Unitree Technology IPO exposed for 'grey market trading'; brokers and lawyers warn of compliance and speculation risks
- PANews, citing Shanghai Securities News, reported rumors that Unitree Technology's IPO had off-exchange "scalper acquisitions of chips" and quotes far above the issue price.
- Multiple investment institutions, private equity firms, and brokerages said they had found no evidence of such transactions and viewed the claims as largely speculative.
- CITIC Securities said securities trades must be conducted through legally recognized channels using real-name accounts and in a compliant manner.
- Legal experts said privately agreeing in the A-share market to buy or sell publicly issued shares, or transferring rights to new-share subscription gains, may violate Securities Law rules on trading venues and account lending.
- Brokerage sources said off-exchange quotations lack public matching and standardized settlement, and can involve "quoted prices with no market" and inflated quotes, creating investor-loss and regulatory risks.
PANews reported that rumors about off-exchange trading activity around Unitree Technology's IPO were not substantiated by the institutions and brokerages cited in the report. The claims included alleged chip acquisitions by scalpers and prices far above the offering price, but several market participants said they had not found evidence of such transactions.
The report also quoted CITIC Securities as saying that securities transactions should be carried out through legally recognized channels and real-name accounts. Legal experts said privately arranged transfers or subscription-right deals in the A-share market may run against Securities Law requirements on trading venues and account lending, and such agreements may be invalid.
Brokerage sources said these off-exchange quotes do not have public matching or standardized settlement, and can produce inflated prices without an actual market. The likely market impact is neutral to slightly negative for speculative IPO trading sentiment, because the report highlights compliance and regulatory risks rather than a confirmed transaction.
宇树科技IPO被曝存在“灰色市场交易”；券商和律师提示合规与投机风险
PANews报道，围绕宇树科技IPO的场外交易传闻并未被报道中提到的机构和券商证实。相关说法包括所谓“黄牛收筹”和明显高于发行价的报价，但多方市场参与者表示未发现这类交易。
报道还援引中信证券称，证券交易应通过依法认可的渠道并使用实名账户合规进行。法律人士指出，A股市场中私下约定买卖股份或转让新股申购收益权，可能违反《证券法》关于交易场所和账户出借等要求，相关约定也可能无效。
券商人士表示，这类场外报价没有公开撮合和标准化结算，容易出现虚高报价而缺乏真实市场。对市场的潜在影响偏中性略偏空，主要体现在对IPO炒作情绪的压制以及合规、监管风险的提示。