Unitree Robotics shares rise 629% on Shanghai debut

Shares of Chinese humanoid robot developer Unitree Robotics soared 629% on its Shanghai trading debut on Wednesday, reports Caixin. The rise marks the largest first-day gain for a new listing so far this year.

The company, officially known as Yushu Technology, raised RMB 6.1 billion ($905 million), overshooting its initial target of RMB 4.2 billion. Shares opened at RMB 1,100 a share on the STAR Market, well above its initial public offering price of RMB 150.8. 

The debut, which propelled the company’s market valuation to RMB 61 billion, set a new valuation benchmark for China’s booming robotics industry as dozens of domestic peers prepare for their own public listings.