Related to MLS, Zhaochi, Blue Energy Lithium Core, and more! Two industry leaders are racing toward an IPO.

1

Beteli is set to list on the ChiNext Board

On August 11, Suzhou Beteli Polymer Materials Co., Ltd. (referred to as “Beteli”) disclosed its preliminary prospectus, officially launching its IPO process on the ChiNext Board; on August 16, the company issued an announcement regarding its online roadshow.

The offering will comprise 65.7 million shares, representing 25.01% of the total share capital after issuance, all of which are newly issued shares, with no existing shareholders selling their holdings. Following this offering, the company’s total share capital will stand at 262.7 million shares.

Beteli’s core business involves the R&D, production, and sales of electronic materials and advanced chemical materials, with products spanning three major segments: conductive materials, silicone materials, and coating materials. Its products are widely used in photovoltaics, 3C electronics, deep-processing of silicones, electronic packaging, medical devices, new-energy vehicles, and other fields.

Among these, the LED encapsulant adhesives within the silicone materials category primarily consist of phenyl‑silicone LED encapsulants, featuring high refractive index, excellent light transmittance, superior resistance to thermal shock, heat resistance, sulfurization resistance, and moisture protection, along with outstanding adhesion to various substrates—mainly used for LED chip encapsulation. Meanwhile, specialty silicone rubbers find applications in 3C peripheral products, wires and cables, smart wearables, display panels, and lighting strips, among others.

Beteli notes that achieving independent production of LED encapsulants has significantly reduced costs and greatly accelerated the commercialization of LED lighting products in China.

Notably, the company has already entered the supply chains of leading LED manufacturers such as MLS and Zhaochi Shares, holding a substantial domestic market share in the niche segment of silicone LED encapsulants.

According to data from Zhongyan Puhua, the prospectus indicates that by 2025, Beteli’s domestic market share for silicone LED encapsulants is projected to reach approximately 13% (based on sales revenue), while its overall LED encapsulant market share is expected to be around 2% (also based on sales revenue), leaving considerable room for further expansion. In addition, the company is actively expanding into Mini‑LED encapsulants and epoxy‑based LED encapsulants.

Furthermore, in the 3C electronics sector, Beteli’s products are extensively utilized in branded devices from Lenovo, Huawei, Xiaomi, and others; in the new‑energy vehicle space, its solutions have been successfully integrated into the supply chains of automakers like Li Auto and BYD.

In terms of financial performance, Beteli reported revenues of RMB 2.273 billion, RMB 2.521 billion, and RMB 3.646 billion for 2023, 2024, and 2025, respectively, with net profits of RMB 86 million, RMB 97 million, and RMB 116 million, respectively.

For this IPO, Beteli plans to raise approximately RMB 763 million, earmarked for three major projects and working capital replenishment. Specifically, the third phase of the project to produce 500 tons per year of specialty conductive materials is slated to receive about RMB 210 million, establishing a 500‑ton capacity for low‑temperature photovoltaic pastes in Jiangxi Beteli, laying the material foundation for emerging PV technologies such as HJT, HBC, and perovskite cells; the Dongguan Beteli New Materials Co., Ltd. expansion project (third phase) aims to allocate roughly RMB 299 million to optimize silicone material production capacity and implement automation upgrades; and the Wuxi R&D and Marketing Center construction project seeks to invest approximately RMB 183 million to enhance the company’s R&D capabilities and marketing service levels.

From the perspective of fund allocation, the proceeds from this IPO will primarily support capacity expansion and technological upgrades across Beteli’s two core businesses: conductive materials and silicone materials.

2

Unitree Robotics is poised to list on the STAR Market

Recently, Unitree Robotics, a company garnering significant market attention, has officially launched its online and offline subscription for the STAR Market, marking a pivotal milestone toward its public listing as the “first humanoid robot stock.”

Under the issuance plan, Unitree Robotics had a pre‑issuance share capital of 364 million shares, with this offering comprising 40.4464 million shares, accounting for 10% of the post‑issuance total share capital. The IPO price is set at RMB 150.8 per share, aiming to raise approximately RMB 6.099 billion, valuing the company at around RMB 61 billion upon listing.

This “Six Little Dragons” enterprise originating from Hangzhou completed the entire approval process—from application submission to board approval—in just 73 days, setting a record for the fastest IPO review this year.

The prospectus reveals that prior to this offering, the top ten shareholders collectively held 71.50% of the company’s shares. Among them, Chairman Wang Xingxing directly owns 23.82% of the shares, making him the largest shareholder; followed by Shanghai Yu Yi, a platform for equity‑based employee incentives, holding 10.94%.

Beyond these top ten shareholders, the full shareholder roster also includes internet giants such as Tencent, Alibaba, and Ant Group.

Additionally, in terms of equity investments or strategic stakes, several A‑share listed companies have drawn market attention due to their indirect holdings in Unitree Robotics, including lighting firms Shiyida and Langke Intelligent. Shiyida holds approximately 0.01% of the shares, while Langke Intelligent holds about 0.0379%.

Langke Intelligent stated on its interactive platform that, as of August 10, 2026, according to the latest business registration records and Unitree Robotics’ IPO prospectus, its invested Jiangsu Qianquan Hongtu Smart Venture Capital Fund (Limited Partnership) holds 0.5934% of Unitree Robotics’ shares, translating to an indirect stake of approximately 0.0379% after equity penetration; the company currently maintains no other business collaborations with Unitree Robotics.

Shiyida, too, previously experienced heightened market interest triggered by the Unitree Robotics concept. As early as early June, its stock price recorded consecutive daily gains exceeding 20% deviation, prompting Shiyida to issue an “Announcement Regarding Abnormal Fluctuations in Company Stock Trading” on June 4, stating that its wholly owned subsidiary holds 0.8333% of Zhejiang Rongteng Venture Investment Partnership (Limited Partnership) (referred to as “Rongteng”), which in turn holds 1.1868% of Unitree Robotics. After equity penetration, Shiyida’s direct stake in Unitree Robotics amounts to approximately 0.01%, reflecting a relatively small ownership percentage.

As Unitree Robotics’ listing process accelerates, the A‑share supply chain behind it has become a focal point of market scrutiny. At its 2025 online earnings briefing, LED manufacturer Blue Lithium Core disclosed that its subsidiary Tianpeng Power is a key supplier of lithium batteries to Unitree Robotics, with cooperation dating back to 2020.

Blue Lithium Core operates across three major business segments: lithium batteries, LED chips, and metal logistics, gradually shifting its strategic focus toward high‑end lithium battery products. Its subsidiary Tianpeng Power specializes in cylindrical lithium batteries, targeting high‑rate, low‑power applications such as power tools, cleaning appliances, BBU systems, and robots. In 2025, lithium battery shipments reached 673 million units, up 52% year over year, generating RMB 3.597 billion in revenue, a 39% increase compared to the previous year. Unitree Robotics’ IPO not only marks a critical milestone for its own growth but also presents opportunities for upstream and downstream enterprises possessing core technological advantages within the industry chain.