Unitree shares fell almost 45% after surging 460% on their Aug. 19 Shanghai debut, briefly lifting the humanoid robot maker’s valuation to $66 billion. Three consecutive declines erased $30 billion from that peak before the stock stabilized on Aug. 25, intensifying debate over whether enthusiasm for artificial intelligence and robotics has outpaced commercial fundamentals. Unitree reported 1.699 billion yuan ($250 million) in 2025 revenue and a 60.13% gross margin for its core businesses, but adjusted net profit fell 53% to 40 million yuan ($5.95 million) in the first quarter of 2026. Its commercial orders remain limited despite shipments of more than 7,000 humanoid robots in the first half of 2026, equivalent to 31% of a global market that exceeded 22,000 units. Investors and bankers said China’s IPO pricing guidance, limited short-selling and perceived regulatory protection for minority shareholders can allow new listings to become significantly mispriced. Unitree’s debut also followed the Shanghai listing of chipmaker CXMT, whose shares rose 466% according to the later account, or 472% in an earlier report. The episode has become a test of whether China can promote strategic industries without encouraging speculative excess.