Innovation is fundamentally a process of trial and error; the more paths explored, the more likely an effective direction will be found. The listing of Yushu Technology is expected to create a demonstration effect, and with adjustments to the STAR Market listing standards, more embodied intelligent robot companies are likely to follow.

In 2020, Zheng Juncong, a founding managing partner at Vertex Ventures, was captivated by the robot dogs from Boston Dynamics, which has ties to the Massachusetts Institute of Technology (MIT), while in Boston. He immediately concluded that "China is bound to produce similar hardcore tech companies." He had his team conduct a thorough online search, quickly locating Yushu Technology Co., Ltd. (688836.SH). At that time, the commercial application scenarios for robot dogs were still unclear. During internal meetings at Vertex Ventures, some members questioned whether the robot dog had a "clear application scenario and could scale up." However, Zheng Juncong valued the solid technical strength and persistence of Yushu Technology's founder, Wang Xingxing, and decided to override objections, making Vertex Ventures the sole institutional investor in Yushu Technology's Pre-A round. Later, Vertex Ventures made an additional investment. Today, Yushu Technology has become a benchmark company in China's quadruped robot sector, and Vertex Ventures' investment in Yushu Technology has yielded returns exceeding 100 times.

From the acceptance of its IPO application on March 20, 2026, to the successful review on June 1, Yushu Technology completed the process in just 73 days, setting a record for the fastest review speed since the implementation of the STAR Market's pre-review mechanism. On the evening of August 6, 2026, Yushu Technology announced its STAR Market listing, setting the initial public offering price at 150.80 yuan per share, with an expected total capital raise of approximately 6.099 billion yuan, and a net proceeds of about 5.917 billion yuan after deducting issuance costs. The funds will be used primarily for robot research and development, new product development, and production facility construction. Based on the offering price and the total share capital of 404.46 million shares after the issuance, Yushu Technology's market capitalization at listing is approximately 60.993 billion yuan.

In the secondary market, Yushu Technology has become the most talked-about "dream stock" among investors, described as "the stock with the most subscription accounts in STAR Market history," "the hardest stock to win a lottery for this year," and "a single lot could earn 200,000 to 300,000 yuan." In the view of a founding partner at a venture capital institution deeply involved in the embodied intelligent robot sector, it remains uncertain whether embodied intelligence will generate significant economic benefits in the foreseeable future and how specific application scenarios will be implemented. However, from an investment logic perspective, this sector has clearly moved beyond purely commercial return considerations and is now deeply tied to national strategy. Against the backdrop of escalating US-China technology competition, sectors such as GPUs, AI chips, semiconductor equipment, and humanoid robots are seen as critical for technological self-sufficiency. Therefore, even if the short-term profit model is unclear, policy and capital levels still tend to continue increasing resource allocation. Guotai Junan Securities analyst Ge Shoujing believes that Yushu Technology's listing makes it the "first humanoid robot stock" on the A-share market, marking the official arrival of the first pricing benchmark for the embodied intelligent sector in the secondary market, transitioning the industry's valuation system from primary market negotiations to secondary market validation.

Yushu Technology Co.,Ltd. is the world's second-largest manufacturer of humanoid robots by shipment volume, shipping 5,900 units in the first half of 2026, capturing a 31% global market share, second only to Zhiyuan Robot's 44%. The company's core products cover two categories: humanoid robots and quadruped robots, with over 90% of its core components self-developed and produced. On August 10, Yushu Technology officially began online and offline subscriptions on the STAR Market. As a star robot company that has appeared on the Spring Festival Gala, the difficulty of subscribing for Yushu Technology's shares reached historic highs. "Earn 200,000 yuan lying down," one lucky investor who won a subscription for Yushu Technology shares excitedly wrote on social media, accompanied by a screenshot of the allotment, instantly drawing a flurry of envious comments. On August 11, the topic "a single lot of Yushu Technology could earn 200,000 yuan" topped the financial hot search list, attracting widespread attention. Reports indicate that on some social platforms, scalpers have publicly offered to buy winning shares for 200,000 yuan per lot (500 shares).

On August 12, Yushu Technology's allotment rate was announced. Due to the high oversubscription ratio of 8,288 times, the final online distribution allotment rate was 0.0181%, setting a new low for new stock allotment rates this year. Investors need to pay 75,400 yuan for one lot (500 shares). According to Wind data, Yushu Technology's online allotment rate is far lower than that of the previously listed hot stock Changxin Technology, being only 1/26th of that rate, ranking 25th from the bottom among the lowest new stock allotment rates this year and setting a historical low for the STAR Market. On average, only one out of every 5,500 subscribers can secure an allotment, highlighting the immense difficulty. CCB International has given Yushu Technology a secondary market valuation expectation of 109 billion yuan. This means that based on a 100 billion yuan valuation, investors could earn about 50,000 yuan per lot, and if the market cap reaches 200 billion yuan, a lot could earn about 172,000 yuan. Wind data shows that based on the average first-day gain of 279.22% for A-share new stocks in 2026 as of August 14, investors could earn about 210,000 yuan per lot of Yushu Technology. Based on the average first-day gain of 463.23% for STAR Market new stocks in 2026 as of August 14, investors could earn about 349,300 yuan per lot.

According to the offering schedule, Yushu Technology had a total share capital of 364 million shares before the issuance, and this public offering involves 40.4464 million new shares, representing 10% of the total share capital after the issuance. The final strategic placement amount is 8.0893 million shares, accounting for approximately 20% of the offering size. The strategic placement lineup for Yushu Technology is exceptionally strong, including the National Council for Social Security Fund, social security fund portfolios, DeepSeek, China National Petroleum Corporation Kunlun Capital, China Southern Power Grid Industry-Finance Holding, Tianyi Capital (under China Telecom), Tencent-affiliated Shanghai Qishan Investment, and CITIC Securities Investment, with lock-up periods ranging from 12 to 36 months. Among them, DeepSeek received 933,400 shares, accounting for 2.31% of the total offering; CNPC Kunlun Capital, China Southern Power Grid Industry-Finance Holding, Tianyi Capital, and Tencent-affiliated Shanghai Qishan Investment each received 903,300 shares, representing 2.23% of the offering; CITIC Securities Investment received 808,900 shares, accounting for 2% of the offering. Additionally, Yushu Technology's employee special asset management plans also participated in the strategic placement, namely CITIC Securities Asset Management Yushu Technology Employee Participation in STAR Market Strategic Placement No. 1 and No. 2 Collective Asset Management Plans. Notably, Yushu Technology and DeepSeek are both members of the "Hangzhou Six Little Dragons," being global leaders in general-purpose robot R&D and manufacturing and a leading global AI large model company, respectively. According to the announcement, the cooperation directions between Yushu Technology and DeepSeek include: first, collaborative R&D towards general artificial intelligence; second, deep cooperation in high-performance general-purpose robots; and third, deep cooperation in AI large models. Additionally, DeepSeek will provide Yushu Technology with commercially competitive cooperation plans, including but not limited to technical support in model architecture, intelligent computing cluster construction, and data center operations based on needs and business development. The wealth ripple effect from Yushu Technology's listing has quietly spread to Hangzhou's real estate market. Real estate agents in Hangzhou's Binjiang District have put up signs welcoming "Yushu big shots home," promoting large 200-square-meter-plus apartments.

Who Benefits Most

When Yushu Technology was founded in 2016, it received a seed round investment from early angel investor Yin Fangming. He invested 2 million yuan for a 15% stake, marking the company's first external investment. After subsequent financing rounds, up to the IPO, Yin Fangming's controlled entity, Junwan Hongyi, held 11.1749 million shares of Yushu Technology, representing approximately 2.76% of the equity, making it the tenth-largest shareholder. Based on the 61 billion yuan issuance market cap, the market value of Junwan Hongyi's holdings is approximately 1.685 billion yuan, yielding a floating profit of about 1.683 billion yuan and a return of 842 times on its initial 2 million yuan investment. Wang Xingxing later stated, "When we started our business in 2016, the robot industry was very niche, completely different from the boom today. At that time, Yushu Technology's valuation was only over 10 million yuan, and we raised 2 million yuan. That money lasted about a year and a half, and we were almost unable to pay salaries. But when we started shipping in 2018, fundraising became a bit smoother."

As of the prospectus filing, Yushu Technology had 46 major shareholders. Besides the controlling shareholder and actual controller, other major shareholders individually or jointly holding 5% or more of Yushu Technology's shares include Shanghai Yuyi, Hanhai Information Technology (Shanghai) Co., Ltd. (referred to as "Hanhai Information"), Ningbo Hongshan Kesheng Equity Investment Partnership (referred to as "Ningbo Hongshan"), Xiamen Yaheng Venture Capital Fund Partnership (referred to as "Xiamen Yaheng"), Jingwei No.1, and Jingwei No.3. Among them, Shanghai Yuyi is Yushu Technology's employee shareholding incentive platform, holding 10.94% of the shares, making it the second-largest shareholder. The shareholders of Shanghai Yuyi include Wang Xingxing, his controlled enterprises, and individuals like Chen Li and Yang Zhiyu, who are directors of Yushu Technology, holding 0.1255% of Shanghai Yuyi each. Meituan-affiliated Hanhai Information holds 7.61% of Yushu Technology, making it the third-largest shareholder. Meituan also holds 1.02% through GalaxyZ and 1.02% through Chengdu Longzhu, totaling a 9.65% stake. Ningbo Hongshan is the fourth-largest shareholder, holding 6.21%. Additionally, Hongshan China-affiliated Xiamen Yaheng holds 0.90%, and Hongshan China holds a combined 7.11% stake in Yushu Technology through these two entities. Matrix Partners China holds 5.45% of Yushu Technology through Jingwei No.1 and Jingwei No.3, with Jingwei No.1 holding 4.26% as the sixth-largest shareholder and Jingwei No.3 holding 1.19%. Shunwei Capital-affiliated Astrend IV holds 4.42%, making it the fifth-largest shareholder. According to public information, Lei Jun is the founding partner and chairman of Shunwei Capital. CITIC Securities, the lead underwriter for Yushu Technology's IPO, holds 4.15% and 0.33% of Yushu Technology through its private equity investment fund Jinshi Growth and wholly-owned subsidiary CITIC Securities Investment, respectively, totaling a 4.49% stake, with Jinshi Growth being the seventh-largest shareholder. Besides the top ten shareholders, the complete shareholder list also includes internet giants like Tencent, Alibaba, and Ant Group. Among Yushu Technology's early investors, DJI made a brief appearance. Before starting his business, Wang Xingxing worked at DJI for just over two months before leaving to found Yushu Technology. In 2018, DJI planned to invest 10.1286 million yuan through its fund to participate in Yushu Technology's second capital increase, which would have given it approximately 17% equity at a post-investment valuation of about 60 million yuan. The business registration was completed, making DJI the largest external shareholder. However, this investment did not materialize, and DJI chose to reduce its capital and exit the shareholder list in 2019. If DJI had retained that investment until Yushu Technology's listing, the estimated market value of those shares at the offering price would be about 3.7 billion yuan.

Wang Xingxing Does Not Want Speculation

Public information shows that Wang Xingxing has served as the chairman, general manager, and chief technology officer of Yushu Technology since August 2016. He has received the National Innovation Competition Award and the China Youth May Fourth Medal, and has been selected for Time magazine's list of 100 most influential people in AI globally and Fortune China's 40 under 40 in business. The prospectus reveals that as of its signing date, Wang Xingxing directly holds 86,714,964 shares of the company, accounting for 23.8216% of the total share capital, making him the controlling shareholder. Under the differentiated voting rights arrangement, Wang Xingxing's direct shareholding carries a voting rights proportion of 63.5457%, and combined with the controlled Shanghai Yuyi employee shareholding platform, he controls a total voting rights proportion of 68.7816%, thus serving as the company's controlling shareholder and actual controller. Zheng Juncong commented, "Wang Xingxing is exactly the kind of tech guy we like. He is dedicated to deep research, like how to innovate technology and make things happen. He is not very good at expressing or exaggerating things. He might achieve 100 points but only talk about 70." On August 7, 2026, Yushu Technology held an online investor communication meeting for its IPO on the STAR Market. When an investor asked how the company would respond if its stock was hyped after listing, Wang Xingxing replied, "We will promptly introduce detailed company information to investors through legal and authoritative channels, allowing them to see the facts clearly. Additionally, we hope investor friends buy our company's stock because they recognize its value, not for speculation."

Another investor raised concerns about Yushu Technology's first-quarter 2026 financial data. The investor asked, "Revenue growth was 332% in 2025, but dropped to 68.49% in the first quarter of 2026, and non-GAAP net profit fell by 52.55%. Is this due to structural issues in industry demand or a temporary increase in investment?" Wang Xingxing responded that as the company's revenue base has significantly expanded, industry enthusiasm has gradually moderated, and market competition has intensified, the year-on-year revenue growth rate slowed in 2026. Furthermore, to seize opportunities in the embodied intelligent industry, the company has continuously increased R&D investment and new product development in areas like robot body and structure R&D, embodied intelligent large models, and motion control algorithms, while expanding its R&D team, leading to increased R&D expenses. Additionally, to respond to public interest in the domestic humanoid robot industry's technological progress and consolidate brand influence, the company carried out brand promotion through platforms like the 2026 CCTV Spring Festival Gala, resulting in a significant increase in selling expenses, causing a year-on-year decline in net profit for the first quarter of 2026.

From the perspective of the embodied intelligent robot industry, the aforementioned founding partner of the venture capital institution stated that innovation is inherently a process of trial and error; the more paths explored, the more likely an effective direction will be found. The listing of Yushu Technology will create a demonstration effect, and with adjustments to the STAR Market listing standards, more embodied intelligent robot companies are expected to follow. Ge Shoujing believes that Yushu Technology's listing will reshape the industry landscape from three aspects: First, establishing a valuation anchor. Currently, leading unlisted embodied intelligent companies have valuations reaching 20-30 billion yuan. Yushu Technology's performance in the secondary market will serve as a core reference for subsequent financing and IPO pricing for these companies. Second, accelerating industry consolidation. Yushu Technology's listing will change the IPO window for subsequent robot companies, shifting capital standards from focusing on technology stories to emphasizing commercialization capabilities (such as revenue, gross margin, and customer validation). Companies must prove they can generate profits, not just have technology. This will eliminate pure concept companies and accelerate industry consolidation. Third, attracting long-term capital allocation. In the medium to long term, Yushu Technology's listing on the A-share market is expected to attract more long-term funds to systematically allocate to the humanoid robot sector.