analysis: Unitree's "gray market" bids at 3x, private share acquisitions not protected by law

Odaily News: Unitree Technology has not yet officially gone public, but trading around this hot new stock has already begun ahead of schedule. Multiple listings for acquiring and selling Unitree Technology IPO allotment rights have appeared on second-hand trading platforms such as Xianyu. Currently, several intermediaries are acquiring shares of this new stock through various channels, with widely varying quotes. Some intermediaries are bidding 520 yuan/share (issue price: 150.8 yuan/share), while others quote 410 yuan/share. Among certain investors and intermediary groups, some refer to this trading as a "gray market."

At present, this trading remains an extremely limited activity. Multiple market participants, including brokers and public fund managers, said they had not previously heard of any so-called "gray market" in STAR Market IPO subscriptions. Its sudden emergence may be related to Unitree Technology's extremely low allotment rate and high expected listing returns. The current private acquisition of new stock shares in the A-share market is a verbal agreement between private parties and is not protected by law. (Caixin)