From ChangXin to Unitree, Brokerages Diversify to Cash In on Tech Innovation Dividends

Unitree Technology's IPO issuance market value is approximately 61 billion yuan, with at least 12 brokerages having made early investments through direct investment, industrial funds, and other means, and over 20 brokerages participating in offline subscription via their proprietary trading accounts. Brokerages are exhibiting a diversified revenue model of "capturing value appreciation in primary markets, earning IPO subscription gains in secondary markets, and collecting underwriting fees in investment banking," and this full-chain participation paradigm is becoming a microcosm of industry transformation in the registration-based IPO era.