To The Moon

Yushu Technology Co.,Ltd. is set to begin its subscription process, having secured strategic investments from entities like the National Social Security Fund and DeepSeek. Prior to the IPO, the company attracted capital from numerous prominent domestic internet industry players, leading venture capital firms, and state-backed guidance funds.

On the evening of August 6, Yushu Technology Co.,Ltd. released its listing announcement for the STAR Market. The announcement details that the company plans to issue 40,446,400 new shares, representing 10% of the total share capital post-IPO. The total share capital after issuance will be approximately 404.46 million shares. The offering price is set at 150.8 yuan per share, with expected total proceeds of around 6.099 billion yuan and net proceeds of about 5.917 billion yuan. This fundraising amount exceeds the previously projected 4.202 billion yuan in the prospectus.

According to the subscription schedule, Yushu Technology Co.,Ltd. will conduct online and offline subscriptions on August 10. The securities code and offline subscription code are "688836," with the online subscription code being "787836." Investors meeting the trading conditions for the STAR Market can participate in the subscription without prepaying subscription funds. The payment deadline for both online and offline subscriptions is August 12 (T+2 day).

Notably, based on the offering price of 150.8 yuan per share and the total post-issuance share capital of 404.46 million shares, Yushu Technology Co.,Ltd.'s IPO market capitalization is 60.993 billion yuan, approximately 61 billion yuan. This corresponds to a P/E ratio of about 219.23 times, higher than the industry average P/E ratio of 38.56 times. From its seed round valuation of 13.33 million yuan at its founding in 2016, the company's valuation has grown by 4,573 times based on the current IPO market cap over ten years.

According to the prospectus, in June 2025, Yushu Technology Co.,Ltd.'s post-money valuation in its final pre-IPO financing round was approximately 12.7 billion yuan. This means that within a year, the IPO market capitalization has increased by about 48.3 billion yuan, representing a valuation growth of approximately 3.8 times.

Where to begin

During the IPO phase, Yushu Technology Co.,Ltd. secured strategic investments from the National Social Security Fund, DeepSeek, and Tencent. This highly anticipated domestic humanoid robotics star company has gathered a roster of investors including many well-known domestic internet industry capitalists, leading venture capital institutions, and state-backed guidance funds.

"The robotics industry is a key driver of new industrial transformation and economic growth, as well as a strategic high ground in global frontier technology competition. As a leader in the general-purpose robotics and embodied intelligence sectors, Yushu Technology Co.,Ltd. stands at the forefront of the industry in areas such as engineering mass production, product iteration speed, product matrix layout, motion control capabilities, and open-source ecosystem development. After its listing, leveraging the capital empowerment advantages of the STAR Market, the company can accelerate core technology breakthroughs, capacity release, and scenario implementation, providing a solid foundation for the industrial application and popularization of general-purpose robots," an industry insider commented.

Support from the Social Security Fund and DeepSeek

According to the announcement, Yushu Technology Co.,Ltd. will conduct online subscriptions on August 10. At the subscription price of 150.80 yuan per share, one lot (500 shares for STAR Market new stocks) requires a payment of 75,400 yuan. This offering price ranks as the second highest among STAR Market new stocks this year, trailing only the 186.88 yuan per share price of the stock scheduled for subscription on August 7.

Based on the average first-day return of 466.61% for the 13 already-listed STAR Market new stocks this year, the floating profit from one lot of Yushu Technology Co.,Ltd. would reach 351,800 yuan. If calculated using the median first-day return of 289.48%, the floating profit per lot would be 218,300 yuan, comparable to the "big meaty" new stocks on the STAR Market like Lianxun Instruments, Changjin Photonics, and Zhenbao Technology. Therefore, for investors, Yushu Technology Co.,Ltd. could become another "meaty" new stock this year.

However, for ordinary investors, the threshold for participating in STAR Market new stock subscriptions is higher than other boards. It requires meeting conditions such as average daily securities assets of at least 500,000 yuan (excluding margin financing liabilities) over the 20 trading days before opening, at least 24 months of securities trading experience, and a risk assessment rating of C4 or above.

Notably, as Yushu Technology Co.,Ltd. prepares to begin subscriptions, it has also disclosed the list of strategic investors participating in the IPO. According to the announcement, a total of nine strategic investors are participating in the strategic subscription, securing 8,089,286 shares, which accounts for 20% of the total new shares issued. Among them, the National Social Security Fund, representing the national team, and DeepSeek have the largest subscription amounts.

The National Social Security Fund is involved through three portfolios: the 601, 502, and 109 combinations. In total, the Social Security Fund has secured approximately 933,400 shares, with a subscription amount of about 141 million yuan, subject to a 12-month lock-up period. Meanwhile, DeepSeek, under Liang Wenfeng's Hangzhou DeepSeek Artificial Intelligence Basic Technology Research Co., Ltd., has also participated in the strategic subscription. According to the announcement, DeepSeek secured 933,400 shares, with a subscription amount of about 141 million yuan, subject to a 36-month lock-up period.

The connection between this leading domestic large-model company and the top domestic humanoid robotics company Yushu Technology Co.,Ltd. has drawn external attention. It is noted that the primary focus of Yushu Technology Co.,Ltd.'s IPO fundraising is on developing the robot's "brain." The company plans to allocate nearly half of the total raised funds to the intelligent robot model R&D project, concentrating on technologies such as embodied large models and data collection. Yushu Technology Co.,Ltd. has stated that its early R&D efforts were focused on body structure and motion control, akin to the "body" and "cerebellum." Since 2024, it has gradually increased R&D investment in the "brain" aspect, specifically embodied large models.

Founder Wang Xingxing has mentioned that humanoid robot hardware has long been sufficient, but the current bottleneck is the "brain." For embodied intelligence and robotics, existing AI models are entirely inadequate, posing the biggest constraint to the large-scale application of humanoid robots. He also noted that the probability of Yushu Technology Co.,Ltd. successfully developing its own robot large model is less than 50%. While the company is globally number one in making the robot's body, tackling the "brain" is a tougher battle. The participation of DeepSeek in Yushu Technology Co.,Ltd.'s strategic placement has led to speculation that the two leading domestic AI companies may further strengthen cooperation to jointly overcome the technical challenges of the humanoid robot's "brain."

Additionally, other participants in the strategic placement include Kunlun Capital under China National Petroleum Corporation, Southern Power Grid's industry-finance holding, Tianyi Capital under China Telecom, and Shanghai Qishan Investment under Tencent, each securing 903,000 shares with subscription amounts of 136 million yuan. The lead underwriter, CITIC Securities, secured 808,900 shares, with a subscription amount of about 122 million yuan.

Why only 10 ASX 200 shares?

Notably, the pre-IPO shareholder lineup of Yushu Technology Co.,Ltd. is equally impressive. As of the IPO, founder Wang Xingxing holds the largest stake, directly owning 86,715,000 shares, representing 21.44% of the total 404.46 million post-issue shares. This includes 44,074,000 Class A special voting shares, where each share carries 10 votes, and 42,633,000 Class B ordinary shares, where each share carries one vote. Under this dual-class share structure, Wang Xingxing directly controls 63.55% of the company's voting rights, making him the controlling shareholder. Additionally, through the employee stock ownership platform Shanghai Yuyi, he indirectly controls 39,828,600 shares, bringing his total controlled voting rights to 68.78%.

According to public information, Yushu Technology Co.,Ltd. was founded by Wang Xingxing on August 26, 2016. He has served as the company's chairman, general manager, and chief technology officer since then, overseeing strategy, operations, and technology. At its inception in 2016, the company received a seed round investment from early angel investor Yin Fangming, who contributed 2 million yuan for a 15% stake, marking the company's first external investment. After subsequent dilution through multiple financing rounds, Yin Fangming's Jun Wan Hong Yi holds 11,174,900 shares as of the IPO, representing about 2.76% of the company, making it the tenth-largest shareholder. Based on the 61 billion yuan IPO market cap, the market value of this stake is approximately 1.685 billion yuan, yielding a net profit of 1.683 billion yuan against the initial 2 million yuan investment, a return rate of 841.5 times.

Wang Xingxing recalled that at the time, robotics was a niche track, and most institutions were unwilling to invest. Yin Fangming supported his research and development of robots. From the angel round in 2018 to the Pre-IPO round in June 2025, Yushu Technology Co.,Ltd. conducted eight financing rounds, raising over 2 billion yuan in total. The valuation grew from approximately 13 million yuan initially to 12.7 billion yuan post-Pre-IPO round, a nearly 976-fold increase over ten years. Based on the 61 billion yuan IPO market cap, the company's valuation has increased by approximately 4,691 times.

As of the IPO, Yushu Technology Co.,Ltd. has 46 shareholders. This humanoid robotics star company, which gained fame for its "yangge dance" performance on the 2025 CCTV Spring Festival Gala, has attracted investments from many well-known domestic internet industry capitalists, leading venture capital firms, and state-backed guidance funds.

In the internet industry capital segment, the Meituan group, through entities Hanhai Information, GalaxyZ, and Chengdu Longzhu, holds 27,706,800, 3,708,400, and 3,708,400 shares respectively, totaling 35,123,600 shares, or about 8.68% of the post-issue total share capital, making it the largest external institutional shareholder of Yushu Technology Co.,Ltd.. Based on the 61 billion yuan IPO market cap, the market value of this stake is approximately 5.297 billion yuan.

The Shunwei Capital dollar fund Astrend IV, founded by Xiaomi Group founder Lei Jun, holds 16,106,000 shares, accounting for about 3.98% of the post-issue total share capital. Based on the 61 billion yuan IPO market cap, the market value of this stake is about 2.429 billion yuan.

The Alibaba group, through Hangzhou Haoyue and Shanghai Yunshang, holds 1,634,300 and 817,200 shares respectively, totaling 2,451,500 shares, or about 0.61% of the post-issue total share capital. Based on the 61 billion yuan IPO market cap, the market value of this stake is about 370 million yuan.

Tencent Group's official strategic investment platform, Tencent Technology, holds 2,179,200 shares, accounting for about 0.54% of the post-issue total share capital. Based on the 61 billion yuan IPO market cap, the market value of this stake is about 329 million yuan. Additionally, Tencent has participated in the strategic placement through Shanghai Qishan Investment.

Furthermore, Dexun Investment, established by former Tencent co-founder Zeng Liqing, holds 3,153,000 shares, representing 0.78% of the post-issue total share capital. Based on the 61 billion yuan IPO market cap, the market value of this stake is about 476 million yuan. However, it is not considered an affiliate of Tencent.

In the market-based venture capital segment, Sequoia Capital China, through Ningbo Sequoia and Xiamen Yaheng, holds 22,605,400 and 3,294,100 shares respectively, totaling 25,899,500 shares, or 6.4% of the post-issue total share capital, making it the largest market-based venture capital shareholder. Based on the 61 billion yuan IPO market cap, Sequoia Capital China's stake is valued at about 3.906 billion yuan.

Matrix Partners China, through Jingwei No.1 and Jingwei No.3, holds 15,506,300 and 4,342,800 shares respectively, totaling 19,849,100 shares, or 4.91% of the post-issue total share capital. Based on the 61 billion yuan IPO market cap, the market value of this stake is about 2.994 billion yuan.

Additionally, Singapore's sovereign investment fund Temasek, through its dollar fund vehicle Vertex Ventures and its renminbi fund vehicle Xiangfeng Xiamen, holds 6,583,200 and 959,200 shares respectively, totaling 7,542,400 shares, or 1.86% of the post-issue total share capital. Based on the 61 billion yuan IPO market cap, the market value of this stake is about 1.138 billion yuan.

In the state-owned and government guidance fund segment, the Beijing Robot Industry Development Investment Fund, managed by Shougang Holdings (0697.HK), holds 13,928,000 shares, accounting for 3.44% of the post-issue total share capital. Based on the 61 billion yuan IPO market cap, the market value of this stake is about 2.101 billion yuan. This is a Beijing municipal-level state-owned industrial fund dedicated to the robotics sector and is the largest single state-owned shareholder in Yushu Technology Co.,Ltd..

The national-level internet industry state-owned fund, China Internet Investment Fund, holds 7,676,700 shares, representing 1.9% of the post-issue total share capital. Based on the 61 billion yuan IPO market cap, the market value of this stake is about 1.158 billion yuan.

Furthermore, Zhongyi Hechuang under the China Mobile industry fund, Zhongguancun Science City under the Haidian State-owned Assets, Shanghai Science and Technology Innovation under the Shanghai State-owned Assets, and Junshi Venture Capital under the Xiamen State-owned Assets, respectively hold 2,179,200, 3,388,600, 1,363,700, and 670,200 shares. Based on the 61 billion yuan IPO market cap, the market values of these stakes are approximately 511 million yuan, 329 million yuan, 206 million yuan, and 101 million yuan, respectively.