Unitree Robotics surges 629% to US$66 billion valuation in Shanghai share debut

Stock jumps as first listing by humanoid robot maker draws 9.8 million retail investment accounts competing for just 9.7 million shares

The opening pop from its IPO price of 150.80 yuan was followed by a pullback, with the stock dropping below 900 yuan per share in early morning trading.

Unitree’s debut coincides with the opening of the World Robot Conference in Beijing, one of China’s biggest annual robotics gatherings, which runs from Wednesday to Sunday and features product launches, industry forums and robot contests.

As the first listing of a humanoid robot maker on a mainland exchange, the offering drew intense interest. Nearly 9.8 million retail investment accounts competed for just 9.7 million shares in the online tranche, resulting in a final allocation rate of only 0.018 per cent.