Tomorrow marks the Qixi Festival, and Unitree is set to go public. Another remarkable spectacle has unfolded today (August 18) as Pinzhun Laser debuted on the STAR Market. With an issue price of 186.88 yuan per share, it has become the most expensive new stock on A-shares this year. After the market opened, the company's share price surged over 500%, briefly pushing its market value beyond 50 billion yuan. Each lot consists of 500 shares, requiring winning subscribers to pay 93,400 yuan. Based on the opening price of 1,100 yuan per share, investors saw paper gains exceeding 450,000 yuan per lot, setting a new record for first-day returns on new listings.

This also marks the long-awaited bell-ringing moment for founder Zhang Lei, a moment nine years in the making. In 2017, this doctoral graduate from the Chinese Academy of Sciences launched his venture in Shanghai, starting from the demands of quantum technology and choosing the precision laser path, a route few had dared to take. Looking ahead, the wealth-generating effect of new stocks this year has been delivering consistently, from Changjin Photon and Changxin Technology to Pinzhun Laser. The bigger suspense lies in tomorrow—when Unitree Technology will officially list.

Five PhDs teamed up to bring a startup from the lab to an IPO. Zhang Lei, born in 1986, earned his doctorate from the Shanghai Institute of Optics and Fine Mechanics at the Chinese Academy of Sciences, where he later served as an associate researcher. During his academic years, Zhang witnessed firsthand the predicament of relying on imports for core light sources in quantum technology. For quantum research, lasers serve as the critical starting point of experimental systems; once the core light source is constrained, experimental progress and technological iteration are held back. This experience propelled Zhang into entrepreneurship.

In 2017, Zhang founded Pinzhun Laser in Shanghai with several former colleagues. Including himself, all five core technical staff hold doctoral degrees. At the time, the traditional industrial laser market was still expanding, but price competition had already emerged; precision lasers required for quantum technology demanded higher barriers, yet domestic supply was severely limited. "We should focus on what the nation needs," Zhang decided, steering the company's main direction toward precision lasers. While industrial lasers chase power and processing efficiency, precision lasers test precise control over wavelength, linewidth, noise, and frequency stability. A slight drift in laser frequency weakens the interaction between light and atoms in quantum experiments; subtle differences in light source performance also impact the accuracy of wafer manufacturing and inspection.

At that time, domestic research teams were actively seeking domestic alternatives that could break through "bottleneck" technologies. By a stroke of fortune, the quantum research team at the University of Science and Technology of China became the company's first customer, not only demanding a 1064nm laser but also prepaying most of the amount. This became the most critical early order for Pinzhun Laser. Over the next two-plus years, the team iterated repeatedly based on customer feedback. Zhang later recalled that after product delivery, the customer's evaluation was "exceeding expectations." This experience set the company's development model: starting from real research needs, iterating around specific parameters, turning a custom order into a product, and then consolidating the product into a technology platform.

From that 1064nm laser, Pinzhun Laser embarked on the path of domestic substitution for precision lasers. According to the prospectus, Pinzhun Laser currently achieves narrow linewidth, low noise, and high-power laser output across the 177nm to 5000nm wavelength range, with products covering laser components, modules, and systems. Compared to the semiconductor laser and titanium-sapphire laser routes commonly used by overseas manufacturers, its solutions feature vibration resistance, portability, and mode-hop-free operation. The company's business has expanded with its technology, serving customers including the Chinese Academy of Sciences, Tsinghua University, as well as Harvard University, the University of Colorado, and the California Institute of Technology. Additionally, the company has participated in major national research projects such as the "Jiuzhang" series of quantum computing prototypes and the "Quantum Technology 2030 Project."

Through rapid iteration, the company has broken the previous situation where imported lasers accounted for over 90% of the quantum field. According to data cited in the prospectus, in 2024, Pinzhun Laser held a 16.85% market share in China's quantum technology laser market and 9.21% globally. Nine years on, Zhang Lei has brought this domestically produced laser from the lab to the STAR Market.

Super returns. According to the prospectus, the company primarily targets quantum technology, semiconductors, and cutting-edge research fields, offering laser products with precise control over wavelength, linewidth, noise, power, and pulses. In terms of financial performance, from 2023 to 2025, the company's revenue reached 148 million yuan, 292 million yuan, and 418 million yuan respectively, with a compound annual growth rate of 68.20%; net profit attributable to the parent company was 60.46 million yuan, 116 million yuan, and 159 million yuan. More striking is its profitability. Over the past three years, the company's gross margin on main business has consistently remained above 69%. The prospectus notes that the company's niche market has fewer competitors, and foreign manufacturers of similar lasers typically price their products much higher than domestic counterparts, allowing for such high gross margins.

From 2023 to 2025, revenue from the quantum technology segment grew from 115 million yuan to 286 million yuan, remaining the primary revenue source; during the same period, semiconductor business revenue increased from 25.15 million yuan to 104 million yuan, achieving a compound annual growth rate of 103.80%, with its share of main business revenue rising from 17.53% to 25.50%. The growth path is clear, yet boundaries exist. In 2025, quantum technology still contributes nearly 70% of main business revenue, while the overall precision laser market size is limited. Whether new scenarios like semiconductors can continue to expand will determine Pinzhun Laser's next phase of growth potential.

Investors have been arriving along the way. In 2021, Huiguang Rixin, managed by Hangzhou Zhongke Shenguang, signed an investment agreement with Pinzhun Laser. In 2024, Guotou Venture Capital invested through a capital increase, with institutions such as Yuanhe Puhua, Lianxin Investment, and Shenguang Yigong also joining the shareholder list. In June 2025, Puhua Investment, Lianxin Phase III, and Lianxin Phase V became shareholders through share transfers. Before the listing, Zhang Lei directly held 54.71% of Pinzhun Laser's shares and controlled an additional 7.33% through the employee stock platform Shanghai Guangtuan, totaling 62.04% control. After issuance, Zhang's stake was diluted to 41.04%, still maintaining absolute control. Based on the company's opening market value, Zhang's shareholding is worth approximately 18 billion yuan.

Notably, the core team also committed real capital during the issuance. In this offering, Pinzhun Laser allocated 1.8865 million shares for strategic placement, accounting for 18.86% of the total issuance. Among these, "Gongying No. 95," established by 23 senior executives and core technical personnel, received the largest allocation, with Zhang Lei personally subscribing for 40 million yuan. The eight additional external strategic investors brought distinct industrial backgrounds. Companies including BOE Venture Capital, Biwin Storage, AMEC, Lead Intelligent, Lianxun Instruments, and Delphi Laser collectively subscribed for approximately 190 million yuan.

This scene also carries a signal of what's to come. Everyone is waiting for Unitree. This year, the wealth-creation stories of A-share new stock subscriptions have unfolded one after another. As of August 17, all 94 new A-share stocks listed this year rose on their first day, with an average gain of 279.22%. Based on first-day closing prices, five new stocks have already delivered profits exceeding 100,000 yuan per lot. Lianxun Instruments earned 358,600 yuan per lot, while Changjin Photon and Zhenbao Technology reached 309,500 yuan and 270,200 yuan respectively. The most expensive new stock has arrived at the hottest moment for subscription activity.

Pinzhun Laser's issue price of 186.88 yuan set a record for A-share new stocks this year. One lot of 500 shares requires payment of 93,400 yuan. With a first-day gain of around 107%, profit per lot would exceed 100,000 yuan. The accumulating wealth effect has made winning allocations increasingly scarce. For this potential "100,000-yuan lot," 8.1096 million investors participated in online subscription, with valid subscription shares reaching 15.948 billion, and the initial subscription multiple hitting 6,644.98 times. After the clawback mechanism, the winning rate was still only 0.02%—nearly 5,000 allocation numbers were needed to secure one lot.

Such a wealth-creation spectacle has ample precedents on the STAR Market. As of August 11, 14 STAR Market new stocks this year raised a total of 88.032 billion yuan, ranking first among all boards in fundraising scale; the average first-day gain for new stocks once reached 463.24%. Now, Unitree Technology is coming. On August 19, Unitree Technology will list on the STAR Market. With an issue price of 150.80 yuan, one lot requires payment of 75,400 yuan. Based on the first-day performance of A-share and STAR Market new stocks this year, industry insiders generally expect Unitree's profit per lot to exceed 200,000 yuan. After "wishing for an allocation" went viral, "how much can one lot earn" has become a hot topic ahead of Unitree's listing. Nearly ten million investors have flooded in. Unitree's online subscription accounts reached 9.7846 million, setting a STAR Market record; the initial subscription multiple was 8,288.82 times, and after the clawback, the winning rate dropped to approximately 0.018%, making it the hardest new stock to secure in STAR Market history.

This spectacle carries another layer of returns. In June 2025, Unitree Technology's post-investment valuation in its final financing round was 12.7 billion yuan; just over a year later, its issuance market value has expanded to nearly 4.8 times that. Beyond the nearly ten million investors eyeing first-day gains, early shareholders' paper returns will surface on that day, while peers racing toward their own IPOs are watching for a valuation benchmark. It seems everyone is waiting for Unitree. This wait extends far beyond a single IPO—embodied intelligence robots are about to face market validation and the moment of wealth realization.