Unitree Robotics has opened subscription for its STAR Market listing at an issue price of RMB 150.80, implying a post-offering valuation of about RMB 61 billion. Founder Wang Xingxing directly and indirectly holds 33.36% of the company, giving him a paper fortune of roughly RMB 20 billion based on the filing cited in the source material. The listing caps a long climb that began with hand-built student projects, an early quadruped robot assembled on a tight budget, and an awkward 2017 appearance on the sidelines of the Wuzhen internet conference, where few people knew his name. The story tracks Unitree’s path from Wang’s early years in Zhejiang and his time at Zhejiang Sci-Tech University and Shanghai University, to the launch of XDog and the later commercial debut of Laikago. It also details the company’s financing history, including early backing from Yin Fangming, support from Zhang Peng’s fund at a cash crunch, and later rounds involving Shunwei Capital, Meituan-linked investors, Tencent-related capital, state-backed funds and others named in the source. The report also covers Unitree’s surge in public visibility through repeated appearances on China Central Television’s Spring Festival Gala, the company’s 2025 domestic revenue mix, humanoid robot sales, and Wang’s return to Wuzhen years after he first attended as a little-known founder outside the main venue.