Unitree Technology, described as the A-share market’s first humanoid robot stock, rose 3.97% on Aug. 27 to close at 615.03 yuan, moving back above 600 yuan and bringing its market capitalization to 248.8 billion yuan. The gain followed a decline of about 45% from the stock’s first-day peak, when its valuation briefly reached $66 billion before giving back roughly $30 billion. Unitree’s shares had surged 460% on their Shanghai Sci-Tech Innovation Board debut, far exceeding the 226% average first-day gain for Chinese new listings over the previous three years, before falling for three consecutive sessions. The reversal intensified concerns about IPO pricing, bubble risks and potential retail-investor losses. Unitree is one of the world’s major producers of quadruped and humanoid robots, whose products can run, dance and perform martial-arts movements, although broader commercialization remains limited. The company competes with Tesla and Boston Dynamics. Its prospectus showed adjusted net profit fell 53% year over year to 40 million yuan in the first quarter of 2026, while profit also showed signs of slowing in the first half. Analysts and institutions debated whether the debut reflected enthusiasm for robotics and broader technology-revolution narratives or incentives to inflate prices before selling, with short-selling restrictions and retail momentum amplifying volatility. They also noted that robotics companies require heavy research spending and have yet to convert orders into large-scale revenue, making short-term profit an incomplete measure of the sector’s prospects.