Some early backers of Unitree Technology have generated paper returns of more than 100 times based on the company's historical capital increases, share transfers and final holdings disclosed in its listing submission. Using the morning-session low of 882 yuan as the reference price, calculations cited by Kechuangban Daily show Dexun Investment's overall return, including proceeds from exited stakes, at about 703x, Xiangfeng Investment at about 560x, Sequoia China's paper return at about 223.5x, and Lei Jun-backed Shunwei Capital at more than 228x. The same calculations indicate that Matrix Partners China, Jiaxing Huamao, a special-purpose fund under Dunhong Asset, and the China Internet Investment Fund also recorded paper gains above 100x, underscoring the scale of returns available to early-stage investors when a portfolio company reaches a high public-market valuation.