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Yushu Soars at Listing: Lei Jun and Wang Xing Make a Fortune, DJI Loses More Than $25 Billion

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The Meituan ecosystem, Sequoia Capital, and institutions under the control of Liang Wengen have realized significant gains, while DJI missed out on substantial returns due to not completing an early investment.

Original Title: "Aurora Tech's IPO Surges Nearly 630% on First Day of Trading, Winning Over $470,000 with One Share, Internet Giants Behind Laughing to the Bank"
Source: China New Economy

On the 19th, the "Humanoid Robot" pioneer Aurora Tech officially landed on the Sci-Tech Innovation Board, opening with a 629.44% surge to ¥1100.00 per share. At the current price, earning over ¥474,600 with one share is possible.

It's not easy for investors to win the Aurora Tech IPO lottery.

In this IPO, the valid online subscription volume for Aurora Tech reached a staggering 53.637 billion shares, while the final online issuance volume was only 9.707 million shares, resulting in a final lottery rate of only 0.0181%. Compared to the recent hot IPO Longxin Technology, which had a final online lottery rate of 0.4714%, Aurora Tech's lottery probability was less than 4% of Longxin Tech.

It is worth noting that Aurora Tech, as one of the "Hangzhou Six Little Dragons," has a star-studded lineup of shareholders.

Among the top ten shareholders are Meituan, Sequoia Capital, IDG Capital, and Shunwei Capital; in the full shareholder list, there are also tech giants like Tencent, Alibaba, and the figure of AI rising star Liang Wenefeng.

According to calculations, Liang Wenefeng's DeepInsight, MagicCube Quantitative, and Nine Chapters Asset received a total of about 1.1916 million shares through strategic placements and offline subscriptions, with a paper gain of over ¥1.1 billion.

Shunwei Capital, founded by Lei Jun, through Astrend IV, holds 16.106 million shares, with a paper gain of over ¥15.2 billion.

Meituan, as the largest external shareholder of Aurora Tech, holds a total of approximately 35.1236 million shares through Hanhai Information, Chengdu Longzhu, and Galaxy Z, with a paper gain of over ¥33.3 billion.

It is worth noting that DJI's fund had the opportunity to participate in Aurora Tech's financing in 2018, which ultimately did not materialize. If the investment of ¥10.12 million had been fully retained until Aurora's IPO, based on the issue price, the corresponding equity market value would exceed ¥35 billion; based on the opening price, a missed opportunity of over ¥25 billion.

Aurora Tech is a high-performance general-purpose robot company, being the first globally to achieve the public sale and industry implementation of high-performance quadruped robots, with leading global sales of high-performance general-purpose humanoid robots and quadruped robots in recent years.

In this IPO, Yushu Technology raised 6.099 billion yuan. Regarding the use of funds, the company plans to invest in projects such as smart robot model development and robot body development.

In terms of performance, in the first half of 2026, Yushu Technology's total revenue was 1.152 billion yuan, a year-on-year increase of 48.54%; the net profit attributable to the company's shareholders was 274 million yuan, turning a year-on-year loss.

However, Yushu Technology also cautioned that the company faces risks of slowing growth and fluctuating operating performance.

In recent years, Yushu Technology has achieved rapid growth in operating income and profit scale, rising from 159.1344 million yuan in the fiscal year 2023 to 1.6992693 billion yuan in 2025. During the same period, the non-GAAP net profit increased from -18.0191 million yuan to 590.7528 million yuan.

Nevertheless, as the company's revenue base has substantially increased, industry enthusiasm has gradually eased, and market competition has intensified, the year-on-year revenue growth rate for the first quarter of 2026 has dropped to 68.49%. Due to the rapid growth in period expenses, the non-GAAP net profit has decreased by 52.55%.

Simultaneously, with the accelerated advancement of global technology companies, the widespread emergence of startups, and active cross-industry entrants, the market competition in the humanoid intelligence industry is further intensifying.

Yushu Technology stated that many domestic vehicle manufacturers and consumer electronics companies have officially entered the humanoid robot business. These companies have certain advantages in resource investment, market promotion, manufacturing experience, etc., further intensifying the competition in product development, talent recruitment, and R&D investment in the humanoid robot industry. After the launch of related products in the market, they may potentially exert competitive pressure on the company in product pricing, market share, and profit margin levels.

Regarding development plans, Wang Xingxing, the controlling shareholder and chairman of Yushu Technology, stated in a letter to investors that after many years of accumulation, the company has established a self-developed and self-produced system covering robot bodies, core intelligent algorithms, humanoid intelligence, and core component groups, as well as robot components represented by joint modules, dexterous hands, collaborative robotic arms, and perception sensors.

In the future, the company will continue to lay out cutting-edge technology research and development, strive to enhance its financial strength, optimize corporate governance, and improve talent incentives through the IPO, accelerating the high-quality development of the humanoid intelligence industry chain. Through continuous technological innovation, it aims to lead the global robot industry towards scaled application scenarios.