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 leading humanoid robot manufacturer, has made a remarkable debut on China's stock market, with its shares skyrocketing by over 600%. The company's advanced robots have garnered global attention through viral videos showcasing their prowess in martial arts, high-speed running, and serving as backup dancers for pop stars.
Unitree, officially known as Yushu Technology Co, saw its shares soar to a peak of 1,100 yuan (£120.39) on Wednesday, up from a mere 150.8 yuan IPO price. The rapid rise was later adjusted to nearly 500% increase. The surge in demand is fueled by the robotics sector's crucial role in the ongoing AI race. Founded in 2016, Unitree has already shipped more than 5,500 humanoid robots last year.
The market for human-like robots is projected to grow exponentially, with sales potentially increasing from $2bn (£1.5bn) in 2025 to a staggering $300bn by 2035. Chinese retail investors played a significant role in Unitree's IPO, with the tranche of shares allocated for non-professional stockpickers being oversubscribed by thousands.
While Unitree faces strong competition from private companies like AgiBot and smaller rivals UBTech listed in Hong Kong, at least six other Chinese humanoid robotic businesses are also set to go public. Unitree's CEO, Wang Xingxing, who owns about a fifth of the company, now boasts a personal wealth of over $12bn following the share price surge.
The IPO's timing aligns with the opening of the World Robot Conference in Beijing, where hundreds of companies, predominantly from China, will present their latest products and technical advancements. Recently, the US Federal Communications Commission prohibited imports of future models of foreign-made humanoid and quadruped robots due to national security concerns, and the Pentagon has also included Unitree in a list of Chinese military companies, labeling it as a key contributor to China's defense industrial base.
Unitree maintains that its robots are intended for civilian use only. The company enjoys backing from major Chinese tech conglomerates, including Tencent and Alibaba.
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