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Cross Asset Strategy

<ul><li>IPO / Five things to know about China’s latest IPO system overhaul</li><li>Missing / Police say student missing for 100 days hanged himself</li><li>Politics / China completes provincial leadership reshuffle ahead of ‘Two Sessions’</li></ul>

IPO / Five things to know about China’s latest IPO system overhaulMissing / Police say student missing for 100 days hanged himselfPolitics / China completes provincial leadership reshuffle ahead of ‘Two Sessions’

CX Daily: Five Things to Know About China’s Latest IPO System Overhaul

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Capital Markets

Unitree Robotics / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/unitree-robotics" target="_blank" data-smartkarma-citation="entities:48008:1" rel="noopener">Unitree Robotics (688836 CH)</a> concluded its IPO price at Rmb150.8, and we estimate this equals 78.5x PER for FY26 and 55.3x for FY27.</li>
<li>The IPO valuation is cheap when compared with the peer median of 86.7x and 119.7x, respectively. Its higher P/S of 21.2x and 15.2x is due to its better profitability.</li>
<li>We calculate that it can reach 146.5x PER, or a price of Rmb399.5, 164.9% upside if we apply the current AH premium to the peers' median FY27 PER. </li>
</ul>



Unitree Robotics (688836 CH) concluded its IPO price at Rmb150.8, and we estimate this equals 78.5x PER for FY26 and 55.3x for FY27.
The IPO valuation is cheap when compared with the peer median of 86.7x and 119.7x, respectively. Its higher P/S of 21.2x and 15.2x is due to its better profitability.
We calculate that it can reach 146.5x PER, or a price of Rmb399.5, 164.9% upside if we apply the current AH premium to the peers' median FY27 PER. 


Unitree Robotics (688836 CH) IPO: Valuation Insight

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>
My base case valuation of Unitree Robotics IPO is implied market cap of 106.9 billion RMB, which is 155% higher than the company's target valuation of 42 billion RMB. </li>
<li>My base case valuation is based on P/E of 81.9x (30% premium to the comps) using my estimated net profit of 1.3 billion RMB for the company in 2028.</li>
<li>Unitree Robotics is one of the major leaders in the humanoid and quadruped robotics industry in China. </li>
</ul>



My base case valuation of Unitree Robotics IPO is implied market cap of 106.9 billion RMB, which is 155% higher than the company's target valuation of 42 billion RMB. 
My base case valuation is based on P/E of 81.9x (30% premium to the comps) using my estimated net profit of 1.3 billion RMB for the company in 2028.
Unitree Robotics is one of the major leaders in the humanoid and quadruped robotics industry in China. 


Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Maxnerva Technology Services / Event-Driven

<ul>
<li>On the 27th July 2026, IT integrator <a href="https://www.smartkarma.com/entities/maxnerva-technology-services-limited" target="_blank" data-smartkarma-citation="entities:17502:1" rel="noopener">Maxnerva Technology Services (1037 HK)</a> announced its two top shareholders - FSK and FDG - had entered into SPA's with Foxconn at HK$0.6374/share.</li>
<li>Assuming the SPAs complete (primarily requiring Vietnam Competition Commission approval), Foxconn's stake increases from 6.61% (indirect) to 40.46%, triggering a conditional mandatory general offer (50% tendering condition) also at HK$0.6374/share. </li>
<li>Arguably this is a Hon Hai/Foxconn internal restructuring exercise. It's a decent premium though; enough to (likely) clear the 50% tendering condition. Listing status maintained, hence a decent back-end proposition. </li>
</ul>


On the 27th July 2026, IT integrator Maxnerva Technology Services (1037 HK) announced its two top shareholders - FSK and FDG - had entered into SPA's with Foxconn at HK$0.6374/share.
Assuming the SPAs complete (primarily requiring Vietnam Competition Commission approval), Foxconn's stake increases from 6.61% (indirect) to 40.46%, triggering a conditional mandatory general offer (50% tendering condition) also at HK$0.6374/share. 
Arguably this is a Hon Hai/Foxconn internal restructuring exercise. It's a decent premium though; enough to (likely) clear the 50% tendering condition. Listing status maintained, hence a decent back-end proposition. 


<ul>
<li>Unitree Robotics is getting ready to complete its IPO on the STAR market of this Shanghai Stock Exchange this month. </li>
<li>Unitree would become the first major producer of humanoid robots to be listed on the Chinese mainland.</li>
<li>Target valuation is about 42 billion yuan (US$5.7 billion). Subscription date is 10 August. The company is looking to raise 4.2 billion yuan (US$618 million). </li>
</ul>


Unitree Robotics is getting ready to complete its IPO on the STAR market of this Shanghai Stock Exchange this month. 
Unitree would become the first major producer of humanoid robots to be listed on the Chinese mainland.
Target valuation is about 42 billion yuan (US$5.7 billion). Subscription date is 10 August. The company is looking to raise 4.2 billion yuan (US$618 million). 


China

UBTECH Robotics is a leading company specializing in the research, development, design, production, and commercialization of humanoid and smart service robots. Their product offerings include AI education solutions, smart logistics robots, and various sector-tailored service robots. The company was founded in March 2012 and is headquartered in Shenzhen, China.

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UBTECH Robotics (9880 HK)

CX Daily: Five Things to Know About China’s Latest IPO System Overhaul

Five things to know about China’s latest IPO system overhaul. Police say student missing for 100 days hanged himself. China completes provincial...

Caixin Global

Unitree Robotics (688836 CH) IPO: Valuation Insight

Unitree Robotics IPO priced at Rmb150.8, with an estimated PER of 78.5x for FY26 and 55.3x for FY27. Valuation is seen as cheap compared to peers,...

Osbert Tang, CFA

Unitree Robotics IPO Valuation Analysis

My base case valuation of Unitree Robotics IPO is implied market cap of 106.9 billion RMB, which is 155% higher than the company's target valuation...

Douglas Kim

Maxnerva Tech (1037 HK): Foxconn's MGO

If illiquid arbs are your thing, get involved here, either for the MGO (current 6.2% spread); or for the back-end re-rate.

David Blennerhassett

Unitree Robotics IPO Preview

Unitree Robotics set to make history as first major humanoid robot producer to IPO on Chinese mainland's STAR market, aiming for a valuation of 42...

Douglas Kim

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CX Daily: Five Things to Know About China’s Latest IPO System Overhaul

Five things to know about China’s latest IPO system overhaul. Police say student missing for 100 days hanged himself. China completes provincial...

Caixin Global

Unitree Robotics (688836 CH) IPO: Valuation Insight

​Unitree Robotics IPO priced at Rmb150.8, with an estimated PER of 78.5x for FY26 and 55.3x for FY27. Valuation is seen as cheap compared to peers,...

Osbert Tang, CFA

Unitree Robotics IPO Valuation Analysis

My base case valuation of Unitree Robotics IPO is implied market cap of 106.9 billion RMB, which is 155% higher than the company's target valuation...

Douglas Kim

Maxnerva Tech (1037 HK): Foxconn's MGO

If illiquid arbs are your thing, get involved here, either for the MGO (current 6.2% spread); or for the back-end re-rate.

David Blennerhassett

Unitree Robotics IPO Preview

​Unitree Robotics set to make history as first major humanoid robot producer to IPO on Chinese mainland's STAR market, aiming for a valuation of 42...

Douglas Kim

Unitree Robotics IPO priced at Rmb150.8, with an estimated PER of 78.5x for FY26 and 55.3x for FY27. Valuation is seen as cheap compared to peers,...

Unitree Robotics set to make history as first major humanoid robot producer to IPO on Chinese mainland's STAR market, aiming for a valuation of 42...