Wang Yi in South Korea; Unitree IPO; PRC tells EU to pound sand over JD.com; H200 purchases; Youth unemployment rises

Unitree priced its IPO at RMB150.80, opened at RMB1,100, and closed at RMB845, up 460.3% from the offer price. Its market capitalization is now about RMB341.8 billion. Unitree’s valuation is difficult to defend using conventional fundamentals. It reported approximately RMB1.70 billion of 2025 revenue, RMB278 million of reported net profit and roughly RMB591 million of adjusted profit. At…