Humanoid-maker Unitree surges more than 600% on Shanghai debut

SHANGHAI, China: Shares in Chinese robotics pioneer Unitree soared more than 600 percent on its debut in Shanghai on Wednesday, after raising more than $900 million in its initial public offering.

The Hangzhou-based firm’s stock spiked as much as 629 percent to 1,100 yuan at the open, compared with its offering price of 150.80 yuan. They later pared the gains to around 900 yuan.

Unitree’s machines have become synonymous with China’s push to develop its booming robotics industry, backed by government support and strong domestic supply chains.

The company unveiled a new humanoid robot called “Superman” on Monday, touting it as able to jump as high as two metres and to run as fast as 12.66 metres per second.

Unitree had drawn significant attention during China’s annual Spring Festival gala performance last year.

Its dexterous robots, wearing traditional Chinese vests, were seen landing backflips, performing Kung Fu, and leaping over tables.

The Chinese government has designated robotics a strategic industry, and says that by last year, more than 140 Chinese companies had already launched more than 330 humanoid robot models.

Robotic companies have been ploughing resources into the development of physical AI — technology that allows robots to move and interact with the world autonomously.