Mutual funds and private equity funds remained the biggest recipients in Unitree Technology's IPO, taking initial offline allotments worth a combined 2.19 billion yuan, or about 64% of the total initial offline placement, while bank wealth management subsidiaries also emerged as a notable participant in the blockbuster deal. Unitree priced its offering at 150.80 yuan per share, implying a listing market capitalization of about 60.99 billion yuan, and intense demand pushed the online final winning rate down to 0.01809759% after the clawback mechanism was triggered. Newly disclosed allotment results show 53 wealth management products under six bank wealth management subsidiaries received about 140,000 shares worth nearly 21.13 million yuan, with Ningyin Wealth Management and Everbright Wealth Management accounting for more than 80% of the shares allotted to the group. The showing marked a broader and more concentrated presence than in the earlier Changxin Technology IPO, where 29 products under five subsidiaries won 4.544 million shares worth about 39.35 million yuan. The allocations underscore how falling fixed-income yields and regulatory support are encouraging bank wealth management firms to expand into IPO subscription strategies through equity and fixed-income-plus products. The appeal is strengthened by the very low retail winning rate and the potential for strong first-day gains in A-share IPOs, although actual returns can diverge because 10% of Unitree's offline allotment is locked up for six months and wealth management products still face risks from equity-position volatility, possible price breaks under the registration-based system and the limits of subscription strategies within broader multi-asset portfolios.