Unitree Robotics (688836.SH) delivered a spectacular market debut, closing its first trading day at 845 yuan per share, a remarkable 460.34% surge from its initial public offering price of 150.8 yuan. The stock opened with an explosive gain of 629.44%, hitting 1,100 yuan per share on August 19 as it began trading on the STAR Market. This stellar performance has generated substantial paper profits for the insurance capital that backed the company before its listing.

Data from Choice shows that approximately 37 insurance companies and insurance asset management firms secured allocations in Unitree's offline placement, collectively receiving about 6.83 million shares worth nearly 1.03 billion yuan. Based on the closing price on the debut day, these 37 insurance institutions saw their combined paper gains reach approximately 4.741 billion yuan, assuming they held their positions. If calculated using the day's peak opening price of 1,100 yuan per share, their maximum potential gains would have been around 6.483 billion yuan.

Taikang Asset received the largest allocation among all insurers, securing 1.82 million shares. At the stock's highest point on the first day, its maximum paper gain would have reached approximately 1.728 billion yuan, while the gain based on the closing price stood at about 1.263 billion yuan. Beyond participating in the offline IPO subscription, public information reveals that several major insurers, including China Pacific Insurance, AIA Life, MetLife, Ruizhong Life, New China Life, and Zijin Insurance, also held indirect stakes in Unitree through private equity funds during the pre-IPO financing stage.

Industry reports suggest that when tracing further into the underlying fund structures, the insurance capital that invested in Unitree before its IPO could involve more than 30 insurance entities. In general, these insurers acquired their stakes at lower costs than the IPO subscription price, meaning their actual paper gains on the first trading day could be even higher than calculated. The insurance sector has been aggressively betting on high-profile tech IPOs this year, with several investments generating substantial returns.

Taking CXMT (688825.SH) as another example, based on its first-day closing price of 49 yuan per share on July 27, the six insurance institutions that had invested early saw their combined paper gains exceed 100 billion yuan. As of August 19, CXMT was trading at 57.55 yuan per share. According to the latest asset allocation survey released by the China Banking and Insurance Asset Management Association for the second half of 2026, technology growth sectors have become the primary overweight target for insurance funds, with both life insurance and property insurance companies favoring technology sectors such as electronics and communications. The core investment themes center on technology growth, AI computing power, and chip semiconductors, while high-dividend yield assets serve as a stable allocation foundation.

However, industry insiders point out that paper gains on the debut day remain just book values, with returns only materializing when shares are actually sold. For insurers that invested in tech companies before their IPOs, despite lower acquisition costs, their holdings may be subject to lock-up periods. Given the long-term nature of insurance capital, short-term trading does not align with their typical investment style. Instead, their positioning in tech stocks reflects confidence in the long-term growth potential of these innovative companies.