Unitree Technology's IPO sets a benchmark, accelerating the realization of value in Shoucheng Holdings' (00697.HK) robotics investment portfolio

As Unitree Technology’s IPO process on the STAR Market continues to advance, Shoucheng Holdings’ (00697.HK) systematic layout in the robotics industry chain has once again drawn market attention. Unlike equity revaluation driven by a single project, Unitree Technology serves more as a flagship example within Shoucheng Holdings’ robotics investment portfolio. The acceleration of its capitalization process is expected to prompt the market to reassess the depth of the company’s layout in embodied intelligence, humanoid robots, and upstream and downstream segments of the industrial chain.

Public information indicates that Unitree Technology’s IPO application has been accepted by the Shanghai Stock Exchange and will now enter the listing review phase. If Unitree successfully lists, it will provide a clearer public market valuation reference for Shoucheng Holdings’ equity stake. Assuming a post-IPO valuation of approximately RMB 42 billion, the Beijing Robotics Industry Development Investment Fund’s roughly 3.44% equity stake would be valued at approximately RMB 1.45 billion. From an asset revaluation perspective, Unitree’s accelerated capitalization is expected to enhance the visibility of Shoucheng Holdings’ robotics-related investment assets and positively support the company’s investment income, net asset revaluation, and earnings elasticity.

From an investment portfolio perspective, Unitree Technology is not an isolated case. Public records show that through managed industrial funds and consolidated funds, Shoucheng Holdings has cumulatively invested over RMB 2 billion in the broader robotics industry chain, covering more than 20 companies—including Unitree Technology, Songyan Power, Galaxy General, DeepRobotics, Accelerate Evolution, and Xinghaitu—with investments spanning robot platforms, embodied intelligence, aerial robots, key components, and application scenarios. This indicates that the company is not betting on a single star project but is instead securing strategic positions across the robotics industry trend.

More notably, other robotics companies in Shoucheng Holdings’ portfolio are also accelerating their IPO preparations. On May 18, the Shanghai Stock Exchange disclosed that Hangzhou DeepRobotics Technology Co., Ltd. had its STAR Market IPO application accepted, with plans to raise RMB 2.503 billion. Public reports indicate that DeepRobotics achieved revenue of RMB 337 million and net profit of RMB 286.84 million in 2025, marking its first annual profit. Meanwhile, embodied intelligence firms like Xinghaitu have completed shareholding restructuring—a step typically viewed as critical preparation for subsequent capitalization. With Unitree Technology, DeepRobotics, Xinghaitu, and other portfolio companies successively entering the capital market spotlight, the value profile of Shoucheng Holdings’ robotics investment portfolio is becoming increasingly clear.

Against this backdrop, Shoucheng Holdings’ valuation logic is shifting from 'single-project mapping' to 'robotics portfolio revaluation.' As leading portfolio companies progressively file IPO applications, gain acceptance, or complete shareholding restructuring, their revenue scale, R&D investment, product mix, and commercialization capabilities will be more fully disclosed, enabling the market to better assess Shoucheng Holdings’ industrial investment value from a portfolio perspective. In the Hong Kong market, few listed companies simultaneously possess robotics industry chain investments, offline application scenarios, and asset operation capabilities—further highlighting Shoucheng Holdings’ scarcity value.

Investment bank views and the company's share buybacks have further reinforced this value-recovery thesis. CICC previously maintained its 'outperform' rating on ShouCheng Holdings with a target price of HK$2.70, reflecting institutional confidence in the company's asset value and growth potential. The company has also been actively repurchasing shares, buying back 1.9 million shares on May 22 and conducting buybacks for multiple consecutive days. So far this year, it has repurchased approximately 160 million shares at a total cost of about HK$292 million. These ongoing buybacks not only demonstrate management’s confidence in the company’s intrinsic value but also help enhance per-share value and market expectations.

Overall, Unitree’s IPO represents a critical validation point for ShouCheng Holdings’ robotics investment strategy, though its significance extends well beyond this single project. As leading companies such as Unitree and DeepRobotics advance their capitalization processes, and projects like StarMap form a pipeline of follow-on opportunities, ShouCheng Holdings’ portfolio approach to robotics investments and its industrial operational capabilities are poised to gain greater market recognition. The company is not making speculative bets on isolated robotics trends; rather, it is executing a sustained strategic layout aligned with industry trajectories, and the value of its robotics investment portfolio is now entering an accelerated realization phase.

37K Views