Who Is Selling Axie Infinity? Massive Transfer of High-Stakes Chips as 228.7 Million Shares Will Be Unlocked Next Year

BlockBeats News, August 31st: After its IPO, Yushu Technology's stock price experienced intense volatility. On the first day of trading, the price surged over 6 times, with a total market value exceeding 440 billion yuan. Subsequently, it saw a continuous decline of nearly 50%, leading to a market value evaporation of over 200 billion yuan. Data shows that on August 19th, the first day of trading, Yushu Technology's transaction volume reached 23.2 billion yuan, with 25.66 million shares traded and a turnover rate of 85.28% of the circulating shares, setting a new high for the STAR Market IPO turnover rate since 2026.

Initially, Yushu Technology had only 30.087 million tradable shares after its IPO, accounting for approximately 7.44% of the post-IPO total share capital. Among them, institutional investors held 20.3807 million shares, accounting for about 68% of the circulating shares, with the top 20 institutions holding 45% of all circulating shares. As about 90% of the shares allocated to institutional investors were tradable on the first day of trading, a large number of low-cost IPO subscribers cashed in their chips, becoming a significant source of high turnover in the initial trading period.

Looking at the fund structure, on the first trading day, institutions, large investors, medium investors, and retail investors sold 1.69 million, 10.78 million, 12.96 million, and 0.23 million shares respectively. Large and medium investors were the main selling forces, while margin financing saw a net inflow of 1.56 billion yuan during the same period, indicating that some leveraged funds also participated in the high-stakes game.

Industry insiders stated that the high turnover on the first trading day meant that a large number of IPO chips had shifted to the secondary market trading funds, quickly raising the market holding cost. If the subsequent performance fails to meet expectations, the likelihood of investors being trapped at high prices may further intensify the pressure for valuation correction. However, industry insiders also pointed out that there is currently no evidence to prove market manipulation at the opening price of 1,100 yuan/share on the first trading day, as the high price is the result of the combined effects of fund speculation, a small float, and the intense hype around humanoid robot companies.

Yushu Technology still faces significant unlocking pressure in the future. Data shows that about 228.7 million shares will be unlocked one year after the IPO, accounting for 56.56% of the total share capital, with the earliest unlocking starting on August 19, 2027. Pre-IPO shareholders such as Meituan, Sequoia China, IDG Capital, Tencent, and ByteDance all have potential exit options, but some long-term investors have stated they have no plans to exit immediately post-IPO.

In terms of valuation, Yushu Technology had a closing market value of about 230 billion yuan on August 27th, corresponding to a price-earnings ratio of approximately 426 times, significantly higher than the average level of the general equipment industry. Nomura Securities set a target price of 370 yuan/share for the next 12 months, with a market value of about 149.6 billion yuan; China International Capital Corporation previously estimated a reasonable market value of about 109 billion yuan; and the lead underwriter of the IPO, CITIC Securities, provided a post-listing 6-12 month reasonable valuation range of 50.6 billion to 55.9 billion yuan.

The current key question in the market is whether Yutree Technologies should be valued as a traditional hardware manufacturing company or as an AI and Embodied AI platform company. The company's R&D investment in 2025 was only $145 million, accounting for 8.53% of its revenue, significantly lower than the industry average of around 25% R&D investment ratio. Additionally, in the first three quarters of 2025, 73.6% of the revenue from humanoid robots came from purchases by research and educational institutions, with industrial and commercial applications yet to generate large-scale repeat orders.