China robot maker Unitree’s post-listing slump sparks bubble fears

China's leading humanoid robot manufacturer Unitree experienced a sharp 45% drop in its shares following its debut at Shanghai's STAR Market, leading to concerns over potential bubble risks and impacts on retail investors. Unitree's valuation soared to US$66 billion at one point before plummeting by US$30 billion, sparking questions about whether excitement for AI and robotics was outpacing fundamental growth.

The post-listing sell-off also raised doubts about China's IPO system, which some analysts claim can distort prices. Unitree's debut was anticipated to set the tone for other domestic tech companies looking to list and benefit from Beijing's push for self-sufficiency, but proved to be a cautionary tale. The rapid rise in Unitree's shares was driven by a "technology revolution" narrative, according to Dong Baozhen, chairman of Beijing-based asset manager Lingtong Shengtai.

Despite strong initial performance, Unitree's first-half profit in 2026 decreased by 53% due to the challenges in commercializing its robots for purposes beyond their advanced capabilities.