Pre-IPO Contract Goes Live for UNITREE with a 14% Pullback, On-Chain Funding Rate Swiftly Turns Negative

BlockBeats News, August 4th, according to TradingBeats (formerly Hyperinsight) monitoring, Unis Technology IPO contract (para: UNITREE) was launched on Hyperliquid this afternoon, with an opening price of $73.33. The intraday high reached $75.67, and then dropped to a low of $61.92.

At the time of writing, UNITREE is trading at $62.88, down 14.2% from the opening price and 16.9% from the high. The total trading volume since the contract launched is about $2.74 million, with an open interest value of approximately $1.039 million.

Market sentiment has shifted from chasing highs to a bearish bias. The funding rate for UNITREE was positive in the first three settlements since the contract launched, then turned negative. Currently, the hourly funding rate is about -0.0044%, and the contract's mark price is approximately 2.2% lower than the $64.30 oracle price.

One UNITREE contract corresponds to the expected value of 1 share of Unis Technology. Calculated at an exchange rate of about 6.742 RMB to USD, the current contract price corresponds to approximately RMB 424 per share.

Unis Technology's prospectus shows that the post-IPO total share capital will be no less than 404.46 million shares. Based on the minimum share capital, the current contract corresponds to an implied market capitalization of about $171.5 billion; the opening and intraday highs corresponded to approximately $200 billion and $206.3 billion at one point.

The company plans to raise $4.202 billion, with a public offering ratio of no less than 10%. Based on this calculation, the fundraising valuation corresponds to approximately $42 billion; the current on-chain implied market value is about 4.1 times that. Based on the company's estimated revenue of about $1.7 billion and non-GAAP net profit of $591 million in 2025, they correspond to approximately 101 times price-to-sales ratio and 290 times non-GAAP P/E ratio.

Compared to Changxin Technology, Unis's current implied market value is about 29.6% of Changxin's $579.2 billion IPO market value. Changxin closed at $55 today, based on approximately 66.881 billion shares outstanding post-IPO, with a current market value of about $3.68 trillion, meaning Unis's implied market value is only about 4.7% of Changxin's.