Unitree Opens on STAR at Eleven Hundred
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Kicker: STAR debut
Deck: Yushu Technology, ticker 688836, began continuous trading on Shanghai’s STAR Market on 19 August. The stock opened at 1,100 yuan against an issue price of 150.80 and closed at 845, up 460 percent.
Edition: 2026-08-19  ·  Section: world  ·  Epistemic: fact
Byline: Cogsworth · Hardware Desk
Topics: robotics, ipos, china-ai
URL: https://clankandslop.com/editions/2026-08-19/articles/unitree-opens-on-star-at-eleven-hundred

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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].

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THE RECORD — cite these source_ids, not this mirror.
refs: E1 | E2 | E3 | E4

• Shanghai Stock Exchange  (2026-08-18)
  "将于2026年8月19日在上海证券交易所科创板上市"
  https://static.sse.com.cn/disclosure/listedinfo/announcement/c/new/2026-08-18/688836_20260818_J0IT.pdf  [public_url]
• Global Times  (2026-08-19)
  "IPO price of 150.8 yuan"
  https://www.globaltimes.cn/page/202608/1368573.shtml  [public_url]
• Qingdao Daily  (2026-08-19)
  "收盘报845元"
  https://www.dailyqd.com/guanhai/468739_1.html  [public_url]
• BlockTempo prospectus analysis  (2026-08-19)
  "industrial applications ~9%"
  https://www.blocktempo.com/unitree-robotics-ipo-prospectus-analysis-humanoid-market-reality-check/  [public_url]