Unitree Robotics

Robotics · Humanoid Robots · China Tech IPO

IPO

Unitree shares plunge 45% from post-IPO peak after 629% Shanghai debut

A tiny tradable float and near-zero short selling let euphoria run far ahead of Unitree's shrinking profits.

• Unitree's shares opened 629% above their IPO price on their Aug. 19 Shanghai STAR Market debut, then slid about 45% from that intraday peak by Aug. 25, erasing roughly $30 billion in market value.
• Unitree, formally Yushu Technology, is a Hangzhou-based maker of quadruped and humanoid robots founded by Wang Xingxing in 2016; humanoid models only became its main revenue driver in 2025.
• The IPO priced shares at 150.80 yuan ($22.41), raising about $910 million by issuing 40.4 million new shares and valuing Unitree near $9 billion before trading began.
• Adjusted net profit fell 53% year-over-year to roughly 40 million yuan (about $5.95 million) in Q1 2026, even as 2025 revenue hit 1.7 billion yuan ($250 million), over half from humanoid robots.
• Analysts had pegged Unitree's likely worth at $7 billion or more before the float, a fraction of the $66 billion intraday peak the stock briefly touched.
• Asset manager Dong Baozhen said the debut price, not the IPO price, was the mispriced one, warning investors were "carried away by the technology revolution narrative" and that "all bubbles are doomed to burst."
• The whiplash spotlights how China's STAR Market rules -- thin floats, curbed short-selling and regulator-guided pricing -- can inflate IPO euphoria just as a wave of rival humanoid-robot listings prepares to follow.