MaHui | Congratulations to MaHui Member Unitree on STAR Market IPO

Today, MaHui member Unitree (hereinafter referred to as "Unitree") officially listed on the STAR Market, becoming the first humanoid robotics stock on A-shares, with ticker symbol 688836. The IPO offered 40.4464 million shares publicly at an issue price of 150.80 yuan per share, raising approximately 6.099 billion yuan in total; as of 10 a.m. this morning, its market capitalization exceeded 360 billion yuan. As one of the most closely watched robotics IPOs of 2026, Unitree set this year's record for the fastest hard-tech IPO approval on A-shares: just 73 days from the acceptance of its IPO application on March 20 to passing the listing review committee's review on June 1.

Source Code Capital participated in the company's Series B2 financing in early 2024, subsequently added to its position across three additional rounds, investing four times in total, accompanying the company through the critical development phase before its listing. It is one of the company's important long-term institutional investors; since its investment, Source Code Capital has provided support in talent recruitment, policy interpretation, overseas expansion resources, and other areas, continuously contributing to the company's business development.

(Unitree founder Xingxing Wang and Source Code Rhythm Managing Partner Yungang Huang at the listing ceremony)

"Unitree's listing is both market recognition of its core competitiveness and an important starting point for Embodied Artificial Intelligence in China. We are honored to have accompanied Unitree through this critical development phase, and we believe that with the support of the capital markets, Unitree will continue to advance product and technology iterations and create value in more real-world scenarios," said Yungang Huang, Managing Partner of Source Code Rhythm.

Founded in 2016, Unitree started with quadruped robots. Founder Xingxing Wang independently built a desktop bipedal robot during college; in 2023, Unitree launched its first humanoid robot, H1. Since then, the company has continued to push the commercialization and scenario deployment of quadruped robots, humanoid robots, and related technologies, becoming an industry leader. From founding to entering the capital markets, Unitree's journey has taken less than ten years.

Congratulations to Unitree, and to Xingxing Wang and the team.