Brokerages Capitalize on Unitree IPO through 'Investment-Banking' Model

Unitree Robotics, a leading Chinese maker of quadruped and humanoid robots, has officially launched its IPO, accepting subscriptions both online and offline. The offering is priced at 150.80 yuan per share, with total proceeds expected to reach approximately 6.099 billion yuan. According to business information platform Tianyancha, more than a dozen brokerages are embedded in Unitree's shareholder structure through a variety of vehicles, including alternative investment subsidiaries, private equity funds, and industrial funds. This marks a notable shift: brokerages are increasingly willing to take direct equity stakes in hard-tech companies at an early stage, rather than merely serving as underwriters.

The pattern extends beyond Unitree. Changxin Technology, which listed on the STAR Market earlier, also saw similar brokerage participation. Industry insiders point to a growing synergy between investment and investment banking—a model that allows brokerages to combine direct investment with advisory and underwriting services. This 'investment + investment banking' approach is becoming a key pathway for brokerages to serve technology enterprises, while also generating new profit drivers. By engaging early, brokerages can capture upside from high-growth firms, and the recent wave of tech IPOs is accelerating the realization of these returns. Analysts believe this integrated model will continue to shape how brokerages compete in the tech sector.