Daily Pulse #66 | Aug 16 Sunday Edition | Unitree IPO enters final stretch: lottery numbers drawn, 'dark pool' rumors debunked; Unitree listing ignites an automaker 'humanoid rush': nearly 20 major carmakers enter embodied intelligence; H1 global humanoid shipments hit 19,100 units: Zhiyuan tops with 8,400, Unitree second at 5,900, Chinese makers hold 97%+ share; Beijing E-Town Robot Consumption Festival kicks off: subsidy pool raised to ¥18M, first robot shopping street
🎯 Sunday Briefing (Aug 16)
Today’s throughline: final stretch and chain reactions. Unitree’s IPO has entered its final stretch before listing: on the evening of Aug 15 and into Aug 16, the online lottery numbers were officially drawn (19,414 in total); regarding rumors of OTC ‘scalpers buying stakes’ and a ‘dark pool’, Shanghai Securities News verified with investment institutions, private funds and brokerages and concluded the reports were largely unfounded; CITIC Securities, the lead underwriter, simultaneously flagged compliance risks, and regulators stressed swift, strict action against market manipulation — Wang Xingxing also made his stance clear on the roadshow: investors should buy the stock because they believe in the company’s value, not for speculation. The industry chain reaction from Unitree’s listing is accelerating: by one count, nearly 20 major automakers have entered the ‘humanoid race’ — Tesla, BYD, Chery, GAC, Changan, XPeng, Seres and Li Auto among them; BYD plans to deploy 2-3 humanoid robots at each dealer showroom, and XPeng’s next-gen IRON (industry-first all-solid-state battery) is slated to debut in Q3, reach mass production by year-end, and begin deliveries to commercial customers in China and abroad from 2027. The shipment landscape is shifting: Unitree announced cumulative production of ~18,000 humanoid robots, but was overtaken by Zhiyuan in H1 — per SAG, Zhiyuan shipped 8,400 units (44% global share) versus Unitree’s 5,900 (31%); global H1 shipments reached ~19,100 units (3x+ the year-ago 5,100), with Chinese makers accounting for 97%+. Consumer momentum is building in parallel: Beijing E-Town launched the 2026 Robot Consumption Festival, raising the subsidy pool to ¥18M, debuting a robot shopping street, and linking with the World Robot Conference (Aug 19-23).
• 📈 Unitree IPO final stretch — 19,414 lottery numbers drawn; dark-pool rumors debunked; regulators warn on speculation • 🚗 Automakers join the humanoid race — Nearly 20 major carmakers; BYD deploying at showrooms; XPeng IRON with all-solid-state battery debuts in Q3 • 📊 Shipment landscape shifts — Unitree cumulative 18,000 units; Zhiyuan tops H1 with 8,400; Chinese makers hold 97%+ • 🛍️ E-Town Consumption Festival — Subsidy pool raised to ¥18M; first robot shopping street; linked to World Robot Conference
1. 📈 Unitree IPO Enters Final Stretch: 19,414 Lottery Numbers Drawn, OTC ‘Dark Pool’ Rumors Debunked After Extensive Verification, Regulators Warn on Speculation
In one sentence: On the evening of Aug 15 and into Aug 16, Unitree’s STAR Market IPO lottery numbers were officially drawn (19,414 in total); regarding rumors of OTC ‘scalpers buying stakes’ and a ‘dark pool’, Shanghai Securities News verified with investment institutions, private funds and brokerages, which broadly responded ‘there’s basically nothing to it’; CITIC Securities, the lead underwriter, urged investors to trade only through legal channels with real-name accounts and to invest rationally; regulators stressed swift, strict action against anyone manipulating the market by stirring emotion and cornering supply.
💡 Why it matters: This is the final sentiment battle before the ‘first humanoid-robot stock’ lists. An allocation rate as low as 0.0181% (a STAR Market record low) amplified the ‘scarce means valuable’ narrative, and the OTC ‘dark pool’ and ‘scalper’ rumors are precisely a signal of that sentiment being overheated. Shanghai Securities News’ verification and the regulatory nudge are, in essence, cooling the pricing expectations for the debut: the IPO price of ¥150.80/share corresponds to a P/E of ~219x on 2025 net profit, far above the industry average of 38x — a low allocation rate does not equal a guaranteed price surge, and scarcity is not the same as fundamentals being delivered. For observers, the real story is not day-one gains but whether the ‘first humanoid-robot stock’ can deliver a report card that holds up under fundamental scrutiny over the long run.
Key facts:
- Lottery result: 19,414 online lottery numbers, 500 shares each; 313 offline institutions allocated 22.65M shares
- Rumors debunked: Shanghai Securities News verified widely — investment institutions/private funds/brokerages said ‘haven’t heard of it, basically nothing to it’; Southwest Securities noted OTC dark-pool deals in A-shares are sporadic niche behavior, not an industry-wide norm
- Compliance warning: CITIC Securities reminded investors to trade only through legal channels with real-name accounts, and flagged the risk of ‘indirect account lending’ and ‘private transfer of IPO subscription income rights’ being void agreements
- Pricing: ¥150.80/share, market cap ~¥60.99B, ~219x P/E on 2025 fiscal-year earnings (industry average 38x)
- Wang Xingxing’s stance: ‘We hope investors buy the stock because they believe in the company’s value, not for speculation’
- Regulatory signal: Legal experts said such OTC arrangements may violate Articles 37 and 58 of the Securities Law; regulators will act swiftly and strictly against market manipulation
📌 Conclusion: From subscription (9.7846M accounts, record high) to allocation (0.0181%, record low) to abandoned shares (only 8,734), every number in Unitree’s IPO is setting records and building expectations. The pre-listing ‘dark pool debunking’ reminds the market to shift focus from ‘how much will it pop on day one’ to ‘how much is this company worth long-term’. The debut next week will be the moment the valuation anchor is set.
🔗 Shanghai Securities News: Unitree IPO — dark-pool trading reports are unfounded, risks are not to be underestimated | Beijing Daily: Unitree lottery numbers drawn | Eastmoney: Unitree IPO — full record from subscription to abandoned shares
2. 🚗 Unitree’s Listing Ignites an Automaker ‘Humanoid Rush’: Nearly 20 Major Carmakers Enter Embodied Intelligence, BYD Deploys at Showrooms, XPeng IRON with All-Solid-State Battery Debuts in Q3
In one sentence: The imminent listing of Unitree has boosted industry confidence, and a force not to be underestimated — automakers — is pouring into embodied intelligence: by one count, nearly 20 major carmakers have joined, including Tesla, BYD, Chery Group, GAC Group, Changan Automobile, XPeng, Seres and Li Auto; BYD plans to deploy 2-3 humanoid robots at each dealer showroom, and XPeng’s next-gen IRON (industry-first adoption of all-solid-state batteries) is expected to debut in Q3 2026, reach mass production by year-end, and begin deliveries to commercial customers in China and abroad from 2027.
💡 Why it matters: Automakers entering ‘humanoid making’ is not a cross-industry stunt — it’s a natural extension built on shared technology stacks and scenario advantages — every intelligent car is, in essence, a robot (in Li Xiang’s words). The heavily overlapping supply chains for motors, electronic controls and reducers give carmakers inherent cost and mass-production advantages; and auto plants (production side) and dealer showrooms (consumption side) are exactly the most promising first scaled-deployment scenarios for embodied-intelligence robots. More critically, automakers’ sales channels can be reused as robot channels — Chery has already said it will prioritize its overseas auto distribution system to solve after-sales for its MoJia robots. When ‘car making’ and ‘humanoid making’ converge on supply chains and channels, the scale inflection point for embodied intelligence may arrive sooner than expected.
Key facts:
- The lineup: Tesla, BYD, Chery Group, GAC Group, Changan Automobile, XPeng, Seres, Li Auto and others — nearly 20 major carmakers
- BYD: released a humanoid robot at ‘Di Space’ in early August; EVP Li Ke said the target is 2-3 robots per dealer showroom, with commercialization expected within one to two years
- XPeng: next-gen IRON is the industry’s first to adopt all-solid-state batteries (30% weight reduction, withstands 300G acceleration impact, no thermal runaway at 250°C for 1 hour); mass-production version development on track, debut in Q3 2026, mass production by year-end, deliveries from 2027; He Xiaopeng says once high-end humanoids enter mass production, data-flywheel-driven iteration will outpace that of NEVs in the same period
- Chery MoJia: completed 100-unit delivery and 1,000-unit contracts for police robots on Apr 27; on Jul 30 announced cumulative global deliveries surpassed 2,000 units across 60+ countries; EVP Zhang Guibing (member of MIIT’s Humanoid Robot Standardization Technical Committee) says it will reuse overseas auto distribution and after-sales systems
- Price decline: Zhang Guibing says embodied-intelligence robot prices have dropped from million-yuan levels to under ¥500K (e.g., Zhiyuan’s G1 industrial robot lists at ¥450K on e-commerce); consumption will explode when prices approach a budget car
- Data flywheel: Yao Maoqing (Zhiyuan partner) says getting robots into real scenarios to collect high-quality data and close the loop is a key current development path
- Policy driver: MIIT and SASAC launched the ‘2026 Real-Scenario Training Initiative for Humanoid Robots and Embodied Intelligence’ in June, targeting ‘10,000-unit scale deployment capability’ by year-end
📌 Conclusion: Unitree’s listing means more than one company’s capitalization — it sends a clear signal that embodied intelligence is now a business you can ‘run the numbers on’. Automakers arriving with supply chains, factories, channels and data flywheels shifts the trillion-yuan race from ‘lab showcase’ to ‘head-on competition in mass production and scenarios’. He Xiaopeng’s judgment is worth remembering: once mass production begins, data-flywheel-driven iteration will outpace NEVs of the same era.
3. 📊 Shipment Landscape Shifts: Unitree Announces ~18,000 Cumulative Humanoid Robots, but Zhiyuan Tops H1 with 8,400 Units (44% Share) vs Unitree’s 5,900 (31%)
In one sentence: On Aug 12, Unitree announced cumulative production of approximately 18,000 humanoid robots (implying ~12,500 new units in 2026, based on its Jan 22 disclosure of 5,500+ units shipped in 2025); but per the latest SAG (Smart Analytics Global) industry report cited by CCTV Finance, Zhiyuan shipped 8,400 units in H1 (44% global share) versus Unitree’s 5,900 (31%) — both far ahead of Tesla, Figure AI and Agility Robotics, with Chinese humanoid makers accounting for 97%+ of global shipments.
💡 Why it matters: This is a significant correction to the ‘Unitree = No.1 humanoid’ narrative. With secondary-market enthusiasm at a peak, the real shipment picture is: Zhiyuan overtook Unitree in H1 shipments to top the global ranking. SAG data shows H1 global shipments of ~19,100 units (3x+ the year-ago 5,100), with Chinese makers at 97%+ — the track is exploding, but the leading pack is reshuffling fast. For investors and practitioners, this means that beyond the ‘first stock’ scarcity premium, the competitive intensity is far higher than it appears: Unitree’s lead in capital markets does not automatically translate to a lead in shipments.
Key facts:
- Unitree’s data: announced ~18,000 cumulative humanoid robots produced on Aug 12; by the Jan 22 disclosure of 5,500+ units shipped in 2025, 2026 additions are ~12,500
- Zhiyuan overtakes: SAG report shows Zhiyuan shipped 8,400 units in H1 (44% global share); Unitree 5,900 (31%)
- Global market: H1 global humanoid shipments ~19,100 units, 3x+ the year-ago 5,100
- China share: Chinese humanoid makers account for 97%+ of global shipments
- Full-year forecast: SAG projects ~60,000 units globally in 2026 and 500,000 by 2030
- CICC estimate: 2025 global shipments ~14,800 units (revised from Omdia data); Unitree, Zhiyuan and UBTech each shipped 1,000+
- Commercialization bottleneck: CICC sees LLM generalization as the main bottleneck, expected to ease as models, compute and data develop
📌 Conclusion: 18,000 cumulative units is a milestone, but Zhiyuan’s 8,400-unit H1 reminds everyone that there is no ‘free seat’ in this track. China’s 97% global share confirms the industry’s center of gravity has locked onto China, while the battle among the leaders is just beginning. For Unitree, the ~¥6.1B raised will go to four projects including intelligent robot model R&D — whether capital advantage converts into shipment advantage is the most important metric to track post-listing.
🔗 Securities Times: Unitree announces ~18,000 cumulative humanoid robots produced | Sina Finance: Zhiyuan overtakes Unitree to take global No.1
4. 🛍️ Beijing E-Town Launches 2026 Robot Consumption Festival: Subsidy Pool Raised to ¥18M, First Robot Shopping Street, Linked to World Robot Conference
In one sentence: On Aug 15, Beijing E-Town (Yizhuang) announced the launch of the ‘2026 E-Town Robot Consumption Festival’ — the special consumption subsidy pool rises from ¥15M (first edition) to ¥18M, a 9,600 sqm robot shopping street is added (four zones: brand showcase, tech culture & creativity, specialty dining, interactive entertainment — nearly 100 booths), 50+ robot experience devices covering education, elderly care and home scenarios are deployed, and the festival links with the 2026 World Robot Conference (Aug 19-23) via a first-of-its-kind ‘see the future inside, buy the present outside’ dual-core model.
💡 Why it matters: The Consumption Festival is the most direct thermometer for how robots are entering everyday life. The first E-Town edition in 2025 posted total sales of ¥330M+, selling 190,000+ robots and related products, with consumption vouchers directly driving ¥70M+ in sales and JD.com’s robot & AI category daily average sales up 101.9% MoM across the site — the data proves robots have moved from ‘exhibits’ to ‘products’. This year’s edition simplifies voucher redemption (one-click phone verification via WeChat mini-program), raises funding, expands the street, and adds a JD.com zone with 600+ robot SKUs plus online subsidies — consumer demand is becoming the third growth curve for the embodied-intelligence chain, alongside capital and shipments.
Key facts:
- Funding increase: special subsidy pool raised from ¥15M to ¥18M, tilted toward AI and embodied intelligence
- First-edition results: 2025 total sales ¥330M+, 190,000+ robots and related products sold; vouchers drove ¥70M+ in sales; JD robot & AI category daily average sales +101.9% MoM
- 4S store model: the world’s first embodied-intelligence robot ‘4S store’ generated multiple million-yuan orders in 16 days; orders above ¥1M accounted for 25%
- Street expansion: 9,600 sqm robot shopping street added; four zones, nearly 100 booths; 50+ robot experience devices
- Conference link: linked to the 2026 World Robot Conference (Aug 19-23, Beijing Etrong International Exhibition & Convention Center) under a ‘conference, exhibition, competition, festival’ four-in-one model; the conference venue debuts the ROBOT SHOPPING STREET (indoor + outdoor, 90+ vendors)
- JD zone: 600+ robot SKUs with online special subsidies, launch events, promotions and livestream commerce
- Voucher coverage: AI perception devices, AI mini PCs, heat-transfer machines and other emerging smart-hardware categories
📌 Conclusion: From ‘conference, exhibition, competition, festival’ four-in-one to ‘see the future inside, buy the present outside’, Yizhuang is turning robot consumption into a replicable city-level model. With subsidy pools, venues, channels and categories all in place, the scaled validation of robot retail is no longer a question of ‘whether it can sell’ but ‘how fast it sells’. After the World Robot Conference opens on Aug 19, this consumption experiment enters its densest test window.
📅 Week Ahead / Outlook
- Unitree listing: lottery numbers drawn, only 8,734 shares abandoned (underwritten by the lead underwriter), listing as early as next week — the ‘first humanoid-robot stock’ debut will reset the sector’s valuation anchor; pricing expectations after the dark-pool debunking merit close attention
- World Robot Conference: Aug 19-23 in Beijing E-Town; debuts the ROBOT SHOPPING STREET, forming a ‘conference, exhibition, competition, festival’ loop with the E-Town Consumption Festival
- World Humanoid Robot Games: Aug 22-26 at the Ice Ribbon; 51 events, 1,301 matches; multiple opening-ceremony ticket tiers already sold out
- Shipment data tracking: the Zhiyuan vs Unitree H1 battle (8,400 vs 5,900 units) — watch H2 ranking shifts and how Unitree deploys its raised capital
- Automaker humanoid progress: XPeng IRON Q3 debut, BYD showroom deployment pace, Chery MoJia overseas orders