❯ Unitree Sheds 45% in Three Days After Listing, Market Cap Shrinks from US$66 Billion to US$36 Billion

SHARP RETREATReuters reports that Chinese humanoid-robot maker Unitree Robotics has plunged since its Shanghai listing, with shares retreating about 45% from their peak and market value shrinking from roughly US$66 billion to US$36 billion — about US$30 billion erased in three days. Its August 19 first-day close of 845 yuan was up 460% from the 150.80-yuan IPO price.

FUNDAMENTAL CHECKThe fundamentals behind this boom-and-bust remain shaky: adjusted first-quarter profit fell about 53% year on year to roughly 40 million yuan on rising costs, a sharp contrast with the company’s full-year 2025 performance. The episode also throws China’s IPO pricing model into relief — new-share supply is constrained on one side, while post-listing intraday price limits are capped on the other, a combination that naturally breeds extreme first-day gains and the ensuing stampede.

RETAIL ABSORPTIONA 460% first-day gain is not an isolated case — mainland new listings averaged a 225% first-day pop last year. The real problem is the bid beneath: retail investors who chased at the peak are absorbing that US$30 billion gap. Embodied AI has enjoyed smooth primary-market fundraising this year, and Unitree is the first top-tier company to have its valuation publicly priced in the secondary market. Its drawdown will directly compress the listing windows and valuation ranges of those still waiting in line.

▪ SIGNALThe public market priced humanoid robots for the first time — and cut the value in half within three days. The primary market needs a new valuation anchor.