The migrant workers who got on the bus with 1 yuan/share finally waited until the day Yuju went public
Author: David, Shenchao 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 VC investors, the story that is actually closer to the ceiling of migrant workers getting rich is actually hidden in a company called “Shanghai Yuyi” in Yushu Technology's prospectus. 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. Yu Yi and Yu Yi followed the prospectus to check the above. Shanghai Yu Yi 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. The equity plan that was signed when wages could not be paid went back to 2017. Yushu was founded in the second year. After the financing was spent, the wages could not be 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. now...
