Unitree Robotics surges 629% to US$66 billion valuation in Shanghai share debut
Unitree Robotics experienced a massive surge in its Shanghai stock market debut, with shares closing 460% higher than the IPO price. The company, a leader in humanoid robotics, reached a market valuation of approximately US$66 billion despite a broader market downturn.
Why it matters
The successful IPO signals strong investor confidence in the commercial viability of humanoid robotics and the growth of the tech sector in China.
Shares of Unitree Robotics surged 629 per cent above their initial public offering price to open at 1,100 yuan in their Shanghai trading debut on Wednesday, giving China’s best-known humanoid robot maker a market capitalisation of about 445 billion yuan (US$66 billion).
The opening pop from its IPO price of 150.80 yuan gave way to a pullback later in the session, with the stock closing at 845 yuan. That still represented a 460 per cent gain on day one, leaving the company with a market valuation of about 342 billion yuan. About 23.2 billion yuan worth of Unitree shares changed hands during the debut.
The blockbuster debut has created colossal paper wealth for early stakeholders. Wang Xingxing, the company’s 36-year-old founder, holds about 121.4 million shares, putting his net worth at about 103 billion yuan at market close.
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