Public information shows that Unitree Robotics’ STAR Market IPO application was accepted by the SSE on March 20 this year, with planned fundraising of RMB4.202 billion. Based on the assumption that the new shares will account for no less than 10% of the post-issue share capital, Unitree Robotics would have an implied post-issue valuation of no less than RMB42.0 billion. Shoucheng Holdings participates in the investment in Unitree Robotics through the Beijing Robotics Industry Development Investment Fund. The fund held 3.8262% of Unitree Robotics before the offering and is expected to hold approximately 3.44% after the offering. Based on the above valuation estimate, the corresponding value of this equity stake would be about RMB1.446 billion.

For Shoucheng Holdings, Unitree Robotics’ upcoming review means that its robotics industry investment is entering a value-validation stage. In recent years, the company has continued to deploy capital and resources in embodied intelligence, service robots and commercial application scenarios, gradually building an integrated model of industrial fund investment, offline scenario implementation and capital-market exits. If Unitree Robotics is successfully listed, it will help enhance the visible valuation of Shoucheng’s robotics assets and strengthen market recognition of its industrial investment capabilities. Overall, Unitree Robotics’ IPO creates a clear industrial catalyst and valuation re-rating window for Shoucheng, with the company’s medium- to long-term valuation upside expected to be further unlocked.