Chinese humanoid robotics company Unitree (宇樹科技) officially listed on the Shanghai Stock Exchange's STAR Market today.
The initial public offering price was set at 150.8 yuan per share. On debut, Unitree's opening price surged to 1,100 yuan, 7.29 times the IPO price. As of 9:33 a.m. local time, the stock price had risen by 570.4% to 1,011 yuan.
Based on the IPO price, the company's market capitalization was 60.9 billion yuan (approximately $13 billion), while the opening price gave it a market cap of 444.5 billion yuan (about $93 billion).
Through this listing, Unitree raised 6.1 billion yuan (around $1.3 billion) in funds, which will be used for research on AI models for robots, new product development, and expanding production facilities.
Last year, Unitree reported a revenue of 1.7 billion yuan (approximately $360 million), a 335% increase from the previous year. Its net profit rose by 204% to 287.6 million yuan. The company projects its revenue for the first half of this year to be between 1.052 billion and 1.128 billion yuan.
Founder Wang Xingxing (王興興), born in 1990, holds a 33.35% stake in the company, both directly (23.82%) and indirectly (9.53%). This stake is valued at 18.3 billion yuan based on the IPO price and 133.4 billion yuan (approximately $28 billion) at the opening price.
Wang was born in Ningbo, Zhejiang Province. He graduated from Zhejiang University with a degree in mechanical engineering and obtained a master's degree in mechanical engineering from Shanghai University. Shortly after graduating in 2015, he worked at drone manufacturer DJI (大疆).
While at Shanghai University, Wang developed a quadruped robot called xDog, which won awards at robotics competitions. An impressed investor provided 2 million yuan in funding, leading Wang to establish Unitree in 2016. In just ten years, Unitree has become a leading player in China's humanoid robotics sector and is gaining recognition as a top-tier global robotics company.
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.