In September, the most surging stock in the A-share market was the listed real estate company Shoukai Co., Ltd. (600376.SH).
From September 2 to September 17, Shoukai’s stock price rose from 2.64 yuan per share to 7.34 yuan per share, with its total market value soaring from 6.8 billion yuan to 18.9 billion yuan.
On September 18, Shoukai’s stock hit the limit up again after opening, recording 11 limit-ups in 12 trading days, with its market value exceeding 20 billion yuan.
The logic behind the company’s surge may lie in its indirect holding of approximately 0.3% equity in Unitree Robotics through a subsidiary.
Despite multiple announcements emphasizing that it is “only a financial investment” and issuing eight risk warnings and abnormal stock fluctuation notices, investor enthusiasm for the “first Unitree concept stock” has not waned.
Unitree’s 12 Billion Valuation Fuels a 20 Billion “Shadow”
The situation began on September 2, when Unitree Robotics stated on social media that it expects to submit filing documents to the stock exchange between October and December 2025, at which time it will officially disclose relevant operational data.
Additionally, the China Securities Regulatory Commission website shows that on July 18, Unitree Robotics began its listing guidance, with CITIC Securities as the advising institution. This further confirms that Unitree’s IPO is imminent.
This news instantly ignited enthusiasm in the capital market.
Due to its indirect stake in Unitree Robotics, starting from September 3, Shoukai’s stock price began a continuous limit-up streak, recording 10 limit-ups in 11 trading days with a cumulative increase of over 160%. As of the opening on September 18, it recorded 11 limit-ups in 12 days, with the company’s total market value soaring to 20 billion yuan, an increase of over 13 billion yuan from the closing market value of 6.811 billion yuan on September 2.
As a rising star in the first tier of embodied AI companies, Unitree Robotics had a market valuation of only 12 billion yuan after completing a 700 million yuan Series C funding round as of July this year.
Shoukai Co., Ltd. indirectly holds a 0.3% stake in Unitree Robotics through its subsidiary Yingxin Company, and this investment is purely financial, with no control or influence over the fund’s decision-making—making it a true “shadow” investment.
Shoukai Co., Ltd., founded in 1993 and headquartered in Beijing, is a large state-owned listed real estate enterprise. Its main businesses include real estate development, property management, and urban renewal. Affected by the cyclical nature of the real estate industry, the company has not yet turned a profit in the first half of the year, marking its fourth consecutive year of losses. The semi-annual report shows that the company achieved revenue of 18.039 billion yuan, a year-on-year increase of 105.19%, while net profit attributable to shareholders was a loss of 1.839 billion yuan, a year-on-year increase of 5.61%.
Unitree Robotics has been profitable for five consecutive years. The company’s CEO revealed at the Summer Davos Forum that its annual revenue has exceeded 1 billion yuan.
While it appears to be a capital frenzy, it also reflects how the pursuit of hot concepts in the A-share market can sometimes make the “shadow” more fantastical than the “entity.”
Collective Frenzy Over Unitree “Shadow Stocks”
Although Unitree Robotics has not yet gone public, a capital feast is already brewing.
In the A-share secondary market, Shoukai Co., Ltd. is not the only company提前分羹 (getting a slice of) Unitree’s IPO cake ahead of time.
On September 17, Kingfa Sci. & Tech. (600143.SH) surged to the limit up, already recording two consecutive limit-ups. The logic behind its surge is identical to that of Shoukai. Public information shows that Kingfa Sci. & Tech., as a limited partner, indirectly holds a stake in Unitree Robotics through Jinshi Growth Fund; Jinshi Growth Fund holds a 4.62% stake in Unitree, and Kingfa’s穿透持股 (penetrating shareholding)
