Unitree Robotics stock surged 629 percent above its initial public offering price on its Shanghai debut Wednesday, opening at 1,100 yuan against an IPO price of 150.80 yuan before retreating below 900 yuan in early trading.
The Hangzhou-based company raised 6.1 billion yuan, or approximately $904 million, valuing it at roughly $66 billion. Unitree is the world's largest humanoid robot maker by sales and the first such company to list on a mainland Chinese exchange.
The IPO drew extraordinary retail demand: 9.8 million retail accounts competed for just 9.7 million shares in the online tranche, resulting in an allocation rate of 0.018 percent. The offering was oversubscribed more than 8,000 times, a Shanghai exchange record.
The debut timing coincided with the World Robot Conference in Beijing, running through Sunday. The event features product launches and industry forums, providing a backdrop for Unitree's market entry.
Unitree has built a consumer-facing brand around backflipping and dancing robots, gaining global attention despite modest unit volumes. The capital from the offering funds operations and development—a key metric for robotics companies burning cash before achieving scale.
The sharp pullback from the 1,100 yuan open signals rapid price discovery. The stock's move from a 629 percent pop to below its opening price in hours reflects the mechanics of extreme retail oversubscription: retail investors allocated tiny share counts at artificially suppressed IPO prices, then immediately faced a massive unwind.
