Unitree soars in Shanghai debut, a milestone for China's humanoid robotics sector

SHANGHAI/BEIJING: Shares in Unitree, China's leading humanoid robot manufacturer, surged nearly six times in its debut on the Shanghai stock market, marking a significant milestone for the nation's robotics industry, which has emerged as a pivotal battleground in the Sino-US tech rivalry. Although not the first Chinese humanoid robot firm to go public, the company's listing is anticipated to set the precedent for other competitors gearing up for their own listings.

Initially priced at 150.8 yuan and trading at 900 yuan during the initial trading session, the share price dipped slightly after reaching its peak of 1,100 yuan. Unitree, valued at approximately US$900 million from its initial public offering (IPO) a week prior, has garnered international attention for its robots capable of running, dancing, and executing martial arts maneuvers, setting itself apart from most competitors who are yet to achieve commercial viability.

Investors are additionally enticed by the company's reported state backing as China strives to outpace the United States technologically and invests in the sector. Co-founded by Wang Xingxing, who had a distinguished presence at a summit with tech industry leaders hosted by Chinese President Xi Jinping earlier this year, Unitree also boasts crucial support from major Chinese tech conglomerates such as Tencent, Alibaba, and DeepSeek.

Industry expert Yan Kai, a venture capitalist and partner at Ivy Capital in Shanghai, highlighted Unitree's unique position in the market, attributing its premium valuation to political and economic factors rather than conventional valuation metrics. The IPO launched by Unitree aligns with the opening of the World Robot Conference in Beijing, where numerous Chinese firms will unveil their latest innovations and showcase advancements that the government hopes will mitigate the labor shortage stemming from the country's demographic challenges.

Approximately 10 percent of the shares were offered during the IPO, with Wang retaining around 20 percent of the company. The success of the debut has catapulted Wang Xingxing's personal net worth to over US$12 billion.