Unitree Robotics’ new shares see grey market trading, with a highest bid of HK$520 per share, roughly 3.45 times the IPO price.

Unitree Robotics (688836.SH) has not yet officially listed, but trading around this hot new share has already emerged in advance. Recently, multiple posts buying and selling the right to subscribe to Unitree’s new shares have appeared on second-hand trading platforms such as Xianyu, with some intermediaries even referring to such transactions as the "grey market". A post quoting 500,000 yuan shows an investor selling the right to subscribe to Unitree’s new shares, describing it as "the first leading humanoid robot stock on the STAR Market". The seller’s securities account screenshot shows that after applying for 6,000 shares, the investor won 500 shares in the lottery. Based on Unitree’s issue price of 150.80 yuan per share, the required subscription payment for the winning shares is 75,400 yuan. Currently, multiple intermediaries have been purchasing Unitree’s new shares through various channels, with large discrepancies in market quotations. Some intermediaries offer up to 520 yuan per share, about 3.45 times the issue price, while others quote 410 yuan per share, around 2.72 times the issue price. Unitree’s initial online offering totals only 6.471 million shares. Calculated based on a standard lot of 500 shares, there are only about 12,900 winning lottery numbers nationwide. Due to the limited offering size, high market attention, and investors’ high expectations for its post-listing performance, some intermediaries and investors have started trading the winning subscription rights before the official listing. However, multiple market participants including securities firms and public funds said they have not heard of so-called "grey market" transactions for STAR Market new share subscriptions. The current private purchase of new shares in the A-share market is essentially a private verbal agreement, which is not legally protected, and the relevant transactions carry significant compliance and performance risks.