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TechTech Trends

Unitree IPO frenzy leaves Chinese retail investors with 1-in-5,500 odds

Robotics company’s US$900 million Star Market listing offers slimmer odds than recent offerings by CXMT, Moore Threads and MetaX

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Children stand near Unitree robots on display at a store in Beijing on Monday. Photo: Reuters
Wency Chenin Shanghai
While Unitree Robotics’ early backers are poised for a windfall in one of China’s most closely watched technology initial public offerings (IPOs), retail investors are scrambling for a tiny chance of securing shares.

Nearly 9.8 million accounts competed in the Hangzhou-based robot maker’s online subscription process on Monday, fighting for just 9.7 million shares, its filings in the evening showed.

The final online allocation rate was just 0.018 per cent – roughly one winning lot for every 5,500 applications.

On Shanghai’s Star Market, each winning IPO lot comprises 500 shares, while investors’ application quotas depend on their eligible Shanghai-market holdings. Winners are chosen at random.

Valid online subscriptions reached 53.64 billion shares, or 8,288.82 times the 6.47 million shares initially reserved for online investors. That triggered a clawback mechanism, boosting the retail tranche to 9.7 million shares.

The odds of securing Unitree shares are markedly slimmer than in several other recent blockbuster technology listings. Memory-chipmaker ChangXin Memory Technologies, known as CXMT, had a final online allocation rate of about 0.47 per cent in its July IPO, which attracted more than 9.4 million accounts.
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