STARPLUS LEGEND (6683.HK), a company deeply tied to Jay Chou since its inception, continues to captivate the market with its latest venture—IP-powered companion robots. The firm recently announced two major orders totaling 6,000 units worth RMB 120 million for its "STARDOG," a quadruped robot developed in collaboration with Unitree Robotics, a leading player in consumer robotics.

The orders, placed by Taiwan-based A-DATA Technology (3260.TWO) and Hong Kong-listed Cloud Factory (2512.HK), validate STARPLUS LEGEND’s commercialization strategy. Priced at RMB 20,000 per unit, the STARDOG targets the consumer market while integrating AI and entertainment IP elements. Notably, Cloud Factory—the buyer of the RMB 100 million order—reported a net profit of RMB 15 million in H1 2025, with total assets of RMB 961 million as of June 30, 2025.

The company’s stock, however, dipped 3.11% to HKD 8.41 on November 10, reflecting a market cap of HKD 7.5 billion.

**Jay Chou Effect and New Narratives** STARPLUS LEGEND’s shares surged 94.38% on July 9 after Jay Chou joined Douyin (China’s TikTok) as "JayChou_Official," amassing over 23 million followers. Capitalizing on the momentum, the company raised HKD 324 million via a share placement on July 25 to fund IP expansions, including robot development and entertainment facilities.

A strategic partnership with Unitree Robotics was unveiled on July 30, followed by STARDOG’s debut at Shanghai Tourism Festival in September. The robot’s design emphasizes emotional engagement through IP integration, aligning with STARPLUS LEGEND’s "IP + Robot + AI" vision.

**Diversification Beyond Jay Chou** While Jay Chou remains central to its IP portfolio (contributing 45.2% to 2020’s revenue), STARPLUS LEGEND is broadening its scope: - Acquiring a 1.17% stake in Beijing National Stadium Co. ("Bird’s Nest") for RMB 24.3 million in September. - Investing USD 8 million in Korean talent agency Galaxy Entertainment (home to G-Dragon and Kim Jong-kook) via a fund. - Launching licensed Jay Chou concert collectibles in October.

H1 2025 financials showed a 32.99% revenue growth to RMB 355 million, though net profit fell 58.88% to RMB 10 million due to non-operating losses. New consumer products (e.g., Mando Coffee) drove a 91.5% sales increase, offsetting an 8.9% dip in IP operations.

**Market Skepticism and Transparency** Questions linger about STARDOG’s commercial viability, with critics noting the nascent stage of consumer robotics. Cloud Factory’s order—accounting for 10.42% of its assets—has yet to be disclosed per HKEX rules, raising compliance concerns. Analysts caution that unexecuted "intent orders" could risk regulatory backlash.

**Path Ahead** CFO Lai Guohui highlighted plans to expand IP-derived products (toys, apparel, robotics) and artist collaborations. Open-source Securities projects growth through original IPs and global talent partnerships.

Will STARPLUS LEGEND reduce its reliance on Jay Chou? The market watches as its robotic and IP bets unfold.