Summary:
- Unitree Soars 460% in Shanghai IPO
- Solactive China Humanoid Robotics Index Plunges As IPO "Drew Funds Away"
- Unitree IPO 5,550 Times Oversubscribed As UBS Says Grey Market Points To 3.5x Open
Unitree Robotics, one of the most closely watched technology IPOs in Shanghai this year, made its trading debut earlier Wednesday and closed up a staggering 460%. The Chinese humanoid robot maker raised 6.1 billion yuan, or about $904 million.
The Hangzhou-based company, formerly known as Yushu Technology Co., climbed as much as 629% from its IPO price of 150.80 yuan before paring some of those gains.
Retail bids for Unitree exceeded the 7.07 trillion yuan raised by memory chip giant CXMT in its July IPO. We pointed out yesterday, hours before the IPO, that the offering was more than 5,500 times oversubscribed.
Unitree plans to use the IPO proceeds to improve AI models, advance humanoid robot research, develop new products, and rapidly expand manufacturing capacity to maintain its lead in the physical AI race and expand market share.
Bloomberg Intelligence analyst Ian Ma said, "Unitree's debut surge signals strong appetite for China's embodied AI sector," adding that the IPO proceeds should accelerate product development and commercialization.
Analysts at Industrial Securities commented on the broad market reaction across the space, saying, "Robotics stocks plunged as Unitree Robotics' strong trading debut in Shanghai
