Yushu Technology Co., Ltd. (688836), widely hailed as the first listed humanoid robot company on China's A-share market, made its highly anticipated debut on the STAR Market this morning. As one of the most closely watched IPOs of 2026, its listing not only set a record for attracting the highest number of retail investors in the STAR Market's history but also marks a significant milestone for China's humanoid robotics sector, transitioning from concept validation into a phase where capital markets and commercial operations advance hand in hand.
On its first trading day, Yushu Technology opened at 1,100 yuan per share, surging 629.44% above its issue price and lifting the company's market valuation to approximately 444.911 billion yuan. With each lot consisting of 500 shares, investors who sold their allotments at the opening price would have locked in a profit of roughly 474,600 yuan per lot. According to prior disclosures, the IPO price was set at 150.80 yuan per share. The company had 364 million shares outstanding before the offering and issued 40.4464 million new shares in this round, representing 10% of the total post-listing share capital. Of these, the final strategic placement accounted for 8.0893 million shares, or about 20% of the total issuance.
The offering did not include an over-allotment option, as confirmed in the announcements. The company ended up with 27,666 shareholders post-listing. Due to an extraordinarily high oversubscription multiple of 8,288 times, the final online lottery winning rate came in at just 0.0181%, setting a new low for new stock allotment odds this year.
Notably, the strategic investor lineup for this IPO was particularly star-studded, featuring heavyweights such as the National Council for Social Security Fund, social security fund portfolios, DeepSeek, China National Petroleum Corporation's Kunlun Capital, Southern Power Grid's industry-finance holdings arm, China Telecom's Tianyi Capital, Tencent-affiliated Shanghai Qishan Investment, and CITIC Securities Investment, among others. Lock-up periods for these strategic shares range from 12 to 36 months. DeepSeek was allocated 933,400 shares, equivalent to 2.31% of the total shares issued by Yushu Technology in this offering.
Founded in 2016 and headquartered in Hangzhou, Yushu Technology was established by Wang Xingxing and stands as one of the few domestic general-purpose robotics companies that have achieved both significant scale in revenue and tangible profitability. The company's core product portfolio spans two main categories: quadruped robots and humanoid robots. Public filings show that from January to June 2026, Yushu Technology generated revenues of 1.152 billion yuan, marking a year-on-year growth of 48.54%. This robust performance was primarily fueled by the gradual expansion of downstream application scenarios for humanoid robots and sustained market demand, which have driven relatively rapid income growth from its humanoid robot product line.