Unitree Robotics' final issue price is set at 150.80 RMB/share. On the STAR Market, one lot equals 500 shares, requiring a payment of approximately 75,400 RMB. Meanwhile, the pre-market price for Unitree on Hyperliquid has already reached 85.4U. Based on the previous exchange rate calculation, 85.4U is roughly equivalent to 576.45 RMB/share: ▫️ Theoretical price difference per share: approximately 424.98 RMB ▫️ Theoretical value of one lot: approximately 288,200 RMB ▫️ Payment cost for one lot: approximately 75,400 RMB ▫️ Theoretical profit per lot: approximately 212,800 RMB Converted to market cap: ▫️ Unitree's issue market cap: approximately 61 billion RMB ▫️ Hyperliquid's 85.4U corresponding market cap: approximately 232.2 billion RMB ▫️ Compared to the issue market cap, the pre-market price already reflects a premium of approximately 3.81x. Last time, ChangXin's pre-market price ended up being relatively close to the final direction. This time, Unitree's pre-market premium is even more exaggerated, though the difficulty of securing an allocation is also much higher. ChangXin issued 6.688 billion shares back then, while Unitree is only issuing 40.44 million shares this time. On one hand, it's the strongest sentiment stock in the robotics sector; on the other, there's an extremely low supply of issued shares. Looks like the A12 newcomers will be going all-in again. Now let's look at @predictdotfun's "Unitree Robotics IPO closing market cap higher than ___?" Currently, the range of 100–150 billion RMB on the market is basically priced as a high-probability event. The real divergence starts at 180 billion; 200 billion is where Predict's forecast market and Hyperliquid's pre-market anchor point intersect, and where the market begins seriously debating whether "high valuation can be realized." Personally, I think YES below 150 billion still has a relatively thick safety cushion. Given the current pre-market pricing of approximately 232.2 billion, anything below 150 billion clearly has a significant expectation gap. Pre-market prices do not equal actual trading prices after listing, and forecast market prices will also fluctuate. Just personal observations, not investment advice. DYOR.