Unitree, a Chinese robotics firm known for its acrobatic humanoids, experienced a significant stock market debut on Wednesday, with shares closing up 460%. This surge reflects investor confidence in domestic beneficiaries of the artificial intelligence boom.
The Hangzhou-based company, founded in 2016 by CEO Wang Xingxing, is the first humanoid robotics manufacturer to go public on a mainland Chinese exchange. Unitree has garnered international attention for its humanoid and quadruped robots capable of running, dancing, performing backflips, and kung fu.
On Monday, Unitree unveiled its new Superman robot, which the company states can jump over 6.5 feet high and achieve a top speed exceeding 28 mph, surpassing the speed of men’s 100-meter world record holder Usain Bolt.
Unitree’s stock, initially priced at 150.8 yuan ($22) per share, closed at 845 yuan ($125.40) on Shanghai’s tech-focused STAR Market. This valuation places the company at approximately $50 billion. Earlier in the day, the stock reached a high of 1,100 yuan ($163.23), representing a 629% increase. Wang Xingxing, who owns about one-fifth of the company, now holds an on-paper wealth exceeding $12 billion.
Despite its profitability, a distinction from many competitors, Unitree’s products are primarily sold to universities and research institutions rather than for widespread commercial use. The company faces restrictions in the U.S. market due to a recent ban on new foreign-made robot imports over national security concerns, though existing models can still be sold. According to its IPO prospectus, the U.S. market accounted for approximately 13% of Unitree’s $250 million revenue last year.
In June, the U.S. Defense Department added Unitree to a list of Chinese military companies, identifying it as a contributor to the Chinese defense industrial base. While this designation does not impose sanctions, it prohibits direct contracting between the U.S. military and Unitree, which maintains its robots are for civilian applications.
China is heavily investing in AI and robotics to stimulate economic growth, which recently experienced its slowest quarter in over three years. Beijing has prioritized the advanced robotics industry within its national agenda, with its latest five-year plan emphasizing advancements in science and technology. Unitree and AgiBot, another Chinese company, collectively accounted for over 70% of the approximately 13,000 humanoid robots shipped globally last year, according to market research firm Omdia.
Unitree’s successful debut follows another strong listing in Shanghai by Chinese memory chipmaker CXMT, which saw its shares jump 466% on its first trading day last month, making it the most valuable company listed on a mainland Chinese exchange, surpassing Tencent. Investors supporting Unitree and CXMT are capitalizing on China’s expanding capabilities across the entire AI sector, from memory and data centers to models and robotics.
Lian Jye Su, a chief analyst at Omdia, noted that Chinese retail buyers are often influenced by hype, but emphasized the importance of Unitree’s IPO as a potential indicator for the humanoid robotics industry. Unitree’s performance will be closely observed as other Chinese robotics companies prepare for public offerings, with analysts seeking to understand the true demand for these products in an industry still in its early stages.
