Unitree Robotics surges on debut amid A.I. boom
HONG KONG — The robotics firm behind China’s humanoid robots, renowned for their agility, achieved a stunning stock market debut on Wednesday, with Unitree’s shares closing up 460% as investors rally behind homegrown beneficiaries of the A.I. boom, reports BritPanorama.
Chinese humanoid and other robots have advanced rapidly as Beijing competes for global tech dominance with Washington, which recently banned imports of foreign-made robots over national security concerns. Unitree, the first humanoid robotics maker to go public on a mainland Chinese exchange, has garnered attention worldwide with its innovative models capable of running, dancing, and performing complex maneuvers.
On Monday, the Hangzhou-based company introduced its new “Superman” robot, which can jump over 6.5 feet and reaches speeds exceeding 28 miles per hour — outpacing Usain Bolt’s world record in the 100 meters.
Unitree’s shares were initially priced at 150.8 yuan ($22) each, closing at 845 yuan ($125.40) on Shanghai’s tech-focused STAR Market, giving the company an estimated valuation of around $50 billion. The stock reached a high of 1,100 yuan ($163.23), representing a remarkable increment of 629% at one point during trading.
The successful debut has significantly increased the fortune of Unitree CEO Wang Xingxing, who founded the company in 2016 and owns about 20% of it, now worth more than $12 billion, according to Reuters.
Unlike many competitors, Unitree is profitable, although its products are primarily sold to educational institutions and research entities, rather than entering the commercial market.
Despite its success, the company faces challenges due to the U.S. market ban, though it can continue selling existing models. Additionally, in June, the U.S. Defense Department listed Unitree among Chinese military companies, underscoring the geopolitical tensions surrounding advanced robotics.
Unitree’s launch coincided with the World Robot Conference in Beijing, as many Chinese companies unveiled new technologies, illustrating China’s ambitions to leverage A.I. and robotics to rejuvenate its slowing economy.
This push is reflected in the government’s latest five-year plan, which prioritizes innovation in the tech sector. Notably, Unitree and AgiBot accounted for over 70% of the approximately 13,000 humanoid robots shipped worldwide last year, according to market research firm Omdia.
The IPO follows another significant listing by Chinese memory chipmaker CXMT, which recently overtook Tencent to become the most valuable company on a mainland exchange after a 466% rise in its stock on debut.
Investors supporting Unitree and CXMT are capitalizing on China’s advancing capabilities in the A.I. sector, spanning everything from memory used in data centers to sophisticated robotics. “Chinese retail buyers tend to be more driven by hype,” noted Lian Jye Su, a chief analyst at Omdia, who emphasized the IPO as a key indicator for the humanoid robotics market.
Future performance of Unitree will be under scrutiny as it sets the stage for other Chinese robotics firms planning to go public. “The industry is still in a very nascent stage,” Su added, “and I’m eager to find out how real the demand is.”
