Unitree Technology officially listed on the STAR Market on August 19, 2026. On its first trading day, the stock opened at 1,100 yuan per share, up 629 percent from the issue price of 150.8 yuan per share. Based on the opening price, its total market value was 444.9 billion yuan, and founder Wang Xingxing, who holds a 30.02 percent stake, had a personal fortune of about 133.6 billion yuan. Wang Xingxing thus became the third post-90s founder chairman on the STAR Market, after Liu Jingkang of Insta360 and He Yu of Guoyi Quantum, and the seventh post-90s chairman on the board. Wind data shows that before 2025, the three post-90s chairmen on the STAR Market were all second-generation successors. After Insta360 listed in 2025, Liu Jingkang became the first self-made post-90s founder chairman. In 2026, the successive listings of He Yu and Wang Xingxing further strengthened the presence of post-90s technology entrepreneurs. Li Jin, chief researcher at the China Enterprise Research Institute, said the rise of this group of post-90s founders is the inevitable result of the overlapping dividends of national strategic support, the technology industry revolution, and capital market reform. The STAR Market system allows unprofitable companies and companies with special shareholding structures to list, paving the way for technology entrepreneurs. Yu Yao, assistant professor at the School of Economics and Management of Beijing Jiaotong University, believes that the generational shift from second-generation succession to self-made founders is a projection in the capital market of changes in China's economic growth drivers and technological innovation models. The source of young people's corporate control is shifting from equity inheritance to knowledge capital and technology capital.
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