Unitree Robotics listed on Shanghai's STAR Market on 19 August. Trading runs 09:30–15:00 China Standard Time, which is 01:30–07:00 UTC. The shares were offered at 150.80 yuan, soared as much as 629% at the open, and closed at 845 yuan — up 460.34%, with a market capitalisation above 340 billion yuan.
What the common telling gets wrong
The number in most English headlines is a single tick, not a day. The 629% describes the opening auction. The stock fell for the remainder of the session and finished roughly 23% below its opening price. Because Shanghai closes at 07:00 UTC, a great deal of coverage was filed against the opening print and never updated — which is why two different percentages, both technically accurate, are circulating for the same trading day.
The second error is about the money. Unitree sold shares at 150.80 yuan and raised roughly 6.1 billion yuan — about $904m. Everything above the offer price is secondary-market repricing that reaches the company not at all. Reporting the raise beside the pop implies a windfall that did not occur.
The multiple nobody printed
2025 revenue was about 1.7 billion yuan, roughly $250m, with more than 40% from international sales. Even at the closing valuation, that is on the order of 200 times trailing revenue for a company whose disclosed income comes from selling quadruped and humanoid hardware.
Why the mark travels
This is the first public pure-play price for humanoid robotics anywhere. Every subsequent round in the sector — Chinese or Western — will be argued against it, which makes the gap between the two percentages consequential rather than pedantic. One of them is what the market paid at the closing bell. The other is what a headline says it paid.