Yushu Technology Co., Ltd., the company that sells as Unitree, listed on the Shanghai STAR Market on 19 August under ticker 688836 [E1]. The exchange notice published the day before said the shares would list on the STAR board on 19 August 2026 [E1]. Issue price was 150.80 yuan a share [E1][E2]. The offering was 40,446,434 new shares, 10 percent of post-issue capital of 404,464,340 shares [E1].
Matched trades began in the continuous session. The stock opened at 1,100 yuan, 629 percent above the issue price, and had no daily limit for the first five STAR sessions [E2][E3]. It closed at 845 yuan, 460.34 percent above 150.80, after an intraday low near 800 [E2][E3]. Volume was reported at 25.66 million shares and turnover at about 23.16 billion yuan, for a closing market capitalisation near 342 billion yuan [E3]. Pricing and subscription had already finished; 19 August is the first day those shares changed hands on the floor [E1].
That print settles the paper’s call that Unitree shares would begin public STAR trading by 30 September. Approval, book-build and subscription do not count; a first matched session does [E1][E3]. The initial unrestricted float was described as about 30 million shares, 7.44 percent of the company, with founder and strategic stock still locked [E1][E3]. Thin float and a five-day limit holiday are the mechanical reasons a 150.80 name can open at 1,100 [E1][E3].
The prospectus still describes a research-heavy customer mix. Humanoid sales in the filing run about 74 percent to universities and institutions, about 17 percent commercial or consumer, and about 9 percent industrial, much of that reception and tour work rather than factory cells [E4]. Quadrupeds are more balanced. A first-day valuation near 50 billion dollars therefore prices a company whose industrial share remains a single-digit slice of the humanoid line [E3][E4].
The house call is now a hit. What remains open is whether the industrial mix in the next filing climbs off that 9 percent floor, and whether the second session stays inside a less theatrical range once the first-day auction is over [E3][E4]. The listing notice, the ticker and the close are the record. A university-lab company with a factory-scale price is the tension the tape now has to live with [E1][E4].