Unitree shares surged more than 600% on their trading debut in Shanghai, highlighting a mounting onshore investor frenzy for technology companies. The stock gained as much as 629% before pulling back to trade about 578% higher.

Unitree’s initial public offering was priced at Rmb150.8 ($22.36) a share, valuing the company at about $9bn before trading started. Its market capitalisation briefly rose above Rmb400bn ($59bn), putting it among China’s most valuable firms.

Heavy retail investor interest in the IPO stemmed from Unitree’s high brand recognition in mainland China, with the retail tranche oversubscribed more than 5,500 times, according to Kenny Ng, a strategist at Everbright Securities International. This enthusiasm reflects government support and a record‑high valuation environment.

The surge put Unitree’s trailing price‑to‑earnings ratio at almost 1,200, underscoring high expectations for growth. The IPO makes Unitree “a rare pure‑play player of humanoid robots in the Chinese A‑share market”, said Ming Lee.