Unitree IPO frenzy leaves Chinese retail investors with 1-in-5,500 odds

While Unitree Robotics’ early backers are poised for a windfall in one of China’s most closely watched technology initial public offerings (IPOs), retail investors are scrambling for a tiny chance of securing shares. Nearly 9.8 million accounts competed in the Hangzhou-based robot maker’s online subscription process on Monday, fighting for just 9.7 million shares, its filings in the evening showed. The final online allocation rate was just 0.018 per cent – roughly one winning lot for every 5,500...