Retail investors are showing massive enthusiasm for tech stocks on the mainland, with the retail segment of Unitree’s initial public offering more than 5,500 times oversubscribed. Ahead of its listing in Shanghai, the company has allotted approximately 40.4mn shares, priced at Rmb150.8 ($22.35), raising Rmb6.1bn ($904mn) and achieving a market valuation of $9bn.

Founded by Wang Xingxing in 2016, Unitree has become a champion in the Chinese robotics industry. The company's success is reflected in its ability to ship 5,500 humanoid robots last year. Institutional interest includes hedge funds linked to Deep Seek founder Liang Wenfeng.

This frenzy arrives despite the US Federal Communications Commission recently banning imports of humanoid robots. While Unitree noted that overseas revenue accounts for over 40 per cent of its earnings, the company cautioned that new models could face risks from such regulatory moves. Analysts suggest the IPO could serve as a catalyst for the broader embodied AI sector.