Who is Selling Yushu? Large-Scale Transfer of High-Level Shares, 228.7 Million Shares to Be Unlocked Next Year

On August 31, Yushu Technology experienced significant fluctuations in its stock price after going public. On its first day of trading, the stock price surged over six times, with a total market capitalization exceeding 440 billion yuan, only to subsequently plummet nearly by half, resulting in a market value loss of over 200 billion yuan. Data shows that on August 19, the first day of trading, Yushu Technology's transaction volume reached 23.2 billion yuan, with a trading volume of 25.66 million shares, and a turnover rate of circulating shares hitting 85.28%, setting a new high for first-day turnover rates for new stocks on the STAR Market since 2026.

At the initial stage of its listing, Yushu Technology had only 30.08 million tradable circulating shares, accounting for about 7.44% of the total share capital after issuance. Among these, offline institutions held 20.38 million shares, making up about 68% of the circulating shares, while the top 20 institutions held 45% of all circulating shares. Since about 90% of the shares allocated through offline placements could be traded on the first day, a large amount of low-cost new shares were concentrated and realized, becoming a significant source of high turnover in the early days of listing.

From the perspective of capital structure, on the first day of trading, institutions, large investors, medium investors, and retail investors sold 1.69 million shares, 10.78 million shares, 12.96 million shares, and 230,000 shares, respectively, with large and medium investors constituting the main selling force. During the same period, net financing purchases amounted to 1.56 billion yuan, indicating that some leveraged funds were also participating in the game at high levels.

Industry insiders say that the high turnover on the first day of trading indicates a significant transfer of new shares to secondary market trading funds, rapidly raising the market holding cost. If subsequent performance does not meet expectations, the pressure for valuation correction may further intensify. However, insiders also point out that there is currently no evidence to prove that the opening price of 1,100 yuan per share on the first day involved market manipulation; its high price is still a result of capital speculation, a relatively small circulating share, and the high popularity of the humanoid robot sector.

Yushu still faces significant unlocking pressure in the future. Data shows that approximately 228.7 million shares will be unlocked one year after listing, accounting for 56.56% of the total share capital, with the earliest reduction possible starting on August 19, 2027. Pre-IPO shareholders such as Meituan, Sequoia China, Shunwei Capital, Tencent, and ByteDance all have potential exit opportunities, but some long-term capital indicates that they do not plan to exit immediately after the listing.

In terms of valuation, Yushu Technology's market capitalization at the close on August 27 was approximately 230 billion yuan, corresponding to a price-to-earnings ratio of about 426 times, significantly higher than the average level in the general equipment industry. Nomura Securities has set a target price of 370 yuan per share for the next 12 months, corresponding to a market value of about 149.6 billion yuan; Jianyin International previously estimated a reasonable market value of about 109 billion yuan; the lead underwriter CITIC Securities provided a reasonable valuation range of 50.6 billion to 55.9 billion yuan for 6 to 12 months post-listing.

The current core disagreement in the market lies in whether Yushu Technology should be valued as a traditional hardware manufacturing company or as an AI and embodied intelligence platform company. The company's R&D investment in 2025 is only 145 million yuan, accounting for 8.53% of revenue, significantly lower than the approximately 25% R&D investment ratio of many peers; at the same time, 73.6% of the revenue from humanoid robots in the first three quarters of 2025 comes from purchases by research and educational institutions, and large-scale repeat orders in industrial and commercial scenarios have yet to form.

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