Unitree, identified as the world's largest maker of humanoid robots, experienced a significant surge in its share price on its first day of trading on China's stock market. Shares in the company, officially known as Yushu Technology Co, initially rose by over 600%.
The shares reached a high of 1,100 yuan (£120.39) on Wednesday, up from an initial public offering (IPO) price of 150.8 yuan. Gains were later reduced to nearly 500%.
Unitree, founded in 2016, shipped more than 5,500 humanoid robots last year. The company's robots have gained international recognition through viral videos showcasing them performing martial arts, running at high speeds, and acting as backup dancers for pop stars.
The market debut coincided with the opening of the World Robot Conference in Beijing. Unitree is backed by major Chinese technology firms, including Tencent and Alibaba. Its founder and chief executive, Wang Xingxing, owns approximately a fifth of the business, with his personal wealth now estimated at over $12bn on paper.
This summer, the US Pentagon added Unitree to a list of Chinese military companies, describing it as a "contributor to the Chinese defence industrial base." Unitree has previously stated that its robots are intended for civilian applications. Last month, the US Federal Communications Commission banned imports of future models of foreign-made humanoid and quadruped robots due to national security concerns.