Chinese robotics giant Unitree soars in stock market debut

Chinese robotics giant Unitree soars in stock market debutImage source, VCG via Getty ImagesImage caption, Unitree's humanoid robots have been at the centre of a huge marketing pushByOsmond ChiaBusiness reporterPublishedJust nowThe world's biggest humanoid robot maker Unitree Robotics made its stock market debut in Shanghai on Wednesday, with its shares soaring by more than 600%.In the highly anticipated initial public offering (IPO), the firm's shares opened at 1,100 yuan (£120.60; $163.12), well above the 150.8 yuan offer price.The listing on the tech-focused Star Market - which is widely known as China's Nasdaq - marks a milestone for Beijing's ambitious plans for the country's robotics industry.It comes as the US and China are locked in a battle to dominate the global market for robots and artificial intelligence (AI) models that power them.Robots like automated industrial equipment and smart vacuum cleaners are already widely used in factories, warehouses and homes.Now, the humanoid robotics industry is attracting huge amounts of investment as major companies - including Tesla, BYD and Amazon - are developing two-legged machines capable of performing tasks usually carried out by people.What is Unitree?Founded in 2016, Unitree has become a robotics industry leader, selling a wide range of devices from sensors and automated arms to four-legged and human-like machines.For several years, it has been a fierce rival to developers in the US as it rolled out robots with similar features but at lower prices.The company - which plays a key role in Beijing's ambitions to be a global leader in cutting-edge technologies - is based in Hangzhou, in eastern China.The region is home to a so-called golden cluster zone of robotics firms, which have been boosted by huge government investments.That support helped drive a more than threefold increase in the number of Chinese robotics firms between 2020 and 2024, according to state-run China Daily.R...