UNITREE Futures Slide 14% After Debut on Hyperliquid

HuoXing Finance reported that UNITREE's IPO-linked contract (para:UNITREE) began trading on Hyperliquid on Aug. 4, data from TradingBeats (formerly Hyperinsight) showed. The contract opened at $73.33, rose to an intraday high of $75.67, then sold off to a session low of $61.92. At the time of writing, UNITREE was quoted at $62.88, down 14.2% from the open and 16.9% from the day's peak. Since listing, cumulative turnover has totaled about $2.74 million, while open interest stood near $1.039 million. Momentum has cooled, with sentiment swinging from bullish to bearish. Funding started positive for the first three settlement windows before turning negative. The current hourly funding rate is around 0.0044%, and the mark price is roughly 2.2% below the oracle price of $64.30. Each UNITREE contract tracks the expected value of one share of Unitree Technology. Using an exchange rate of about 6.742 RMB per USD, the latest contract price implies a per-share value of roughly RMB 424. Unitree's prospectus states total post-offering shares will be no less than 404.46 million. On that minimum base, the contract implies a market capitalization of about RMB 171.5 billion. By the same method, the opening and intraday high prices pointed to implied valuations of roughly RMB 200 billion and RMB 206.3 billion. Unitree plans to raise RMB 4.202 billion, with a public offering ratio of no less than 10%, implying an offering valuation of about RMB 42 billion. The current onchain implied market cap is around 4.1 times that level. Based on projected 2025 revenue of about RMB 1.7 billion and non-GAAP net profit of RMB 591 million, the implied multiples equate to roughly 101x price-to-sales and about 290x non-GAAP price-to-earnings. For comparison, Unitree's implied market cap is approximately 29.6% of ChangXin Technology's RMB 579.2 billion offering valuation. ChangXin closed today at RMB 55. With about 6.6881 billion shares outstanding post-offering, its current market cap is roughly RMB 3.68 trillion, putting Unitree's implied valuation at about 4.7% of ChangXin's.