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

Shares in Chinese robotics company Unitree surged to over 600% on their debut in Shanghai, following a successful initial public offering that raised more than US$900 million. The Hangzhou-based firm's stock climbed as high as 629% to 1,100 yuan at the opening bell, from its IPO price of 150.80 yuan. However, it later settled around 900 yuan.

Unitree's robots have become a symbol of China's burgeoning robotics sector, which enjoys government backing and robust domestic supply chains. The company introduced a new humanoid robot called "Superman" on Monday, highlighting its capabilities to leap up to two meters and sprint at 12.66 meters per second. Unitree gained considerable attention during China's Spring Festival gala performance last year, where its agile robots showcased backflips, Kung Fu moves, and table-jumping feats wearing traditional Chinese vests.

The Chinese government has classified robotics as a strategic industry, with over 140 Chinese companies having launched more than 330 humanoid robot models by last year. The push for development in physical AI technology, enabling robots to move and interact autonomously, has been a key focus for many robotic firms.