A “back-door card” sheet from before the Yushu (Unitree) listing—spreading out the extreme profits from early investment.
With an issue price of 150.80 yuan, the company’s total share capital after listing was 404.46 million shares. For the same company, the four institutions’ costs vary greatly: Sequoia China’s effective cost is about 3.94 yuan/share, 经纬创投 (B Capital) about 6.50 yuan/share, Meituan-affiliated funds about 11.96 yuan/share, and Shunwei entered earlier with extremely low cost and has already partially cashed out.
If costs differ by three times, returns differ by orders of magnitude. Using 150.8 yuan as the reference price, Sequoia is up roughly 37x, B Capital about 22x, and Meituan-affiliated about 11.6x; if the share price reaches 490 yuan, Sequoia’s rough paper gain is about 123x, B Capital about 74x, and Meituan about 40x. The earlier you enter and the more heavily you dare to position, the more aggressively you make money.
But paper gains don’t equal cash in hand. The eventual realization of these multiples depends on the selling pace during the lock-up/unlock period, market sentiment, and how valuations in the robotics sector are absorbed. $UNITREE
With an issue price of 150.80 yuan, the company’s total share capital after listing was 404.46 million shares. For the same company, the four institutions’ costs vary greatly: Sequoia China’s effective cost is about 3.94 yuan/share, 经纬创投 (B Capital) about 6.50 yuan/share, Meituan-affiliated funds about 11.96 yuan/share, and Shunwei entered earlier with extremely low cost and has already partially cashed out.
If costs differ by three times, returns differ by orders of magnitude. Using 150.8 yuan as the reference price, Sequoia is up roughly 37x, B Capital about 22x, and Meituan-affiliated about 11.6x; if the share price reaches 490 yuan, Sequoia’s rough paper gain is about 123x, B Capital about 74x, and Meituan about 40x. The earlier you enter and the more heavily you dare to position, the more aggressively you make money.
But paper gains don’t equal cash in hand. The eventual realization of these multiples depends on the selling pace during the lock-up/unlock period, market sentiment, and how valuations in the robotics sector are absorbed. $UNITREE
