Unitree Technology's initial public offering price has been set at 150.80 yuan per share, giving the company an initial market capitalization of 60.9 billion yuan based on its total post-listing share count of 404 million shares. Behind Unitree stands a star-studded lineup of institutional investors, with Meituan's affiliates, HongShan China, Matrix Partners China, and Shunwei Capital all poised to reap tens of billions of yuan in net returns, achieving returns of dozens of times their initial investments. Some smaller institutional investors who backed Unitree in its earliest days are looking at returns of over 100 times.
Meituan's Affiliates: 4.8 Billion Yuan Net Gain, 11x Return
According to the prospectus, before the offering, Unitree had a total of 46 shareholders, with Wang Xingxing being the only individual one. Meituan's affiliates, through Hanhai Information, Chengdu Longzhu, and Galaxy Z, collectively hold 9.6488% of the pre-listing shares (or 8.6840% post-listing), totaling 35.1236 million shares. Between 2024 and 2025, these entities invested a cumulative 420 million yuan in Unitree through share transfers and capital increases. Based on the 150.80 yuan issue price, the value of Meituan's stake is approximately 5.297 billion yuan. This translates to a net return of around 4.877 billion yuan and a capital return rate of 1,170.26% in less than three years.
HongShan China: 100 Million Yuan In, 37x Return
HongShan China, an early institutional investor, holds 25.8996 million pre-listing shares (6.4034% post-listing) through Ningbo HongShan and Xiamen Yaheng. It first invested in Unitree in December 2019 at a valuation of just 150 million yuan. Over subsequent rounds, its total investment reached 102 million yuan. The market value of its stake at the issue price is 3.906 billion yuan, yielding a net return of 3.8 billion yuan and a capital return rate of 3,729.41%.
Matrix Partners China: Over 20x Return in Under Three Years
Matrix Partners China, holding 19.8492 million pre-listing shares (4.9075% post-listing) via Jingwei No. 1 and Jingwei No. 3, invested a total of 129 million yuan starting in 2024. The market value of its stake is 2.993 billion yuan, resulting in a net profit of 2.864 billion yuan and a capital return rate of 2,220.16%.
Shunwei Capital and Other Major Investors
Lei Jun's affiliate, Astrend IV (linked to Shunwei Capital), holds 16.106 million pre-listing shares (3.9820% post-listing). It initially invested 62.13 million yuan but sold about one-third of its stake in 2024 for 86 million yuan, netting over 65 million yuan from that sale alone. The remaining shares are valued at 2.429 billion yuan, giving a capital return rate of 5,711.30% on that portion.
Pioneer Investors See Returns of Over 100x
Even earlier backers have seen more spectacular gains. DeXun Investment, which invested 4.6255 million yuan in 2019, sold half its stake in 2024 for 30 million yuan. Its remaining 3.153 million shares are worth 475 million yuan, implying a return of over 19,000% on that portion.
Unitree's very first investor, Yin Fangming, put in 2 million yuan in November 2016. After transferring some shares, he sold his remaining stake to Junwan Hongyi in August 2020. Junwan Hongyi now holds 11.1749 million pre-listing shares (2.7629% post-listing), valued at 1.685 billion yuan. Yin Fangming personally holds 16.62% of Junwan Hongyi, giving him a stake worth about 280 million yuan—a return of well over 100 times on his original 2 million yuan investment.
This article is for reference only and does not constitute investment advice. Investing involves risk, and caution is required when entering the market.
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