Shares in humanoid robot firm Unitree surge 600% on Chinese stock market debut
Company’s robots have gained global fame via videos of them performing martial arts and as dancers for pop stars Unitree, the world’s biggest humanoid robot maker, has made a spectacular entry on to China’s stock market, with its shares surging by more than 600%. The Chinese company’s robots have gained global fame via viral videos of them performing martial arts , running at Olympic speeds and…
Unitree, the world's largest manufacturer of humanoid robots, made a remarkable debut on China's stock market, with its shares skyrocketing by over 600%. The firm, officially named Yushu Technology Co, specializes in producing robots that have gained international recognition through videos of them executing martial arts, sprinting at Olympic speeds, and dancing for popular musicians.
The company's shares soared to a peak of 1,100 yuan (£120.39), after an initial offering price of 150.8 yuan. However, the rapid rise was later adjusted to nearly a 500% increase. Investors are turning their attention towards the robotics sector, which has become a crucial arena in the global AI race. Founded in 2016, Unitree has distributed more than 5,500 humanoid robots to date.
The market for human-like robots is anticipated to experience explosive growth, with estimates predicting sales could increase from approximately $2 billion (£1.5 billion) in 2025 to a staggering $300 billion by 2035. Unitree's IPO was particularly popular among Chinese retail investors, with the shares allocated to non-professional investors being oversubscribed by thousands.
The company faces stiff competition from private firm AgiBot, as well as smaller rival UBTech, which is listed on the Hong Kong stock exchange. However, at least six other Chinese humanoid robot companies are also set to go public, including Deep Robotics and Leju Robotics. The founder and chief executive of Unitree, Wang Xingxing, holds about a fifth of the company's shares.
Following the significant rise in share price, his personal wealth now exceeds $12 billion, according to Reuters. Unitree's market launch also aligns with the opening of the World Robot Conference in Beijing, where hundreds of companies, mostly Chinese, will unveil new products and showcase their technical advancements. Last month, the US Federal Communications Commission imposed a ban on imports of future models of foreign-made humanoid and quadruped robots due to national security concerns.
In addition, the Pentagon included Unitree in a list of Chinese military companies, labeling it as a "contributor to the Chinese defense industrial base". Despite its military ties, Unitree has consistently stated that its robots are intended for civilian use. The business is backed by several prominent Chinese technology firms, including Tencent and Alibaba.
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