Unitree Robotics, billed as the first humanoid robot stock on China’s STAR Market, has seen its shares tumble more than 45% since their debut last Wednesday, with the stock steadying after three consecutive days of sharp declines that erased gains from the $66 billion peak. Market capitalization has fallen below 250 billion yuan (about $37.3 billion), with nearly 100 billion yuan wiped from the first-day closing valuation. Listed on Aug. 19 at an IPO price of 150.80 yuan, the stock opened at 1,100 yuan—a 629.44% premium—and closed the first day at 845 yuan before sliding on subsequent sessions, finishing up 460% on debut versus an average first-day gain of 226% for Chinese listings. At current levels it remains roughly 303% above the offer price, while founder Wang Xingxing’s roughly 30% stake once carried a market value above 100 billion yuan. The company shipped more than 5,500 humanoid robots in 2025, ranking first globally, but listed at a 219 times P/E versus an industry average near 38.56. In the first three months of 2026, adjusted net profit fell 53% to 40 million yuan ($5.95 million). Shares of rival CXMT soared 466% on its debut last month. The swings have sparked concerns about bubble risk, retail investor losses and flaws in China’s IPO system, which some say distorts prices and enables pump-and-dump schemes without short-selling. Investors were carried away by the technology revolution narrative, while authorities face challenges in supporting strategic industries without market frenzy.