Shares of MEITUAN-W (HKEX: 03690) climbed sharply during Monday's trading session, at one point gaining nearly 3% to touch HK$87.90.

The move comes as Yushu Technology Co., Ltd. (SHA: 688836), widely dubbed the "first A-share humanoid robot stock," officially listed on the STAR Market today. Meituan stands as the largest external shareholder of Yushu Technology.

Yushu Technology opened at 1,100 yuan per share, a staggering 629.44% surge from its IPO price of 150.80 yuan, with its total market capitalization briefly surpassing 444.9 billion yuan. The stock's online subscription rate was a mere 0.0181%, setting a new record low for the STAR Market and earning it the label of "the hardest stock to win in a lottery subscription."

Meituan is the largest external institutional shareholder of Yushu Technology. According to the prospectus, Meituan, through three entities—Hanhai Information, Galaxy Z, and Chengdu Longzhu—collectively holds 9.65% of Yushu Technology's total share capital prior to the offering. Following this issuance, Meituan's stake is diluted to approximately 8.68%, yet it remains the single largest external shareholder.

Based on Yushu Technology's latest market valuation, Meituan's corresponding stake is worth approximately 38.6 billion yuan, representing an unrealized gain of over 30 billion yuan.

Yushu Technology specializes in the research, development, and sales of humanoid robots, quadruped robots, and embodied intelligence models. From 2023 to 2025, the company's revenue achieved a two-year compound annual growth rate of 226.78%, leaping from approximately 159 million yuan to 1.699 billion yuan. The total funds raised from this IPO amount to approximately 6.099 billion yuan, with over 85% earmarked for research and development.