Unitree opens 629% above its IPO price on the STAR Market

Unitree Robotics began trading on the Shanghai Stock Exchange’s STAR Market on 19 August 2026. The shares had been priced at 150.80 yuan; they opened at 1,100 yuan, 629% higher, which put the company’s market capitalisation at roughly 445 billion yuan, about 66 billion US dollars. By the midday break the price had fallen to 883.9 yuan and the valuation to about 357 billion yuan.

The pricing itself was settled earlier in the month: 40.45 million shares, a tenth of the enlarged share capital, raising about 6.1 billion yuan against an original target of 4.2 billion. What 19 August added was the number a market was willing to pay rather than the number the underwriters set, and Caixin recorded it as the largest first-day gain of any new listing so far this year.

The gap between those two figures is the whole content of the event. A humanoid robot company whose machines are still sold mainly to laboratories, universities and developers was valued, for one morning, at seven times what its own bankers judged it to be worth a fortnight earlier. The retreat before lunch is part of the same fact: the price discovered on the first day was not a price anyone held on to.