Decoding the Capital Game Behind Unitree Robotics: Market-Oriented Institutions Seize "Non-Consensus" Opportunities, Sequoia's Paper Returns Exceed $2.5 Billion

On March 20, Yushu Technology submitted its IPO prospectus, officially aiming to become China’s first humanoid robot company listed on the stock market. With a 10% public offering ratio and an estimated fundraising amount of 4.202 billion yuan, the company’s initial market value is projected to reach at least 42 billion yuan. After the offering, founder Wang Xingxing will hold approximately 30% of the shares, with a net worth entering the billion-yuan level.

The company’s top ten shareholders are quite prestigious, including industry giants like Meituan and Sinovation Ventures, as well as leading institutions such as Sequoia China, Matrix Partners, and Dunhong Asset Management. Additionally, state-owned capital such as CITIC Securities and Beijing Robot Fund are also investors. These institutions have collectively invested over 1.89 billion yuan, boosting the company’s post-investment valuation from 130 million yuan to 13.36 billion yuan.

However, based on the IPO materials, the returns for investors at different rounds vary greatly—Sequoia China, which entered in 2019 with an initial investment of 15 million yuan, was valued at only 150 million yuan at the time. After multiple rounds of additional investment, its current paper profit exceeds 2.5 billion yuan. Investors like Meituan, Matrix Partners, Sinovation Ventures, and Shenzhen Capital during 2020-2022, with post-investment valuations ranging from 250 million to 1.13 billion yuan, also saw substantial returns. The latest round involving Tencent and China Mobile Capital yielded nearly three times returns within less than a year.

Of course, there are regrets in Yushu Technology’s investment history. DJI, for example, was one of the early backers. As Wang Xingxing’s former employer, DJI planned to participate in Yushu Technology’s second round of funding in 2018 through DJI New China PE Fund-1 L.P., with an investment of 10.1286 million yuan at a valuation of only 60 million yuan. Although the registration and related filings were completed, DJI ultimately did not make the investment. Had this investment gone through and held until now, it could have yielded nearly 3 billion yuan in paper gains, making DJI the largest external investor winner after the company’s IPO.

If this leading enterprise, which has appeared three times on CCTV’s Spring Festival Gala and currently ranks first globally in sales of quadruped and humanoid robots, successfully goes public, it will mark the opening of the humanoid robot blue ocean market to the secondary market. As quadruped and humanoid robots accelerate their penetration into entertainment, power inspection, emergency rescue, and other scenarios, the company’s performance is expected to explode: revenue in 2025 could reach 1.708 billion yuan, a year-on-year increase of 335.36%, nearly 14 times the 2021 revenue of 123 million yuan, with a net profit of 288 million yuan. All signs indicate that this growth has not yet reached its ceiling.

The day after the prospectus was released, Guotai Haitong Securities analyst Xiao Qunxi issued a report stating that Yushu Technology, as an industry leader, is expected to continue its catalytic effect, driving upstream and downstream collaboration in the industry chain, with broad growth prospects.

Early Angel Investors’ Returns

In 2015, Wang Xingxing developed the X Dog electric-driven quadruped robot while studying at Shanghai University. After graduating in 2016, he joined DJI but left after about two months due to the attention and investment interest from the robotics community in X Dog, founding Yushu Technology in August 2016.

In the early stages, Yushu Technology was not short of investors, but the robotics sector was still niche, and the company’s valuation was low. After careful selection, Wang Xingxing chose Yin Fangming, who had worked at MediaTek and 360, as an angel investor. Yin invested 2 million yuan for a 15% stake, corresponding to a post-investment valuation of about 130 million yuan.

In 2018, Yin transferred part of his equity—worth 1.3105 million yuan—to Shenzhen Anchuang Technology Equity Investment Partnership (referred to as “Anchuang Technology”). In August 2020, he transferred the remaining 14,300 shares at 1 yuan per registered capital to Tianjin Junwan Hongyi Enterprise Management Consulting Partnership (“Junwan Hongyi”). According to disclosures, this transfer was part of a structural adjustment, and Yin still held about 16.62% of Junwan Hongyi, with an equity value of approximately 214 million yuan.

“Non-Consensus” Opportunities:

Market-Oriented Institutions Take the Lead

Before 2019, the robotics sector was in its early stages of transitioning from lab research to commercialization. During this period, robotics investment was not mainstream, but market-oriented institutions like Sequoia China, Anchuang Technology, Variable Capital (via Jishi Investment), and Daxun Investment seized the “non-consensus” opportunity, providing early capital support to Yushu Technology.

In December 2019, Sequoia China led a 15 million yuan investment in Yushu Technology through Ningbo Sequoia Kesheng Equity Investment Partnership (“Ningbo Sequoia”). Subsequently, through Ningbo Sequoia and Xiamen Yaheng Venture Capital Partnership, Sequoia invested a total of 102 million yuan, holding approximately 25.89 million shares after issuance, with an estimated paper return exceeding 2.5 billion yuan. Wang Xingxing noted, “In the seed round, I preferred investors with more favorable terms, like individual investors. There are institutions like Sequoia with relatively friendly terms, and some with very strict requirements.”

Notably, on February 28, China Innovation and Development (Zhongke Chuangda) stated on the exchange platform that it held a 6.78% stake in Anchuang Technology, which previously held a small amount of Yushu Technology shares. According to the IPO prospectus, Anchuang Technology had exited all its holdings before Yushu Technology’s IPO. Specifically, in April 2018, Anchuang invested through capital increases and share transfers; in 2024, it sold part of its shares for 50 million yuan to Guanghe Second Phase and Guangyue Investment; in 2025, it sold the remaining shares for 14.625 million yuan to Tianjin Suanli, realizing total gains of 64.625 million yuan. If still holding, Anchuang could have reaped over 500 million yuan in paper gains.

Before and after the IPO, listed companies such as Shiyi Da, Jingxing Paper, Jinfeng Technology, and Zhongji Xuchuang have indirectly held Yushu Technology shares through venture capital investments. This phenomenon reflects how listed companies are actively participating in frontier sectors via primary market funds, sharing the growth dividends of emerging industries.

Robotics Sector Gains Momentum

Industry and State Capital Join Forces

Starting in 2020, quadruped robots expanded from research to education, consumer, and industrial fields. Consumer-grade products rapidly lowered in price, continuously expanding the global market.

A landmark event was the 2021 Spring Festival Gala, where Yushu Technology’s 24 A1 quadruped robots performed a group dance, breaking through the brand’s circle and bringing robots into the public eye. In 2022, projects like Tesla’s Optimus and FigureAI humanoid robots accelerated, maintaining industry enthusiasm. Yushu Technology also became a hot target for many institutions.

The large investments from state-owned and industry capital during this period became a distinctive feature compared to earlier stages.

Industry giants include Meituan, Ant Group, China Mobile Capital, Sinovation Ventures, and Alibaba. For example, Meituan invested about 400 million yuan through Han Hai Information Technology (Shanghai), Galaxy Z, and Chengdu Longzhu Equity Investment Fund by 2024, holding 8.68%, making it the largest external shareholder.

Xiaomi’s Sinovation Ventures was among the earliest industry investors. In January 2021, Sinovation invested 38.70 million yuan via Astrend IV, with a post-investment valuation of only 380 million yuan. In February 2022, Astrend IV added another 23.43 million yuan. In June 2024, Astrend IV transferred some shares worth 10 million USD to Chengdu Longzhu and Galaxy Z, and another 15 million yuan to Shanghai Kechuang, currently holding 3.98% of Yushu Technology, ranking fifth among shareholders.

Tencent also entered the scene, investing 80.0008 million yuan at a post-valuation of 13.36 billion yuan in June 2025, holding 0.54%, with an estimated nearly threefold return.

On the state capital side, Shenzhen Innovation Investment (Deep Venture) was among the earliest to deploy, investing directly and through fund management. In February 2022, it invested 5 million yuan and 10 million yuan respectively through Shenzhen Innovation Investment Group and Jiangsu Qiequan Hongtu Intelligent Venture Capital. From January 2024 to June 2025, it continued multiple rounds of follow-on investments through funds like Shenzhen Small and Medium Enterprise Development Fund (Xinjiang) and Shenzhen Innovation Capital, totaling nearly 92.19 million yuan, now holding 2.3%, with a post-issuance market value close to 1 billion yuan.

Additionally, CITIC Securities and the Robotics Fund are also major state capital investors. CITIC Securities invested 155 million yuan and 14 million yuan in January and August 2024, respectively, holding a total of 4.04%. The Beijing Robotics Industry Development Investment Fund, led by Beijing state assets with a 9.9 billion yuan fund, invested 150 million yuan and 36 million yuan in August 2024 and June 2025, respectively, holding 3.44% overall.

Notably, while Shenzhen and Beijing state assets heavily invested, Hangzhou’s local government did not directly back Yushu Technology but participated indirectly through Hangzhou Sci-Tech Fund and Hangzhou Innovation Fund’s sub-funds in four rounds of financing.

From early technological incubation to the active participation of industry and state capital, Yushu Technology’s financing journey reflects the full evolution of China’s robotics sector from niche research to mainstream capital markets.

As the first humanoid robot company in China to pursue a listing, Yushu Technology’s IPO process vividly demonstrates the industry’s rising enthusiasm and increasingly fierce competition. With the accelerating commercialization of robotics, companies like Galaxy General, Variable Robots, Zhihui Square, Zhujie Power, and Qianxun Intelligence have completed billion-yuan-level financings. Under intense capital influx, industry competition is shifting from technological rivalry to comprehensive battles over product deployment, scene expansion, and commercialization efficiency. The dual support of capital and industry will further accelerate the transition of humanoid robots from concept to large-scale implementation.

(Article source: Securities Times)