Unitree surges 629% on its Shanghai market debut today

Chinese robotics firm Unitree opened trading on the Shanghai Stock Exchange’s STAR Market on Wednesday, with the price soaring nearly sixfold. 

The stock was priced at 150.8 yuan per share and opened at 1,100 yuan, marking a 629.44% increase. 

At its highest point, the Hangzhou-based company was valued at about 445 billion yuan, or $66 billion. However, the price dropped to 883.9 yuan by midday, lowering the valuation to around 357 billion yuan, or about $53 billion.

Despite the drop in share price, the listing still raised about 6.1 billion yuan, or around $905 million. The company sold about 40.45 million shares, representing a 10% stake, on the STAR Market of the Shanghai Stock Exchange.

Retail frenzy drove bid to 7 trillion yuan

Demand for Unitree shares was very high, even before the debut.  Cryptopolitan reported that offline subscriptions were 2,760 times the number of shares available. Retail bids reached 7 trillion yuan, making the retail portion of the offering oversubscribed by more than 8,000 times.

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