Unitree Robotics (688836.SH), hailed as the "first humanoid-robot stock" on China's STAR Market, made a blockbuster debut on the tech-heavy board. The stock opened at 1,100 yuan per share, skyrocketing 629.44% from its IPO price of 150.80 yuan. It closed the day at 845 yuan, up 460.34%, giving the company a market capitalization of 34.18 billion yuan ($4.7 billion).
According to its prospectus, the company will channel the IPO proceeds into four key areas: 2.02 billion yuan for intelligent robotics model R&D, 1.11 billion yuan for robot hardware development, 445 million yuan for new smart-robot product development, and 624 million yuan for a manufacturing base. Once completed, the facility is expected to reach an annual production capacity of 75,000 humanoid robots and 115,000 quadruped robots, completing the full "R&D–production–delivery" chain and accelerating the shift from technical validation to large-scale commercial deployment.
Earlier reports indicated that the offering drew overwhelming investor demand. The final online lottery rate stood at just 0.018% — the lowest ever on the STAR Market — with over 9.78 million investors participating in the subscription. The strategic placement list included the National Social Security Fund, DeepSeek, and PetroChina, among others.
Notably, prior to the listing, China Mobile held roughly 0.6% of Unitree through one of its affiliates, which was diluted to about 0.54% after the IPO. Based on the opening price, that stake was valued at approximately 2.4 billion yuan.
Meanwhile, China Telecom's venture arm, Tianyi Capital, entered via the IPO's strategic placement, investing about 136.22 million yuan for 903,290 shares. At the opening price, that stake was worth roughly 1 billion yuan.