After Changxin, Yushu was also moved onto the chain. Those who win the lottery will make a lot of money! The Changxin CMXT Pre IPO contract on Hyperliquid XYZ has already shown the market once: the star company on the A-share market has not yet gone public, and the chain has quoted it first. The IPO price of Yushu has just been determined today, but both long and short positions on the chain have already traded two days in advance On August 4th at 14:10 Beijing time, the para: UNITREE pre disk contract on Hyperliquid HIP-3 began trading. The price opened at $73.33, first surged to $75.67, and then dropped to $61.92 in just over an hour, with a maximum drawdown of over 18%. Over the next two days, it fluctuated widely within the range of $62 to $74 The biggest thing today is on the A-share side: the IPO price of Yushu Technology on the Science and Technology Innovation Board has been officially determined. According to the inquiry results, the market estimates the issuance price to be approximately 104 yuan per share, corresponding to a post issuance market value of approximately 42 billion yuan. According to the on chain contract of $68-71, the implied market value is approximately $27.5-28.7 billion (approximately RMB 190-200 billion), which is a premium of about 4.5-4.8 times compared to the valuation of A-share issuance. In other words, the valuation given by the on chain market is nearly 5 times the new price of A-shares This also means that if you win a lottery (500 shares) and pay 52000 yuan based on the issuance price of 104 yuan, referring to the on chain pricing, the theoretical floating profit of the lottery is close to 200000 yuan. Of course, the initial online issuance on the Science and Technology Innovation Board is only 6.47 million shares, and the estimated success rate for top tier subscription is between 0.02% and 0.03% - whether or not it is successful depends entirely on luck Let's talk about Yushu himself. Yushu is one of the few companies in China that has turned robots from laboratory videos into products and truly sold them, such as the Spring Festival Gala Yangko dance, G1 backflip, and robot dog for public sale According to the prospectus, Yushu's revenue for 2025 is approximately 1.708 billion yuan, a year-on-year increase of 335.36%; Deducting non recurring net profit of approximately 600 million yuan, a year-on-year increase of 674.29%. By 2025, the shipment of humanoid robots will exceed 5500 units, and Yushu is no longer a robot company that only knows how to shoot demonstration videos But its most controversial aspect is also hidden in the prospectus. In the first three quarters of 2025, Yushu's research and development expenses amounted to approximately 90.2 million yuan, with a research and development rate of only 7.73%. For a company that is preparing to impact the Science and Technology Innovation Board and has a valuation core of embodied intelligence and humanoid robots, after this number comes out, many people's first reaction is: So few? Some even joked that Yushu's research and development expenses for a whole year may not be as high as the quote from a big company to hire a top AI researcher Yushu's R&D rates in the past few years were 24.39%, 31.39%, and 17.84%, respectively, and suddenly dropped to 7.73% in the first three quarters of 2025. However, this cannot be simply understood as Yushu not doing research and development. The absolute amount of the company's R&D expenses is still increasing, but the rapid expansion of revenue in 2025 has quickly diluted the R&D rate What the bulls see is another side: while others are burning billions and talking about mass production, Yushu has spent less than 100 million yuan on research and development, and has already produced over 5500 humanoid robots, earning 600 million yuan in non profits. This may not be due to insufficient R&D investment, but rather strong engineering and cost control. The concern of bears is also very practical: doing well in motion control does not mean that general intelligence has already solved it. In the future, when robots truly enter homes and factories, the most expensive may not be their bodies, but models, data, and "brains". There is still a question mark on whether Yushu's current R&D investment can sustain the next stage of competition There is already an address on the chain that has voted for the bears - and it's not a novice Address: 0x29dd2985348700c5f3d37ed6ab18d5f6d05a42b7 Before discussing its UNITREE operation, take a look at the complete resume of this address: it is a pure Pre IPO perpetual contract hunter. Before Yushu, it had already left 2000 transaction records on five targets including Changxin, SK Hynix, CBRS, and MRVL, with a cumulative net profit of over $36000 across all currencies. Changxin contributed $8952 to it, while SK Hynix contributed $18480. Yushu is its latest target On the evening of August 4th, a few hours after UNITREE went online, the price fell from its high point and it opened its first short order at $63.299-150 shares. This is also its most beautiful stroke on the top of the jade tree. Subsequently, it was completely liquidated at $64.3, resulting in a net profit of $49.5 on the first day August 5th is its main battlefield. From early morning to late night, it repeatedly opened empty positions in the range of $66.0 to $70.2, with a total of 1004.7 empty positions and 936.8 closed positions throughout the day. The pace of operation is extremely delicate - there were 122 transactions on this day alone, ranging from 0.17 to 220 transactions per transaction. Every time the price rebounds, it adds a batch of short orders. The largest single close of the day was 97 shares @ $66.0, earning $238.75 in one go; There are also 8 stop losses at $68.86, with each loss of $1.05. Throughout the day, a profit of $1420.64 has been achieved On the early morning of August 6th, UNITREE rebounded to the range of $70 to $71.5, making its most aggressive move in the past three days - opening 150 short orders at $71.499 and adding nearly 200 short orders to 22 consecutive broken orders around $70.2. This is the area with the highest average opening price in the entire Yushu Campaign. At 2:35 in the morning, it liquidated its last batch of positions around $70.5- all of them left, not fond of fighting Previously, if I wanted to buy Yushu, I could only wait for an IPO, buy concept stocks in the industry chain, or find first tier shares; If you are bullish now, you can go long, but if you feel the valuation is too high, you can also go short directly. On chain opening for two days, the A-share issuance price has just been set today, and the timeline is all in front of us. Everyone can place their bets with their own judgment. AiCoin already supports mobile transactions of Hyperliquid related tokens, UNITREE、SpaceX、 Pre market and US stock assets such as Changxin and SK Hynix can trade and manage positions without having to constantly monitor their computers Source: Yushu Technology IPO materials, AiCoin on chain data Hyperliquid UNITREE Humanoid Robot Body Intelligence PreIPO Sci Tech Innovation Board IPO New XYZ AiCoin