Unitree Robotics stock soars over 600% in historic trading debut on China’s STAR Market

Unitree Robotics, the Hangzhou-based company best known for viral videos of its robots doing backflips and martial arts, just delivered one of the most explosive trading debuts China has seen in years. Shares opened at 1,100 yuan on August 19, a 629% jump from the IPO price of 150.8 yuan. The stock closed with gains exceeding 460%, landing somewhere around 845 yuan. The numbers behind the frenzy Unitree, formally known as Yushu Technology Co., raised 6.1 billion yuan (roughly $905 million) through its initial public offering on the STAR Market. That’s China’s Nasdaq-equivalent exchange, designed specifically for high-tech and innovative companies. At its IPO pricing, the company carried a valuation of approximately 61 billion yuan, or about $9 billion. The retail investor tranche was oversubscribed by more than 8,000 times. The demand was so lopsided that most individual investors who wanted shares simply didn’t get any, which likely fueled the opening-day price explosion as buyers rushed in on the secondary market. At its intraday peak, Unitree’s market capitalization reportedly swelled to around 445 billion yuan before settling back down. Why investors are this excited about danc...