BlockBeats message: On August 4, Hyperliquid has launched Unitree Technology’s (Unitree) pre-IPO perpetual contracts, with the current quote equivalent to about $74, corresponding to an estimated market capitalization of around $30 billion after listing.

UNITREE pre-market perpetual contract price represents the U.S. dollar price of 1 share of Unitree Technology’s common stock. Unitree’s STAR Market IPO plans to issue at least approximately 40.45 million shares, representing 10% of the total shares outstanding after the offering; the total shares outstanding after the offering are approximately 404.5 million shares. The current contract price corresponds to an implied market value of $30 billion, or about RMB 205 billion. The IPO prospectus targets an offering valuation of about RMB 42 billion (approximately $5.8–6.2 billion), which is expected to bring an IPO return of 4.88x after the stock begins trading.

Yu Shu is about to make its first initial public offering of shares and list on the Shanghai Stock Exchange’s Science and Technology Innovation Board. The offering will adopt a combined approach of strategic placement, offline (block) issuance, and online issuance. The company plans to publicly issue 40.4464 million shares, and the total share capital after the offering will be 404.4643 million shares. The preliminary inquiry date is August 5, 2026, and the offline application date is August 10, 2026.