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Shares in Chinese humanoid robot maker Unitree surged as much as 629% in its Shanghai trading debut Wednesday, one of the strongest IPO openings anywhere in the world.
The company, officially known as Yushu Technology Co, priced its shares at 150.8 yuan ($22.36) and raised about 6.1 billion yuan through its listing on the Shanghai Stock Exchange's STAR Market.
Unitree's shares climbed to 1,100 yuan after trading began, more than seven times the IPO price, before giving up part of the advance to close 460.3% higher at 845 yuan.
The first-day rally pushed Unitree's market capitalization to 341.8 billion yuan before it climbed above 350 billion yuan, about 206 times its 2025 revenue of 1.7 billion yuan.
The company issued about 40.4 million new shares, representing 10% of its total share capital after the offering. About 30.1 million shares, or roughly 7.4% of the post-offering total, were freely tradable when trading began.
Founder and chief executive Wang Xingxing owns about a fifth of Unitree. The surge in the company's share price has pushed the paper value of his stake above 68.4 billion yuan.
Unitree was founded in 2016 and shipped more than 5,500 humanoid robots in 2025, excluding wheeled dual-arm robots. Its revenue rose from about 159 million yuan in 2023 to 393 million yuan in 2024 and 1.7 billion yuan in 2025.
The company's first-half 2026 revenue is forecast at 1.1 billion yuan, representing year-on-year growth of 35.6% to 45.4%.
Unitree is one of the few humanoid robot makers listed on a stock exchange. Its biggest rival, AgiBot, remains private, while smaller competitor UBTech trades in Hong Kong. At least half a dozen other Chinese humanoid robotics companies, including Deep Robotics and Leju Robotics, are also preparing to go public.
The company is also facing more scrutiny in the U.S, as the Federal Communications Commission last month banned imports of future models of foreign-made humanoid and quadruped robots over national security concerns.
The Pentagon also added Unitree to a list of Chinese military companies this summer, calling it a "contributor to the Chinese defence industrial base," along with major Chinese tech firms including Tencent and Alibaba.
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