Unitree Robotics soars 629% to $62b valuation in share debut

Chinese humanoid robot maker Unitree Robotics surged as much as 629 percent in its stock market debut on Wednesday, giving the company a market capitalization of nearly 445 billion yuan ($62 billion), more than seven times its valuation at the IPO price.

Shares opened at 1,100 yuan on Shanghai's tech-focused STAR Market, compared with an initial public offering price of 150.80 yuan.

At the opening price, investors who were allotted 500 shares in the IPO would have made a paper profit of about 474,600 yuan.

The shares quickly pared some of those gains after the explosive opening, but remained up about 497 percent at around 899.60 yuan in morning trading.