Unitree Techn2026-08-19 07:33:51Unitree’s Star Market debut turns early employee options into outsized paper gainsUnitree Technology debuted on Shanghai’s STAR Market on Aug. 19, opening up 629% at RMB 1,100 and briefly reaching a market value of RMB 444.9 billion. While much of the public attention centered on founder Wang Xingxing and outside investors, TechFlow’s report pointed to a different wealth story buried in the company’s prospectus: the employee equity incentive platform Shanghai Yuyi, which holds 10.94% of Unitree. According to the report, the platform houses employee options granted in 2017, when the company was struggling to pay wages and signed option agreements at an exercise price of RMB 1 per unit of registered capital. Based on the first trading day’s price, the largest paper fortune among those option holders reached RMB 1.58 billion. Three early post-90s employees stood out: Yang Zhiyu with about 1.7837 million indirectly held shares, Chen Li with about 946,400 shares, and Zhang Yangguang with about 546,000 shares. The article also described a three-layer holding structure built to work around the 50-partner cap in limited partnerships, broader participation by more than 60 frontline R&D and core technical staff, and two employee asset-management plans subscribed by 171 executives and key employees for a total of RMB 272 million. At the same time, most of the gains remain on paper because of lock-up periods and performance-linked vesting terms.1370
Unitree Techn2026-08-19 03:21:43Unitree Technology Debuts on STAR Market, Jumps Over 500% at the OpenUnitree Technology, described in the source report as the first listed humanoid robotics company, began trading on China’s STAR Market on Tuesday under the ticker 688836. After the opening bell, the stock rose more than 500%, pushing the company’s market capitalization above 350 billion yuan. Before the offering, the company had an equity incentive platform called Shanghai Yuyi, which held 39.8286 million shares, equal to a 10.9414% stake in Unitree. The report said three company executives held indirect stakes through that platform: Yang Zhiyu, head of mechanical structure, with 0.49%; Chen Li, head of sales and service systems, with 0.26%; and Zhang Yangguang, head of algorithms and software, with 0.15%. Based on a 350 billion yuan market value, the corresponding value of those holdings was calculated at about 1.715 billion yuan for Yang, 910 million yuan for Chen, and 525 million yuan for Zhang, according to the figures cited in the source material.1090
