NextFin News -- China's robotics startup Unitree Technology set its IPO price on Shanghai's STAR Market at 150.80 yuan per share, with a total market capitalization of 60.99 billion yuan and a price-to-earnings (P/E) ratio of 219.23 times.
This pricing far exceeded the previous market estimate of 104 yuan per share and a market cap of 42 billion yuan.
This is not just an ordinary IPO; it resolves the biggest question in the embodied intelligence sector: how much is an embodied company really worth?
This question had no clear answer in the past. Valuations in the primary market were speculative, with figures like 10 billion yuan, 15 billion yuan, or even 20 billion yuan floating around, but they were all part of a closed-door game. Investors would tell their stories, invest and wait for the next round of financing. This cycle lacked open market validation, had no "comparable companies," and no P/E ratio. Pricing was based on consensus, which is a fragile concept—if many people believe in it today, the valuation is high; if the trend changes tomorrow, the valuation collapses.
Unitree brought this matter into the open market. The price of 150.80 yuan per share, the market cap of 60.99 billion yuan, and the P/E ratio of 219.23 are no longer hypothetical figures on paper; they represent real investments made by institutional players in the secondary market.
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