Unitree Robotics, hailed as the "first humanoid robot stock," made its highly anticipated debut on the Shanghai Stock Exchange's STAR Market on August 19, opening at 1,100 yuan per share before closing at 845 yuan, marking an intraday surge of more than 460%. The opening price represented a staggering 629.44% jump from its initial public offering price, catapulting the company's total market value to 444.9 billion yuan.

Based on the IPO price of 150.8 yuan per share, investors who secured one board lot (500 shares) pocketed a theoretical profit of up to 474,600 yuan, making this the most profitable new listing since the introduction of the registration system across both the Shanghai and Shenzhen exchanges. According to the preliminary offline allocation results disclosed by Unitree Robotics, 53 wealth management products under six different wealth management subsidiaries drew significant attention — these products collectively secured approximately 140,000 shares, with a total subscription value close to 21.13 million yuan. This implied that, at the opening price, these products boasted paper gains of roughly 133 million yuan.

Based on this calculation, the top allocators — 光大理财 (approximately 86,000 shares), 宁银理财 (approximately 30,000 shares), and 招银理财 (approximately 13,200 shares) — once recorded floating profits of 81.63 million yuan, 28.48 million yuan, and 12.53 million yuan, respectively. Meanwhile, 中邮理财, 民生理财, and 南银理财 secured roughly 8,356 shares, 1,470 shares, and 1,002 shares, corresponding to floating gains of about 7.93 million yuan, 1.4 million yuan, and 950,000 yuan, respectively.

Despite the high-open-low-close reversal that trimmed intraday gains, Unitree Robotics' remarkable wealth-creation effect remained a focal point of market attention. Earlier, on August 10, the company officially launched its online and offline subscription process, which drew unprecedented demand — the online lottery winning rate was a mere 0.018%. As relative newcomers to the new-share subscription arena, wealth management products have seen a sharp surge in visibility amid this year's technology-driven market rally.

Data reveals that among the 53 wealth management products that secured allocations in Unitree Robotics, 19 products under 宁银理财 simultaneously participated in the subscription for ChangXin Memory Technologies, a leading domestic DRAM memory chip manufacturer. 中邮理财, 民生理财, and 南银理财 also had products participating in both deals concurrently. According to ChangXin's previously disclosed offline allocation results, a total of 29 products under five wealth management subsidiaries — including 宁银理财, 兴银理财, 中邮理财, 南银理财, and 民生理财 — participated in the offline subscription, ultimately securing 4.544 million shares worth approximately 39.35 million yuan. Among them, 宁银理财 had 19 products receiving allocations, securing 2.4797 million shares valued at around 21.47 million yuan, both figures ranking first among peers.

Some wealth management companies continued to participate in new-share subscriptions through indirect channels. For instance, official data shows that 工银理财 participated in Unitree Robotics' offline placement via asset management plans, securing nearly 36,000 shares worth approximately 5.4 million yuan. Previously, during the ChangXin subscription process, 工银理财 also secured approximately 3.39 million shares in offline placements, valued at around 30 million yuan.

Against the backdrop of a low-interest-rate environment, particularly the downward trend in fixed-income asset yields, enhancing wealth management returns and building differentiated competitive advantages has become a considerable challenge for wealth management subsidiaries traditionally focused on fixed-income allocations. Benefiting from regulatory documents issued last year that incorporated wealth management products into IPO priority allocation targets, new-share subscriptions have emerged as a key avenue for wealth management companies to expand into equity products. Data from the Securities Association of China shows that, as of August 19, 13 wealth management companies have registered as offline investors, including subsidiaries under four state-owned banks, six joint-stock banks, and three city commercial banks — accounting for roughly 40% of the 32 licensed wealth management companies nationwide.

On its debut day, ChangXin Memory Technologies opened with a 471.59% surge, reaching an intraday high of 55.03 yuan per share (up over 535%) before closing at 49 yuan, with an intraday low of 38.11 yuan. However, ChangXin's per-lot floating profit paled in comparison to Unitree Robotics. Based on its IPO price of 8.66 yuan per share, the 29 wealth management products collectively recorded floating gains exceeding 180 million yuan on ChangXin's first trading day. As of the August 19 close, ChangXin's share price settled at 57.55 yuan, still more than five times its offering price.

By contrast, Unitree Robotics experienced a sustained high-open-low-close pattern throughout the day, with the closing price retreating to 845 yuan per share, forming a long bearish candlestick — yet still maintaining a gain of 460.34%. Based on this calculation, at the close, the 53 new-share subscription wealth management products (assuming no selling) recorded aggregate paper gains exceeding 97 million yuan for the day.

It is worth noting that the alluring first-day performance of most new listings does not necessarily reflect the actual returns for wealth management products, which depend on both the stock's performance and the timing of sales, as well as the performance of the underlying equity positions. For instance, ChangXin's lock-up ratio at the time was as high as 70%. According to Unitree Robotics' announcement, the offline placement lock-up ratio for this issuance was 10%, meaning 10% of the shares allocated to offline investors (rounded up) cannot be traded within six months from the listing date. Excluding restricted shares, the aforementioned winning wealth management products could freely sell approximately 14,000 shares on the first day, with corresponding floating gains of approximately 13.3 million yuan at the peak price and 9.7 million yuan at the closing price, respectively.

Puyi Standard issued a cautionary note that new-share subscription products must maintain equity positions as a market value requirement. If the equity market declines, paper losses on the underlying positions could offset gains from new-share subscriptions, potentially dragging down product net values. For ordinary investors seeking to participate in new-share subscriptions through wealth management products, Puyi Standard offered several recommendations: first, investors should verify whether the product's risk rating matches their own risk tolerance; second, they should review the product's lock-up period or closed-end operation arrangements to determine compatibility with their capital usage plans; and third, they should be fully aware of the volatility risks associated with the equity positions underlying "indirect subscription" strategies and the uncertainty of new-share returns, avoiding the temptation to overlook the equity nature of such products merely because of the new-share subscription concept.

In terms of overall market performance, unlike ChangXin's debut day when all three major A-share indices closed in positive territory, Unitree Robotics' listing day saw major A-share indices all close lower, with more than 5,000 stocks declining across the market. By the close, the Shanghai Composite Index fell 2.4% to 3,894.42 points, the Shenzhen Component Index dropped 5.01%, the ChiNext Index slid 6.26%, the Beijing Stock Exchange 50 Index declined 4.89%, and the STAR 50 Index fell 6.89%. Amid the broad technology stock correction, the humanoid robot sector, where Unitree Robotics resides, led the decline.