What happened
On-chain analyst Ai Yi has highlighted Unitree as the second A-share pre-IPO offering on Hyperliquid, following Changxin Storage. According to the analyst, Hyperliquid's initial pricing for Unitree (UNITREE) is set at $73.33.
Why it matters for the market
Unitree's total share capital is roughly 404.46 million shares, which puts the initial market cap estimate at about $29.7 billion, or around 212.9 billion yuan. The A-share IPO placement price is still awaiting the August 5 book-building result, with the market expecting a price near 104 yuan per share. Subscription is slated for August 10, while the exact listing date has not yet been confirmed.
Relative to the expected A-share IPO price, the Hyperliquid pre-IPO price implies roughly 5x potential upside, though that outcome depends on the final pricing and a successful listing actually taking place.
What traders should watch
For intraday traders, pre-IPO tokens often bring heightened volatility and shifting liquidity as key dates approach. Between now and the pricing and subscription windows, sentiment could swing on updates from the book-building process, broader market conditions, and risk appetite for Chinese robotics and tech listings.
