Chinese robotics giant Unitree soars in stock market debut
Chinese robotics firm Unitree Robotics saw its shares surge over 600% during its IPO on the Shanghai Star Market. The company's success reflects China's aggressive push to lead the global humanoid robotics market amid intense competition with the United States.
Why it matters
The rapid growth of the Chinese robotics sector highlights the intensifying global race for dominance in AI and automated labor technologies.
Image source, VCG via Getty Images Image caption, Unitree's humanoid robots have been at the centre of a huge marketing push
The world's biggest humanoid robot maker Unitree Robotics made its stock market debut in Shanghai on Wednesday, with its shares soaring by more than 600%.
In the highly anticipated initial public offering (IPO), the firm's shares opened at 1,100 yuan (£120.60; $163.12), well above the 150.8 yuan offer price.
The listing on the tech-focused Star Market - which is widely known as China's Nasdaq - marks a milestone for Beijing's ambitious plans for the country's robotics industry.
It comes as the US and China are locked in a battle to dominate the global market for robots and artificial intelligence (AI) models that power them.
Robots like automated industrial equipment and smart vacuum cleaners are already widely used in factories, warehouses and homes.
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