world models.
Odaily News: It is understood that Unitree Robotics angel investor Yin Fangming invested 2 million yuan in August 2016 for a 15% stake in the company, at a post-investment valuation of only 13 million yuan. After subsequent rounds of financing dilution, as of before the IPO, Junwan Hongyi, controlled by Yin Fangming, held 11.1749 million shares, representing approximately 2.76% of the company, making it the tenth-largest shareholder of Unitree Robotics. Based on the issuance market value of 61 billion yuan, the stake was valued at approximately 1.685 billion yuan; currently, Yin Fangming still holds approximately 16.62% of Junwan Hongyi.As Unitree Robotics debuted on the Science and Technology Innovation Board (STAR Market) today and its stock price briefly surged past 1,100 yuan, the market value of Junwan Hongyi's stake once climbed to 12.292 billion yuan. At present, Unitree's stock price is tentatively reported at 884 yuan, with Junwan Hongyi's stake still valued at as much as 9.878 billion yuan, representing paper gains of 9.876 billion yuan, a gain multiple of up to 4,938 times. Compared with the 840-fold return based on issuance market value, the gains have nearly sextupled. The look-through market value corresponding to Yin Fangming's remaining personal interest is approximately 1.638 billion yuan. Counting only this portion of equity and the 1.3106 million yuan in equity transfer income disclosed in 2018, Yin Fangming's book return on his 2 million yuan angel investment has exceeded 819 times.
Odaily News Unitree Technology (688836.SH), the "first humanoid robot stock on the A-share market," has drawn significant market attention for its IPO subscription. The company's issuance price-to-earnings ratio has reached 219.23 times, significantly higher than the industry average of approximately 38.56 times, with the effective subscription multiple in the offline inquiry phase surpassing 2,618 times.In addition, primary market investors have already reaped considerable returns. Variable Capital invested only 2.09 million yuan in 2018, and its return multiple has now soared to over 174 times. Sequoia Capital China has injected a cumulative total of approximately 102 million yuan over the years, and based on the issuance price estimate, its shareholding market value is approaching 3 billion yuan. Meituan-affiliated entities collectively hold a 9.65% stake through multiple investment vehicles, with book gains exceeding 3.6 billion yuan.However, contrasting with the high returns in the primary market, secondary market investors will face a game between high valuations and limited floating chips. Unitree Technology will publicly issue approximately 40.44 million shares this time, with the initial online offering ratio at only about 16%, while the remaining shares are mainly allocated to institutional investors through strategic placement and offline inquiry. Based on a total share capital of approximately 404 million shares after issuance, the floating shares on the first trading day will be around 29.77 million shares, accounting for about 7.36% of total share capital, with over 90% of shares remaining locked up.Currently, Unitree Technology has not yet announced a specific listing date. Following the STAR Market's new share issuance process, the company is expected to officially begin trading as early as mid-August. (Tencent Technology)
Odaily News: Unitree Robotics officially opened IPO subscription on the STAR Market today. According to the announcement, Unitree Robotics' offering price is set at 150.80 yuan per share, with a market capitalization of approximately 60.993 billion yuan at the time of listing, and an expected total fundraising amount of 6.099 billion yuan. The online subscription code for this offering is 787836, with an expected online issuance of 6.471 million shares. The market estimates the lottery win rate at 0.02%–0.03%. It should be noted that after the subscription period concludes, the lottery results will be announced on August 12, and successful investors must complete payment on the same day. If an investor wins the lottery three times within 12 months but fails to make full payment, they will be restricted from participating in new stock and bond subscriptions for six months.Yang Chao, chief strategy analyst at China Galaxy Securities, noted that the capital threshold for participating in this IPO subscription is relatively high, and the lottery win rate is low. Share prices are likely to experience significant volatility in the early stages of the STAR Market listing. Investors should fully assess the risks associated with the high valuation and ensure timely and full payment if selected, avoiding missed payments that could trigger subscription restrictions.
According to Chaoxiang Research, CXMT listed on the STAR Market on July 27, surging 471% at opening, with market capitalization briefly exceeding 3.3 trillion yuan. Nomura Securities released its initiation report on the same day, granting a Buy rating with a target price of 116 yuan, corresponding to a 20x P/E ratio based on 2028 EPS of 5.8 yuan, implying over 12x upside based on an issue price of 8.66 yuan. Nomura noted that AI is driving a structural surge in DRAM demand, with AI memory demand CAGR exceeding 60% from 2026 to 2030, while global supply growth rate is only 30% to 40%, and the supply-demand gap will continue to widen. As the world's fourth-largest DRAM manufacturer, CXMT currently holds a global share of about 10%, expected to rise to 18% by the end of 2028, approaching Micron's scale. Q1 2026 revenue was 50.8 billion yuan (YoY +719%), and net profit attributable to shareholders of the parent company was 24.76 billion yuan (YoY +1688%), with quarterly profit already exceeding the full year 2025. Nomura believes CXMT should enjoy a "China premium," with the 20x PE valuation based on the midpoint between Micron's 10x historical average and the 1 to 3x valuation gap between Chinese and US semiconductor equipment stocks. Northeast Securities gave a valuation range of 3.2 to 5.7 trillion yuan on the same day, while Nomura's 7.76 trillion yuan is relatively optimistic; the core divergence lies in CXMT's long-term market share ceiling.
According to Odaily, Citrini analyst jukan posted on platform X that The Information reports DeepSeek's ARR is nearing $500 million, and the company has successfully raised $7.4 billion in funding. DeepSeek is designing a second funding round to allow it to raise dollar-denominated capital from overseas investors, with a particular focus on attracting investment from the Middle East. DeepSeek has also hired investment banks to prepare for an IPO on the Shanghai STAR Market, targeting a listing next year. By selling access to its latest flagship model V4, DeepSeek maintains a gross margin of over 50%.
chip company Changxin Technology has received approval from the China Securities Regulatory Commission for registration and has officially initiated its IPO issuance procedures on the STAR Market. The company plans to raise 29.5 billion RMB through this issuance. Based on the fundraising amount and the number of shares issued, the estimated issuance price is approximately 4.41 RMB per share, and the estimated total market capitalization after listing will be close to 295 billion RMB.The company expects to achieve revenue of 110 billion to 120 billion RMB in the first half of 2026, with net profit ranging from 66 billion to 75 billion RMB, marking a turnaround from losses to profitability growth.According to the issuance arrangements, the initial strategic placement ratio is 50%, and the offline placement follows the "3+7" rule, with 70% of the shares distributed to offline investors locked up for 6 months. Calculations show that approximately 78% of the issued shares will be under restricted trading on the first day of listing, corresponding to an estimated tradable market capitalization of about 6.5 billion RMB for new shares on that day.Additionally, online investors are required to have STAR Market trading permissions and meet the Shanghai market value requirements. Some major shareholders have committed to a lock-up period of 36 months. The lead underwriter, CICC, has a 15% over-allotment option, allowing it to conduct price stabilization operations within 30 calendar days after listing.
on July 6 that according to the Shanghai Stock Exchange official website, the IPO review status for Unitree Technology Co., Ltd. on the STAR Market has been changed to "Registration Effective."It is reported that for this IPO, Unitree Technology plans to publicly issue no less than 40.4464 million new shares, accounting for no less than 10% of the total share capital after issuance, with a planned total fundraising amount of 4.202 billion yuan. According to the prospectus data, from 2023 to 2025, the company's operating revenue was 159 million yuan, 393 million yuan, and 1.699 billion yuan respectively, while net profit was -11.1451 million yuan, 95.4747 million yuan, and 278 million yuan respectively, making it one of the few high-performance general-purpose robot companies in the world to achieve profitability. (Bianews)
Odaily News According to the Shanghai Stock Exchange (SSE) official website, the STAR Market IPO application of Shanghai Enflame Technology Co., Ltd. (hereinafter referred to as "Enflame") has been reviewed and approved by the exchange's listing review committee. Enflame initiated its IPO辅导 in August 2024 and completed the辅导 evaluation in January this year. Notably, the company changed its sponsor from CICC to CITIC Securities in October last year, and its listing application was accepted by the SSE on January 12, 2025.According to the prospectus, Enflame Technology plans to raise 6 billion yuan for the research and development and industrialization projects of its fifth-generation AI chip series, the research and development and industrialization projects of its sixth-generation AI chip series, and an advanced AI software and hardware collaborative innovation project. (Caixin)
Odaily reports: Nvidia CEO Jensen Huang announced at the GTC conference in Taipei that the company has selected China's Unitree as its first humanoid robot AI platform partner for universities and research institutions. Together, they will launch the Isaac GR00T reference design, accelerating the arrival of the "Physical AI" era.The platform deeply integrates Unitree's H2 humanoid robot (approximately 1.8 meters tall, weighing 68 kg) with Nvidia's Jetson Thor computing platform, Blackwell GPU, Isaac GR00T model, and simulation software. It is also equipped with Singapore-based Sharpa's dexterous hand. The platform is open to top global research institutions, with the first batch including Stanford, ETH Zurich, UCSD, and Ai2. Jensen Huang emphasized that this initiative aims to lower the barrier to entry for humanoid robot development by providing an out-of-the-box, full-stack development environment. He believes that "Physical AI" will be the next wave following generative AI, with a long-term market size potentially reaching tens of trillions of dollars.The upgraded version, the H2 Plus, is expected to be available and open for general sale in October 2026. Notably, Unitree is planning an IPO on the Shanghai Stock Exchange's Sci-Tech Innovation Board (STAR Market), aiming to raise 4.2 billion yuan. Over 40% of its revenue comes from overseas, highlighting its significant global presence. (Techstartups)
Odaily Seer monitoring shows that the prediction market Predict.fun has launched a new prediction event: "What will be the market cap ranking of CXMT at close on its IPO day," with total trading volume currently at $93,000.On May 27, ChangXin Memory Technologies (CXMT), a leading domestic memory chip company, successfully passed its IPO review on the STAR Market (SSE STAR) and plans to raise 29.5 billion yuan, which would mark the second-largest IPO in the history of the STAR Market. Benefiting from the memory industry upcycle, CXMT reported a Q1 2026 revenue of 50.8 billion yuan and a net profit attributable to parent company of 24.762 billion yuan for the single quarter, achieving a dramatic turnaround from losses to profits year-over-year. This strong earnings potential has sparked extremely high market expectations for its post-listing valuation, with some suggesting it could challenge the top tier of A-share market capitalizations. According to the settlement rules, this event will ultimately be settled based on the descending order of total market capitalization from the "Shanghai-Shenzhen-Beijing A-shares" section of East Money (东方财富网) at market close.Odaily Seer continues to monitor prediction markets, observing changes before prices are set.