Unitree Robotics Shares Surge 600% in Shanghai Debut

Unitree Robotics, the world’s largest maker of humanoid robots, saw its shares surge by more than 600% during its debut on China’s STAR Market in Shanghai. The company, officially known as Yushu Technology Co., raised approximately $905 million through its initial public offering (IPO), with shares rising to as high as 1,100 yuan before settling at a nearly 500% increase, according to multiple reports.

The company’s robots have gained global fame for their viral videos showcasing martial arts, running at Olympic speeds, and serving as backup dancers. Unitree shipped more than 5,500 humanoid robots last year and recently unveiled a new model called 'Superman,' which can jump two meters high and run at speeds of up to 12.66 meters per second, as reported by Al Jazeera.

The market for human-like robots is expected to grow rapidly, with analysts projecting sales could rise from around $2 billion in 2025 to $300 billion by 2035. Unitree’s IPO drew significant interest from Chinese retail investors, with the tranche of shares dedicated to non-professional stockpickers being oversubscribed by thousands.

Unitree is one of the few listed humanoid robot makers in the world and faces competition from private companies like AgiBot and Hong Kong-listed UBTech. The company’s market debut coincided with the opening of the World Robot Conference in Beijing, where hundreds of companies showcased new products and technical developments.

The surge in Unitree's share price has significantly increased the personal wealth of its founder and CEO Wang Xingxing, who owns about a fifth of the business. According to Reuters, his personal wealth is now worth more than $12 billion on paper. The company is backed by several big Chinese technology companies, including Tencent and Alibaba.

Unitree CEO Wang Xingxing stated that the industry is approaching a 'ChatGPT moment' for robot brains, where robots can perform most tasks through simple voice or text instructions in unfamiliar environments. He anticipates this breakthrough could occur within two to three years optimistically, or up to five to ten years at the latest.

Despite the enthusiasm, Wang cautioned that current capabilities are still limited and highlighted that Unitree is investing heavily in world models but lags behind in real-world applications of physical AI models. He expects a decade of rapid autonomous evolution for humanoid robots as AI language models improve themselves.