Yushu Technology debuted on Shanghai’s STAR Market today at an issue price of
150.8 yuan, implying a post-issue market value of about 61 billion yuan. Based
on 2025 estimates the IPO implies roughly 219x P/E and 36x P/S. Retail
subscriptions exceeded 8,000x. Pre-listing offshore private trading priced the
stock about 176% above the issue price, with derivatives priced even more
aggressively, indicating initial trading is focused on the scarcity value of a
leading humanoid-robot name. Refinitiv also noted large-scale replacement by
humanoid robots remains constrained by cost and reliability: to achieve a
two-year payback total cost would need to fall to roughly 160,000 yuan, while
current prices are typically 300,000–500,000 yuan; 50–70% of humanoid robots
this year may be deployed for training data collection rather than direct
production value.
