Unitree's Shanghai debut closed up 600%, valuing it near $9bn

Retail investors oversubscribed the IPO more than 8,000 times, and shares opened around 968 yuan against a 150.80 yuan offer price, a gain Reuters and CNBC both put north of 540%. Unitree is the first general-purpose robotics company to list on mainland China, and it raised 6.1 billion yuan on the back of shipping over 5,500 humanoid units last year, roughly a third of the global market by volume. The listing follows the same pattern as memory chipmaker CXMT, which jumped 466% on its STAR Market debut a month earlier. Beijing gets a homegrown answer to Boston Dynamics and Figure with a market cap to match, funded entirely by domestic retail appetite rather than Silicon Valley venture capital.