Trade.xyz buys UNITREE code on HIP-3 after Paragon lists Unitree pre-IPO perpetuals

Unitree has priced its Shanghai initial public offering at 150.8 yuan per share, seeking to raise about 6.1 billion yuan in a STAR Market deal that values the Chinese robotics company at roughly 60.99 billion yuan after listing. The pricing gives the market a formal benchmark after crypto-linked pre-IPO perpetuals on venues including Trade.xyz and Paragon had implied a much higher valuation. The offer covers 40.4464 million new shares, with online and offline subscriptions opening on Aug. 10. Founder Wang Xingxing directly and indirectly holds 33.36% of the company, corresponding to a stake worth about 20.35 billion yuan based on the IPO pricing. The company said during an Aug. 7 online roadshow that entering the capital market marks a new starting point, with proceeds and public-market access expected to support further investment in embodied intelligence, including humanoid robots, quadruped robots and mechas. Wang said the embodied intelligence industry remains at an early stage and that robot generalization capabilities still need broader improvement across the sector. He said Unitree will continue working on large embodied models, scenario data collection, reinforcement learning and self-developed core components. Unitree also disclosed that DeepSeek was allocated 933,400 shares in the strategic placement, corresponding to a 141 million yuan subscription with a 36-month lock-up, while Shanghai Qishan Investment, a subsidiary of Tencent, was allocated 903,300 shares. The updated disclosures add to Unitree's broader operating and valuation picture. Revenue rose from 159 million yuan in 2023 to 393 million yuan in 2024 and 1.7 billion yuan in 2025, while net profit moved from a loss of 11.15 million yuan to profits of 95.47 million yuan and 278 million yuan. In 2025, Unitree said humanoid robot shipments ranked first globally, and Wang said on Aug. 7 that the company had achieved the world's number one shipment volume for humanoid robots by 2025, with net profit increasing rapidly after excluding non-recurring items. First-quarter 2026 revenue growth slowed to 68.49% year on year and adjusted net profit fell 52.55%, while first-half guidance points to slower top-line growth and a decline in adjusted earnings as spending on research and sales rises.