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A | Renee 编译
新西兰总理Christopher Luxon即将访问新加坡、泰国和菲律宾。 Unitree: Valuation rise reflects optimism Investors are showing a strong appetite for Unitree Robotics' initial public offering, reflecting growing optimism about China's ambition to turn its industrial chain strengths into commercially viable artificial intelligence applications in the physical world, market experts and investment banks said. Though still at an early stage of commercialization, China's embodied intelligence industry is gaining momentum in scaling up applications, first in business scenarios and later in consumer markets, creating a distinctive opportunity set for global investors, they said. The IPO of Unitree on Shanghai's STAR Market — the first A-share listing of a major producer of humanoid robots — has entered the subscription stage, with buoyant demand helping to lift its issue price and fundraising size above earlier expectations. Its issuing announcement showed that it had priced its IPO at 150.80 yuan ($22.35) per share, with expected proceeds amounting to 6.099 billion yuan, higher than the 4.202 billion yuan estimated in its earlier IPO filing at an implied price of about 104 yuan per share. Its IPO price represents a price-to-earnings ratio of 219.23 times, far surpassing the industry average of 38.56 times and giving it a market capitalization of about 60.99 billion yuan at the IPO price, the announcement said. The offering attracted a group of strategic investors, including the National Council for Social Security Fund, DeepSeek, as well as investment arms or affiliates of China National Petroleum Corp, China Southern Power Grid, China Telecom, Tencent and CITIC Securities. Notably, the social security fund has become Unitree's largest strategic investor, subscribing to 933,402 shares, or 2.31 percent of the offering, for around 141 million yuan. The move underscores long-term institutional capital's recognition of the humanoid robotics sector's prospects. Retail investors have also shown enthusiasm ahead of Unitree's online subscriptions that open on Monday, with posts wishing for successful allocations piling up on financial information platform Eastmoney's online stock forum for the company. Yang Shuning, executive director and partner at Wenzhi Capital, a Beijing-based private equity company focused on high-tech investments, said the keen demand and high valuation reflect investors' optimism about Unitree's commercialization prospects and its positioning in the embodied intelligence sector. "Given the scarcity premium enjoyed by leading players in tech sectors and the multibillion-dollar valuations seen among overseas humanoid robotics peers, Unitree's valuation is not without justification," he said. But Yang cautioned that Unitree's valuation is less about current earnings than about investors pricing in its future profitability. "If Unitree falls behind in scaling up commercialization, revenue growth weakens or investors start using a different valuation yardstick, valuations would come under pressure." Commercial promise Wang Xingxing, Unitree's founder and chairman, said on Friday that the company's pure humanoid robot shipments exceeded 5,500 units in 2025, the highest in the world. Unitree's rise has come as China's humanoid robotics sector takes the lead worldwide in terms of shipments, with its commercialization prospects becoming increasingly visible. Citing exhibition examples at the World Artificial Intelligence Conference in Shanghai, UBS said in a recent report that humanoid robots are "increasingly being evaluated as production tools rather than exhibition assets". Commercialization should first scale in structured business-to-business scenarios such as factories, logistics and smart pharmacies, while consumer use cases remain a longer-term prospect, the report said. Zhao Liang, a partner at Unique Capital, an investment institution focused on AI innovation, said that humanoid robots may integrate with specific application scenarios on a large scale in the next three to five years. "Given China's advantages in industrial supply chains and talent, the country's embodied intelligence industry chain may bring a surprise to the world," Zhao said. Unitree's listing, which took only 104 days to go from the application acceptance stage to registration approval, is expected to further boost financing, investment and development of China's embodied intelligence sector, experts said. Besides Unitree, another major Chinese humanoid manufacturer, AGIBOT, is seeking an IPO in Hong Kong. According to UBS, China's embodied AI sector saw a wave of IPO filings and strong primary market financing this year, with first-half funding going above 34.5 billion yuan. With a buoyant listing pipeline, China's embodied intelligence industry — and the broader physical AI sector — could offer global investors a distinct exposure to the next phase of AI development where physical-world applications become increasingly important, experts added. Goldman Sachs said in a report that while the US and North Asian tech companies hold a dominant position in sectors such as semiconductor and AI models, China's AI opportunity set seems better populated in power, infrastructure and physical AI, implying a potentially strong value proposition and diversification benefits to global investors.
。他说,此行是为了加深新西兰与东南亚的关系。
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Luxon将于4月14日(本周日)至4月20日(下周六)率领一个高级商业代表团出访。

B | 气候变化部长兼税收部长Simon Watts,以及新西兰首位菲律宾籍国会议员Paulo Garcia将随行。 Luxon在一份声明中称,“东南亚地区对我们的繁荣和安全比以往任何时候都更加重要。我期待着与各国领导人会面,看看我们还能做些什么来加深我们的关系。我也很高兴能够带领新西兰商业代表团到访这些地区。在这些[新西兰]重要的市场中,与合作伙伴和客户建立新的联系和重续关系是当务之急。” 总理和代表团将首先访问新加坡,Luxon称新加坡是“我们在东南亚最重要的合作伙伴之一,也是我们最大的外国投资来源之一”。 他说,“我很高兴接受李显龙总理的邀请,并期待在外交和经济上扩大和多样化我们的关系。” 随后总理和代表团将访问泰国,这是自2013年以来新西兰总理首次专门访问泰国。 Luxon说,“我期待着继续与赛塔·他威信(Srettha Thavisin)总理进行讨论,推进我们重要的贸易和经济联系,并在我们两国建交近70年来建立的密切关系的基础上进一步发展。” 第三站将前往菲律宾,这将是新西兰总理14年来首次专门访问菲律宾。 “我期待着与菲律宾总统小费迪南德•小马科斯(Ferdinand Marcos Jr)重新建立联系,推进我们两国近60年的关系,并为新西兰企业寻找更多机会。” Luxon表示,“继续建立我们的全球关系将使新西兰经济受益,我打算在东南亚和世界各地建立这些关系。本届政府决心实现我们重建经济的计划,使新西兰人再次领先,加强我们与世界各地的贸易和商业联系是其中的重要组成部分。

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