Unitree IPO: Employees subscribed 270M RMB—real investment or disguised lock-up?

Unitree's latest move is honestly quite interesting. 171 executives and employees put up 270 million to subscribe to the IPO, and Wang Xingxing personally chipped in another 15 million. On the surface, it looks like full employee stock ownership and aligned interests, but from an engineer's perspective who works on chips, there are plenty of engineering-level judgments hidden behind this.