Unitree’s IPO win fuels Shoucheng’s next physical AI bets

Shoucheng Holdings Ltd. (0697.HK) is getting its first public-market yardstick for an early physical AI bet, as Unitree Technology (688836.SH) makes its Shanghai STAR Market debut, giving investors a public-market benchmark for one of China’s most closely watched humanoid robot makers.

Funds affiliated with Shoucheng held about 3.83% of Unitree pre-IPO, giving the stake an implied value of roughly 2.3 billion yuan ($320 million), according to Unitree’s prospectus.

That valuation puts Shoucheng-linked capital among Unitree’s largest disclosed outside holders, alongside Meituan (3690.HK), whose affiliated entities held a combined 9.65% pre-IPO. Unitree priced its STAR Market offering at 150.80 yuan a share, implying a P/E ratio of 219 times, compared with the sector average of 38.56 times cited in the prospectus.

Shoucheng runs a dual-driver model combining infrastructure operations — including over 100 parking facilities and 1 million square meters of industrial park space — with industrial and equity investment. The company has expanded its physical AI investments since 2024, alongside its REITs and fund-management businesses.

Shoucheng had put over 2 billion yuan into 20-plus robotics and physical AI companies by the end of 2025, including Unitree Robotics, Galbot, Galaxea AI, Matrix Innovation, X Square, Noetix Robotics, and DEEP Robotics. Its investments span robot makers, embodied-intelligence companies and other key technologies. Shoucheng’s approach focuses on selecting companies based on their technology, teams, products and commercialization potential.

It has separately raised a 3.5-billion-yuan Beijing Frontier Technology Fund as fresh capital to expand its investment in physical AI, robotics and advanced manufacturing.

Analysts say Unitree’s listing reflects how China’s physical AI investment is entering a “value-realization phase,” with public-market benchmarks for early stage investments. For Shoucheng, Unitree’s IPO is a reference point, as parts of its physical AI portfolio begin to move from private-market valuations toward public-market price discovery.

Teri Yu

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