From Chips to Embodied Intelligence
Over the past week, the A-share IPO market has maintained its strong momentum, with all four newly listed stocks surging on their debut day, delivering substantial gains for investors. This is clearly linked to the concentrated influx of hard-tech targets for subscription. Over the past two weeks, the Shanghai, Beijing, and Shenzhen exchanges have taken turns driving activity, successfully heating up the IPO market.
Notably, on August 10, the humanoid robot unicorn Unitree Technology will begin its online subscription ahead of a formal listing on the STAR Market (科创板). As a global leader in humanoid robotics, this stock is expected to attract extremely high levels of market capital. Prior to this, the Bluetooth chip manufacturer JieLi Technology will open for subscription in the coming week, its appeal also not to be underestimated.
Past Week: Four New Stocks Surge Across the Board
Last week, the A-share market saw a wave of intensive new listings, with all four new stocks, including ChangXin Memory Technologies, closing higher on their debut day. On July 27, ChangXin Memory Technologies, the largest A-share IPO of 2026, was the first to list on the STAR Market. Priced at 8.66 yuan per share, its opening price surged 471.59%, with a single-day turnover exceeding 141.1 billion yuan. Based on the 500-share allotment per application for the STAR Market, profit per application could reach 19,280 yuan, turning a 1,000 yuan principal into nearly 20,000 yuan in gains, a return rate exceeding 400%. Additionally, the online allocation rate was 0.4714%, significantly higher than typical new stocks, allowing many ordinary investors to benefit from this hard-tech IPO wave.
On the same day, Vichi Technology listed on the Beijing Stock Exchange (BSE). The company, which specializes in upstream peptide bioactive raw materials for the beauty industry, had an issue price of 22.16 yuan per share. Its closing price on the first day rose 155.01%, with a profit of approximately 3,270 yuan per 100-share BSE allotment, offering considerable short-term gains.
On July 29, Qian'an Technology debuted on the BSE. The company focuses on cross-border e-commerce platform self-owned brand consumer goods. Priced at 24.30 yuan per share, its first-day gain was a more modest 58.03%, yielding a profit of about 1,400 yuan per application.
On July 30, Changying Hard Alloy listed on the BSE. The company is a national-level specialized and sophisticated "Little Giant" enterprise in the hard alloy sector. Priced at 18.89 yuan per share, it surged 196.61% on its debut, generating a profit of 32,490 yuan per application, underscoring the premium for hard-tech attributes.
Overall, the returns from new stocks over the past week were determined by the sector. The premium for hard-tech and high-end manufacturing IPOs continues to rise, while returns for ordinary consumer goods IPOs have weakened with increased volatility. The top-tier memory chip leader, ChangXin Memory Technologies, captured the largest portion of the IPO gains this week.
Robot Leader Appears
Ten days from now, Unitree Technology will officially begin its online subscription. As the primary supplier of robots for the Spring Festival Gala over the years, Unitree Technology is arguably one of the most anticipated hard-tech IPOs in recent years. Data shows that Unitree Technology is a world-renowned, internationally leading high-performance general-purpose robotics company. It plans to publicly issue 40.4464 million shares, representing no less than 10% of the total share capital post-issuance. The estimated market capitalization is around 42 billion yuan, with plans to raise 4.202 billion yuan. CITIC Securities is acting as the sponsor. The issue price has not yet been finalized and will be determined after the initial book-building period ends on August 5. The company's main business involves the R&D, production, and sales of general-purpose humanoid robots, quadruped robots, robot components, and embodied intelligence models. It serves various domestic and international research institutions, industrial enterprises, and professional commercial clients. The company has been recognized as a national-level specialized and sophisticated "Little Giant" enterprise and a national high-tech enterprise, certified by the Ministry of Industry and Information Technology and the Ministry of Science and Technology. Both its market share in quadruped robots and its shipment volume of humanoid robots rank first globally.
The company's operating performance has grown steadily in recent years. In 2023, it was still in a loss-making phase. In 2024, with revenue reaching 393 million yuan, it turned profitable. Its profitability surged in 2025, with revenue jumping significantly to 1.699 billion yuan, and the overall gross margin improving from 44.22% to 60.13%. The high-growth trend continued into the first quarter of 2026, with quarterly revenue hitting 420 million yuan. However, it should be noted that non-recurring net profit for the quarter fell 52.55% year-on-year. The company has flagged the risks of "declining net profit" and "slowing growth." Competition in the embodied intelligence industry is intensifying, and the company plans to use the raised funds primarily for R&D projects related to intelligent robot models and robotic bodies. With over a week until Unitree Technology's subscription, the final pricing and valuation will be key factors determining its first-day performance.
BSE Bluetooth Chip Leader Enters the Fray
On August 3, JieLi Technology will open its subscription, aiming to list on the BSE. The issue price is set at 18.86 yuan per share, with a price-to-earnings (P/E) ratio of only 14.99 times, significantly below the industry average. This provides ample safety margin for IPO investors. The total funds raised are expected to be approximately 622 million yuan. Founded in 2010, JieLi Technology operates in the core integrated circuit design sector. Its main business involves the R&D, design, and sales of Bluetooth audio, smart wearable, and AIoT wireless communication chips, serving a vast number of terminal manufacturers and solution providers worldwide. The company is a global leader in Bluetooth audio chips, with its cumulative shipment volume of TWS earphone chips ranking among the top globally. JieLi Technology is one of the few high-quality targets in the domestic consumer electronics chip field to have obtained all three major national official certifications. It has been recognized as a Manufacturing Single Champion, a national-level specialized and sophisticated "Little Giant" enterprise, and a national high-tech enterprise. The company operates steadily with strong earnings stability. From 2023 to 2025, it achieved revenues of 2.931 billion yuan, 3.120 billion yuan, and 2.804 billion yuan, respectively. Corresponding net profits attributable to the parent company were 623 million yuan, 791 million yuan, and 596 million yuan, maintaining long-term stable profitability. However, it is worth noting that sales volumes of its main Bluetooth earphone chip models have declined.
JieLi Technology is opening the subscription window for the BSE, testing the market's pricing appetite for consumer electronics chips with a P/E ratio of less than 15 times. A week later, Unitree Technology will take the baton. As the highest-valued and most closely watched hot IPO target of the year in the robotics sector, its book-building results and first-day performance are likely to become the new benchmark for the IPO market in the third quarter.
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