HONG KONG, Jun 1, 2026 - (ACN Newswire) - As Unitree Robotics’ STAR Market IPO advances to a key review stage, the potential asset revaluation and earnings upside arising from Shoucheng Holdings’ (00697.HK) participation in the robotics sector through its industrial funds have become a focus of market attention. Public information shows that Unitree Robotics’ STAR Market IPO application is scheduled to be reviewed today, June 1. Industry observers believe that if Unitree Robotics successfully moves into the public-market pricing stage, it will provide a clearer valuation benchmark for related robotics assets and may further feed through to Shoucheng Holdings’ asset side, earnings side and net asset value.
Recent financing enthusiasm in the robotics sector has continued to rise, also providing an industry backdrop for the revaluation of related assets. Earlier reports by Securities Times showed that, in the first quarter of 2026, more than 50 financing deals were disclosed in China’s embodied-intelligence sector, with cumulative financing of around RMB 20 billion, representing year-on-year growth of nearly 60%. Companies including Unitree Robotics, Galbot, Agibot, Xinghaitu and Deep Robotics have entered the RMB 10 billion valuation tier. Market participants believe that, as the valuation midpoint of the robotics sector gradually moves upward, the implied value of Shoucheng Holdings’ related investment assets may become easier for the market to reprice, expanding the room for imagination around investment returns and profit upside.
Notably, Shoucheng Holdings’ overall investment and book performance in the robotics sector are already supported by solid data. Shoucheng Holdings’ management previously disclosed that, as of the end of 2025, the company had invested more than RMB2 billion in the broader robotics industry chain through several industrial funds under its management and consolidated funds. The valuation of the relevant investment portfolio has increased by around fourfold, which, based on this calculation, corresponds to a book value gain of approximately RMB8 billion.
As Unitree Robotics’ IPO advances toward the public market pricing stage, the related holdings are expected to obtain a clearer valuation anchor, further driving a revaluation of book value gains and pushing Shoucheng Holdings’ robotics assets into a stage of value verification and realization.
With respect to the Unitree Robotics project specifically, public information shows that Shoucheng Holdings participated in the investment through the Beijing Robotics Industry Development Investment Fund. The fund held approximately 3.8262% of Unitree Robotics before the offering and about 3.44% after the offering. Based on the assumption that the new share issuance will be no less than 10% of the post-issuance total share capital, Unitree Robotics’ post-issuance valuation would be no less than RMB 42 billion. On this basis, the equity interest in Unitree Robotics held by the Beijing Robotics Industry Development Investment Fund would be worth approximately RMB 1.445 billion. If Unitree Robotics’ subsequent valuation rises to RMB 50 billion or RMB 60 billion, the value of this equity interest would be approximately RMB 1.720 billion and RMB 2.064 billion, respectively. Although the above calculations refer to the value of the fund-level shareholding and do not equate to all gains that Shoucheng Holdings can directly recognize, they already provide the market with a clearer reference for assessing the potential value of its robotics investment assets.
From an asset perspective, Unitree Robotics’ IPO will provide a clearer valuation anchor for Shoucheng Holdings’ related robotics investments. Once Unitree Robotics enters the public market, its market capitalization performance, liquidity and comparable peer valuations will offer a more direct pricing reference for the robotics assets held by Shoucheng Holdings through its funds.
From an earnings perspective, after Unitree Robotics is listed, if the related investments are measured at fair value, changes in its public-market price may be reflected in Shoucheng Holdings’ fair-value changes or investment income. In the first quarter of 2026, Shoucheng Holdings recorded revenue of HKD 327 million and net profit attributable to shareholders of HKD 78.53 million. Excluding relevant one-off gains, net profit attributable to shareholders increased by around 18% year on year. Against the existing profit base, if robotics investment projects subsequently generate valuation revaluation or income recognition, they would help enhance the company’s earnings and further highlight the profit elasticity of its investment segment.
From a valuation-framework perspective, Shoucheng Holdings has historically been viewed more as a company related to infrastructure asset operations, parking asset management and the REITs ecosystem, with a certain asset discount often embedded in its valuation. As robotics investment assets gradually gain public-market pricing, the company’s net asset structure is expected to exhibit more technology-growth attributes. When assessing Shoucheng Holdings, the market may not only refer to the PB ratio, cash flow and dividend and share-repurchase capacity of traditional asset-operating companies, but also focus on NAV revaluation, investment-income elasticity and the option value of technology-growth assets.
Institutional views also reflect market attention from another angle. CICC previously maintained its "outperform" rating on Shoucheng Holdings and once raised its target price to HKD 3.3, mainly taking into account shareholding-structure optimization and the continued release of positive factors from robotics-industry development. Analyst expectations compiled by various financial data platforms show that the average target price for Shoucheng Holdings ranges from approximately HKD 2.66 to HKD 2.753, with the highest target price reaching HKD 3.30.
Market observers believe that the recent value-recovery logic for Shoucheng Holdings mainly comes from two aspects. First, the accelerated capitalization of portfolio companies such as Unitree Robotics has improved the transparency of related investment assets and created a potential value-realization window for the company. Second, the company has continued to pursue share repurchases, conveying management’s confidence in the company’s long-term value to the market. As robotics investments enter the stage of financial validation, the resonance between industrial-investment elasticity and shareholder-return mechanisms is further strengthening market expectations for valuation recovery.
Overall, the significance of Unitree Robotics’ IPO progress for Shoucheng Holdings is no longer merely the heating up of a robotics theme, but the gradual formation of a foundation for financial transmission. Public-market pricing is expected to increase the visibility of related investment assets, while fair-value changes, investment-income recognition or subsequent exit distributions may open up earnings-side elasticity. At the same time, improved asset transparency will also help the market reassess the quality of the company’s net assets and its valuation framework. For Shoucheng Holdings, robotics investment is moving from industrial deployment toward the stage of value verification.