Humanoid-maker Unitree surges more than 600% on Shanghai debut

Robotics company Unitree experienced an unprecedented surge in its stock price following its initial public offering (IPO) in Shanghai. The Hangzhou-based firm's shares soared over 600% on Wednesday, increasing from its offering price of 150.80 yuan to as high as 1,100 yuan at the market opening. Although the gains later decreased to around 900 yuan, the IPO generated more than US$900 million for the company.

Unitree's robots have gained significant attention due to their advanced capabilities and feats. Recently, the company unveiled a new humanoid robot called "Superman," which can jump up to two meters and run at a speed of 12.66 meters per second. The Chinese government has recognized robotics as a strategic industry, with more than 140 Chinese companies already launching over 330 humanoid robot models by last year.

During the Chinese annual Spring Festival gala performance last year, Unitree's dexterous robots, wearing traditional Chinese vests, showcased their abilities by performing backflips, Kung Fu, and leaping over tables. These technological achievements have contributed to the company's rapid stock price increase as it capitalizes on China's booming robotics industry.