The migrant workers who got on the bus with 1 yuan/share finally waited until the day Yuju went public
By David, Deep Wave TechFlow
Original title: Yu Shu, with a market value of 400 billion yuan, and a “multi-millionaire” migrant worker with a market value of 1 yuan/share
On August 19, Yushu Technology landed on the Science and Technology Innovation Board.
The opening market rose 629% to 1,100 yuan, and at one point the market capitalization reached 444.9 billion yuan. The retail investors that won the lottery made a profit of 470,000.
The entire network is keen to watch the rich-making effects after the stock listing. For example, founder Wang Xingxing's net worth was 133.5 billion, and the richest man in the post-90s changed hands. Lei Jun's Shunwei capital also surged 15.2 billion dollars due to previous investments. The largest external shareholder, Meituan, surpassed 333 billion dollars in profit. Even Liang Wenfeng's Deep Search and Magic Square, and Daxin have also collected 1.1 billion dollars.
The bosses counted the money, the retail investors were overwhelmed, and it was a lively meal of wealth.
It's just that these numbers have nothing to do with the vast majority of migrant workers.
When the spotlight falls on Wang Xingxing, who is ringing the bell, and the VC that invests in it, it is actually closer to the story of migrant workers getting rich. In fact, the company hidden in Yushu Technology's prospectus is called“Shanghai Yu Yi”In the company.
This company does not have “Yuki” in its name, but it is Yushu's employee equity incentive platform and holds 10.94% of Yushu Technology's shares. The batch of 1 yuan/share options that Yu Shu signed to employees in 2017 when they couldn't pay their wages were packed inside.
Today, among the owners of this batch of options, the highest net worth at current prices has reached 1.58 billion.
UTsubasa Wa
According to the prospectus, Shanghai Yuyi is a limited partnership. Employees do not directly hold Yuki shares, but rather hold shares in this partnership company and use it to hold shares indirectly.
The partner list contains several layers of shareholding platforms and dozens of natural employees. At the top of the list were the three post-90s.
Yang Zhiyu, head of mechanical structure, born in 1991, majoring in machinery and automation at Zhejiang University. He joined the company as soon as it was founded in 2016 and has indirect shareholding of approximately 1.7837 million shares. Based on Yu Shu's high stock price on the first day, the paper net worth was 1.58 billion yuan.
Chen Li, head of sales and service system, born in 1990, holds approximately 946,400 shares and has a net worth of 840 million yuan.
Zhang Yangguang, head of algorithms and software, born in 1993, majoring in automation at Nankai University. At the 2025 CCTV Spring Festival Gala, “Yang BOT”, a robot twisting songs, went viral all over the country, and he led the development of the function of generating action programs directly from videos. It holds approximately 546,000 shares and has a net worth of 480 million yuan.
But in addition to these 3 people, where are the equity incentives for the more migrant workers mentioned earlier?
Shanghai Yuyi has only 6 direct partners in total. Wang Xingxing, Chen Li, and Yang Zhiyu are executive partners, plus two partnership companies, Hangzhou Yixin and Hangzhou Yiyi.
However, the vast majority of employees' names don't fit into this list. Since limited partnerships only allow 50 partners at most, Yushu Company also added a “share container” with two shares, the next heart and the next intention, on top of it, forming a three-tier structure of “Shanghai Yuyi, Next Heart, Second Mind, Employees”.
Therefore, more of this company's incentives for ordinary migrant workers are included in the above two second-level platforms. And when the list goes up to this level, it's where ordinary migrant workers pile up.
More than 60 front-line R&D technical supervisors and core technical employees received shares ranging from 0.01% to 0.05% through the platform; based on the closing market value of 358 billion dollars on the first day, their net worth was between 35 million and 170 million.
An equity plan signed when wages cannot be paid
Back in 2017, the second year since Yushu was founded, the financing was spent, and wages were not paid.
In November of that year, Tian Jiangchuan, the original capital, met Wang Xingxing. After talking for a long time but not investing, he wrote four words in his internal investment notes:Background grass roots.
Three years later, the original capital re-entered at a valuation of 4 times, and Taegawa later attributed his initial misjudgment to his “elitist arrogance.”
However, in the early days when there was no capital injection, Wang Xingxing's decision was to stop his own wages and pay employees out of his own pocket.
In September of that year, the company signed the first batch of option agreements with 17 first-generation core employees including Yang Zhiyu, at an exercise price of 1 yuan/registered capital. Over the next few years, the company carried out multiple rounds of equity incentives one after another, and eventually all of them were managed uniformly by the Shanghai Yuyi platform.
The three 90s at the top of the list, and more than 100 people closely behind, came in one by one.
Today, based on the issue price of 150.80 yuan, this batch of options surged more than 150 times. Based on the opening price of 1100 yuan on the first day, the profit was over 1000 times higher. Earlier, Li Yannan of Sequoia China mentioned another fact. Wang Xingxing's current core executive team is in the same group as when he first started his business, and no one has left.
Thanks to all this suffering, there is also a version with wider coverage in the strategic placement of the IPO.
Yushu set up two special asset management plans for employees. A total of 171 executives and core employees participated, with a total subscription amount of 272 million yuan. Among them, Project No. 1 has 161 people, mostly front-line R&D engineers, with subscription amounts ranging from 1 million to 4 million.
Plan 2 has only 10 people and is locked in for 36 months. Wang Xingxing's own subscription of 15 million yuan is the one with the most investment. Zhang Yangguang, Yang Zhiyu, and Wu Jinze, another R&D leader, each invested 9 million yuan.
As of the end of 2025, Uki had a total of 516 employees. One out of every three employees is betting on their company in this listing.
An ordinary person on the boat
After it went public, the story of Shanghai Yuyi wasn't over yet.
Wang Xingxing's share of Shanghai Yuyi's senior partnership will be fully used in the future for employee equity incentives, not including himself. Within two calendar years after the company's 36 months of listing, the grant ratio is not less than 50%.
Among the affiliated companies set up to motivate employees mentioned above, one detail that the author did not mention is that currently 99.68% of Hangzhou Yixin's shares are in Wang Xingxing's hands and are not distributed to others, which is equivalent to this almost empty container, which leaves a place of motivation for others.
The list of employee incentives will predictably grow; it's just that the wealth on this list isn't being paid off that fast.
Shanghai Yuyi's platform shares will be locked for 36 months. Subsequent shares will also be linked to the annual performance evaluation. If the assessment fails, the corresponding incentive share may not be unlocked. Before the prospectus was signed, 9 authorized employees had left their jobs, and their incentive shares were removed.
The 272 million yuan subscription for the strategic placement was also locked. Plan 1 was locked for 12 months, and Plan 2 was locked for 36 months. The stock price fell below the issue price during the lockdown period; this money was just a loss.
However, in the first half of the year after Yushu went public, a year or three years later, the market was willing to offer any price, and no one was able to pack a ticket. As a result, when to stop profit, whether it can hold up to stop profit, and what methods and actions to stop profit will be another game between employees and the company.
But even if this reward doesn't turn into money, getting on the right boat is always better than not getting on the boat.
In the fall of 2017, when they couldn't pay their wages, some young people chose to stay and tied to the company at a price of 1 yuan/share, and wait 150 times their own.
Among the main themes of domestic hard technology dividends and Sino-US tech competition, there should be another batch of stories like this. For ordinary people, this is the best part of the listing bell.
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