dexinwin Xiaomi founder and CEOLei Junhas responded to online claims that he personally made more than 10 billion yuan by “subscribing to” Unitree Robotics shares, clarifying that the investment was not his personal IPO subscription but an early-stage investment made by Shunwei Capital.
Lei addressed the issue during a livestream on September 21, after the claim attracted widespread attention online. He said the investment was made by Shunwei rather than by him personally, and that it was not an IPO subscription, but an early angel and venture capital investment.
Unitree Robotics, one of China's best-known humanoid robotics companies, went public on China's A-share market on August 19. Its shares surged dramatically on the first trading day, with the opening price jumping 629.44%, triggering intense discussion about the value of stakes held by early investors.
The sharp rise in Unitree's stock price also fueled online speculation that Lei had personally “made more than 10 billion yuan” by participating in the IPO.
Lei rejected that characterization.
He explained that the investment was made byShunwei Capital, an investment firm he co-founded, rather than by him personally. More importantly, he said the investment was made years before Unitree went public.
Lei said he had known Unitree founder Wang Xingxing for more than a decade. Shunwei Capital participated in Unitree's early financing and was the company's sole investor in its Series A round, according to Lei. As Unitree developed and eventually reached the public market, Shunwei and its investors benefited from the company's growth.
The distinction is important because an IPO subscription and an early-stage venture investment are fundamentally different.
An IPO subscription generally refers to investors applying for newly issued shares when a company goes public. Early-stage venture capital, by contrast, involves investing in a private company years before an IPO, typically taking on significant business and execution risks in exchange for an equity stake.
Unitree's case illustrates the difference. Shunwei's investment occurred long before the company's public listing. Lei also recalled earlier this year that he had been given an opportunity to invest in Unitree several years ago.
Lei has continued to maintain a close connection with the robotics company. On September 14, he visited Unitree's facilities and watched demonstrations of its humanoid robots alongside Wang Xingxing.
During his latest livestream, Lei also explained the broader philosophy behind his investment activities.
He recalled that raising capital had been difficult during his own early entrepreneurial years. Shunwei's investment strategy, he said, includes supporting young entrepreneurs and helping technology startups obtain the capital they need during their early stages.
The comments provide some context for Shunwei's long-term investment in Unitree. Rather than entering the company at the IPO stage, the investment was made when the robotics company was still developing its business and technology.
The online “100 billion yuan profit” figure should therefore be treated carefully. Based on Lei's clarification, it would be inaccurate to describe the situation as Lei personally making more than 10 billion yuan through an IPO subscription. The actual economic benefit to Shunwei's investors would depend on factors including the original investment amount, shareholding structure, valuation changes and any subsequent transactions.
Unitree's market debut nevertheless highlights the potential transformation of early-stage technology investments. A company that once relied on venture capital can eventually become a publicly traded company, potentially creating substantial value for early investors if the business succeeds.
For China's rapidly developing humanoid robotics industry, Unitree's public listing is also an important milestone. Its future business performance, technological development and stock-market valuation are likely to remain closely watched as competition in humanoid robotics intensifies.
The story behind Lei Jun and Unitree, therefore, is less about an overnight IPO windfall and more about how an early investment in a robotics startup developed over many years into a public-market story.
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