The past week has seen a red-hot IPO market in China, with four newly listed stocks surging on their debut days, delivering substantial returns for investors. This wave of gains is tied to a concentrated flurry of hard-tech listings across the Beijing, Shanghai, and Shenzhen exchanges, heating up the subscription market.

Notably, on August 10, humanoid robot unicorn Unitree Technology will begin its online subscription ahead of its official landing on the STAR Market (科创板). As a global leader in humanoid robotics, this stock is expected to attract massive investor attention. Prior to this, Bluetooth chip maker Jie Li Technology will open for subscription in the coming week, also generating significant buzz.

Four New Stocks Surge in Debut Week

Last week, A-shares saw a batch of IPOs, including Changxin Technology (长鑫科技), all of which closed higher on their first day. On July 27, Changxin Technology, the largest A-share IPO of 2026, debuted on the STAR Market. Priced at 8.66 yuan per share, it opened with a jump of 471.59%, reaching a single-day trading volume of over 141.1 billion yuan. Based on the STAR Market's 500-share unit per lot, the profit per lot reached 19,280 yuan, offering a return rate exceeding 400% on a 1,000 yuan investment. The online lottery rate was 0.4714%, significantly higher than typical new stocks, allowing many retail investors to benefit from this hard-tech IPO.

On the same day, Weiqi Technology (维琪科技) listed on the Beijing Stock Exchange (BSE). Specializing in peptide-based bioactive raw materials for the cosmetics industry, it was priced at 22.16 yuan per share and closed up 155.01% on its debut. With 100 shares per BSE lot, investors earned approximately 3,270 yuan per lot.

On July 29, Qian'an Technology (千岸科技), a cross-border e-commerce brand selling consumer goods, listed on the BSE at 24.30 yuan per share, closing up 58.03% and generating around 1,400 yuan per lot. On July 30, Changying Hard Materials (长鹰硬科), a national-level specialized "Little Giant" in cemented carbide, listed on the BSE at 18.89 yuan per share, surging 196.61% on its debut, with a profit of 32,490 yuan per lot, highlighting the premium for hard-tech stocks.

Overall, last week's IPO returns were driven by sector. Hard-tech and advanced manufacturing stocks saw sustained high premiums, while consumer-focused stocks weakened with increased volatility. Memory chip giant Changxin Technology captured the largest gains of the week.

Robot Leader Unitree Technology Approaches Debut

In ten days, Unitree Technology will begin its online subscription. As a key supplier of robots for the CCTV Spring Festival Gala, it is one of the most anticipated hard-tech IPOs in recent years. Unitree Technology is a world-renowned, internationally leading company in high-performance general-purpose robots. It plans to issue 40.4464 million shares, representing at least 10% of post-IPO total shares. The estimated market capitalization is around 42 billion yuan, with a target fundraising of 4.202 billion yuan. CITIC Securities is the underwriter. The final issue price will be determined after preliminary inquiries on August 5. The company focuses on developing, producing, and selling general-purpose humanoid robots, quadruped robots, robot components, and embodied intelligence models. It serves global research institutions, industrial enterprises, and professional commercial clients. Unitree Technology is recognized as a national-level "Little Giant" and a high-tech enterprise, with official certifications from the Ministry of Industry and Information Technology and the Ministry of Science and Technology. It holds the world's largest market share in quadruped robots and leads in humanoid robot shipments. The company's financial performance has grown steadily, achieving profitability in 2024 with revenue of 393 million yuan, up from a loss in 2023. In 2025, revenue surged to 1.699 billion yuan, with gross margins improving from 44.22% to 60.13%. In the first quarter of 2026, revenue continued its upward trend at 420 million yuan. However, net profit excluding non-recurring items fell 52.55% year-over-year in the quarter, prompting the company to flag risks of "declining net profit" and "slowing growth." Competition in the embodied intelligence sector is intensifying, and the funds raised will be used for intelligent robot model and robot body R&D projects. With over a week until the subscription, the final pricing and valuation will be key factors in performance.

BSE Bluetooth Chip Leader Jie Li Technology Enters Market

On August 3, Jie Li Technology (杰理科技) opened for subscription, aiming to list on the BSE. The issue price is 18.86 yuan per share, with a price-to-earnings (P/E) ratio of only 14.99 times, well below the industry average, offering a solid margin of safety. The total fundraising target is approximately 622 million yuan. Founded in 2010, Jie Li Technology operates in the core integrated circuit design sector, focusing on R&D, design, and sales of Bluetooth audio, smart wearable, and AIoT wireless communication chips, serving global terminal manufacturers and solution providers. It is a global leader in Bluetooth audio chips, with cumulative shipments of TWS earbud chips ranking among the top worldwide. Jie Li Technology is one of the few high-quality targets in China's consumer electronics chip sector to hold three major national certifications: Manufacturing Single Champion, national-level "Little Giant," and high-tech enterprise. The company demonstrates stable operations and strong profitability. From 2023 to 2025, it reported revenues of 2.931 billion yuan, 3.120 billion yuan, and 2.804 billion yuan, respectively, with corresponding net profits of 623 million yuan, 791 million yuan, and 596 million yuan, maintaining consistent earnings. However, sales volumes of its primary Bluetooth earbud chip models have declined. Jie Li Technology opens the subscription window on the BSE, testing market pricing appetite for consumer electronics chips at a P/E ratio under 15 times. A week later, Unitree Technology will take the baton as the year's highest-valued, most-watched robot IPO. Its inquiry results and first-day performance will likely set a new benchmark for the third-quarter IPO market.