DJI Misses Billions After Exiting Unitree Investment, Company Declines Comment
Unitree Technology, a robotics company renowned for its quadruped and humanoid robots, officially launched its online and offline subscription today, marking its entry into the capital markets. The company set its issue price at 150.80 yuan per share, resulting in a post-IPO market capitalization of approximately 60.993 billion yuan. The offering is set to raise nearly 6.1 billion yuan, with a price-to-earnings ratio of 219.23 times, underscoring the market's high expectations for the embodied AI sector.
In a notable revelation, Unitree's early investor list once included DJI, the world's largest drone manufacturer. According to public records, Wang Xingxing, Unitree's founder, briefly worked at DJI before leaving to establish his own venture. In 2018, DJI acquired roughly 17% of Unitree for 10.1286 million yuan, implying a valuation of just 60 million yuan at the time. DJI completed the industrial and commercial registration and became Unitree's largest external shareholder, a move that attracted widespread industry attention.
However, in a surprising turn, DJI reduced its capital in 2019 and subsequently exited Unitree's shareholder list. If DJI had maintained its stake to the present day, the value of its holdings could have reached tens of billions of yuan based on current market valuation. This missed opportunity highlights the rapid growth of the robotics industry, particularly in the humanoid robot segment, and serves as a cautionary tale for early investors who may underestimate the potential of disruptive technologies. The race to back such startups is intense, and timing is often critical.
When approached for comment, DJI declined to address the matter. Meanwhile, Unitree's successful IPO has further bolstered investor confidence in embodied AI and robotics, setting a precedent for future listings in this domain. The market will be watching closely to see how Unitree utilizes the raised funds to fuel its next phase of growth.