Unitree Shares Surge 629% in Shanghai Debut
The Story
Shares in Chinese humanoid robot maker Unitree soared as much as 629% in its public stock trading debut on Wednesday in Shanghai.
The company, founded in 2016 by entrepreneur Wang Xingxing in Hangzhou, raised approximately 6.1 billion yuan ($904 million) in its listing on the Shanghai Stock Exchange’s STAR market. Unitree's shares were priced at 150.80 yuan ($22.36) each. The shares closed 460% higher at 845 yuan ($125.31). This debut highlights investor optimism over China’s technological advances.
Advanced robotics, referred to as “embodied” artificial intelligence, is a key sector in the technology rivalry between China and the U.S., with China leading the U.S. in this area. The company's backflipping and dancing machines have drawn global attention.
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