Chinese robotics firm Unitree saw its shares close up 460 percent on Wednesday in their debut on Shanghai’s STAR Market. The stock peaked at a 629 percent gain earlier in the session. Priced at 150.8 yuan, it finished at 845 yuan, valuing the company at about $50 billion. Unitree is the first humanoid robotics maker to list on a mainland Chinese exchange. Its robots, known for running, dancing, backflips and kung fu, have drawn global attention. On Monday the company unveiled a new “Superman” model it says can jump more than 6.5 feet and reach speeds over 28 miles per hour. The firm is profitable but sells mainly to universities and research labs. It is barred from new US sales under a recent import ban and was added to a US Defense Department list of Chinese military companies. CEO Wang Xingxing, who owns about one-fifth of the company, now has paper wealth exceeding $12 billion.
Chinese robotics firm Unitree saw its shares close up 460 percent on Wednesday in their debut on Shanghai’s STAR Market. The stock peaked at a 629 percent gain earlier in the session. Priced at 150.8 yuan, it finished at 845 yuan, valuing the company at about $50 billion. Unitree is the first humanoid robotics maker to list on a mainland Chinese exchange. Its robots, known for running, dancing, backflips and kung fu, have drawn global attention. On Monday the company unveiled a new “Superman” model it says can jump more than 6.5 feet and reach speeds over 28 miles per hour. The firm is profitable but sells mainly to universities and research labs. It is barred from new US sales under a recent import ban and was added to a US Defense Department list of Chinese military companies. CEO Wang Xingxing, who owns about one-fifth of the company, now has paper wealth exceeding $12 billion.