According to the prospectus, entities affiliated with Meituan collectively hold a 9.6488% stake in Unitree Robotics, making them the company’s largest external institutional shareholder. Shoucheng Holdings (0697.HK), through its affiliated investment funds, held approximately 3.8262% of Unitree Robotics prior to the offering, corresponding to a market value of roughly RMB2.3 billion and representing the largest disclosed stake held by a Hong Kong-listed company.

For Shoucheng Holdings, however, the significance of this investment extends well beyond unrealised gains. Unitree Robotics’ transition from private-market valuation multiples to a publicly traded market price means that, for the first time, a major asset within Shoucheng’s robotics portfolio now has a transparent benchmark established by the public capital market.

Yet the more important question is not simply how much Shoucheng has made from a single investment.

As of the end of 2025, Shoucheng had cumulatively invested more than RMB2 billion across the broader robotics value chain, covering more than 20 companies including Unitree Robotics, Galbot, Galaxea, Zhizi Xinsuan, Moxian Technology and RobotEra. Chairman Zhao Tianyang has described this strategy as a “sector-wide investment approach” — rather than betting on a single company, Shoucheng is positioning itself for the systemic growth of the entire Physical AI ecosystem. More recently, the group initiated the establishment of the RMB3.5 billion Beijing Frontier Technology Innovation Fund, further expanding its exposure to emerging technologies.

Private-market investment, IPO monetisation and new fund deployment are increasingly forming a self-reinforcing cycle of “value realisation plus continuous incubation” for Shoucheng. As investors place their subscription orders for Unitree Robotics, the public market is, for the first time, assigning a visible price to the long-term strategy of this patient-capital investor.