On September 9, market speculation emerged that DeepSeek has engaged Citic Securities to prepare for a STAR Market initial public offering. According to sources familiar with the matter, this information is accurate, as Citic Securities has already initiated contact with DeepSeek and entered the due diligence phase, although a formal listing advisory agreement has yet to be signed between the two parties.

An analysis of Citic Securities' project pipeline reveals a robust portfolio in the AI and intelligent hardware IPO space, encompassing A-share compute chip and robotics ventures, as well as Hong Kong-listed 18C autonomous driving and embodied intelligence initiatives. Among completed listings, Unitree Robotics made its STAR Market debut on August 19, with Citic Securities serving as sponsor and lead underwriter. The company, specializing in humanoid robots, quadruped robots, and embodied intelligence models, priced its offering at RMB 150.80 per share, issuing 40.4464 million shares to raise approximately RMB 6.099 billion in total proceeds. On its first trading day, the stock opened at RMB 1,100 and closed at RMB 845, representing a 460.34% surge from the offer price. Given the relatively small float and elevated valuation, investors should continue monitoring the company's full-machine deliveries, gross margins, and the commercialization trajectory of humanoid robotics moving forward.