Chinese robot maker Unitree's stock surges 629% in Shanghai debut

Unitree, a Chinese manufacturer of humanoid robots, has made a spectacular debut on the Shanghai STAR Market, with its stock price surging 629% on its first day of trading. This performance eclipsed the recent record set by chipmaker CXMT, which saw a 500% rise on its IPO. The company's stock offering generated immense interest from retail investors in China, with demand exceeding available shares by 5,500 times.

The IPO raised more than $900 million for Unitree, catapulting its market valuation from $9 billion to $38 billion within a single trading session. This significant financial milestone positions the Hangzhou-based company as a major contender in the rapidly expanding global robotics sector. Unitree is recognized for developing some of the most competitive humanoid androids available on the market, including its G1 model.

The company's success is built on its innovative approach to robotics, demonstrated by its robots' capabilities in various fields, from kung fu and dance to high-speed sprinting at 45 km/h. Unitree's rapid ascent highlights the growing strength and ambition of China's technology sector, particularly in advanced fields like artificial intelligence and robotics.