Unitree maker Yushu Technology opens up 629% on Shanghai's STAR Market debut

The robot maker known as Unitree listed on Shanghai's STAR Market on 19 August 2026 under its legal name, Yushu Technology Co. Ltd., ticker 688836.SH. Shares opened at 1,100 yuan, up 629%, then closed at 845 yuan, up 460%, per the South China Morning Post and CNBC.

The listing is a mainland A-share IPO that floated 10% of enlarged share capital, not a US ADR or a private round.

Yushu Technology sold 40.4 million shares at 150.80 yuan each, raising 6.1 billion yuan (about $904 million) for 10% of the enlarged company. That implies a pre-trade equity value of roughly 61 billion yuan. Retail demand was the kind of number that only shows up in a mainland listing: the lottery winning rate for the IPO was 0.0181%, meaning fewer than two applications in every ten thousand were allotted stock at the offer price.

So the offer priced a company at about 61 billion yuan, and the market spent the first minutes of trading deciding it was worth seven times that. That gap between a book-built offer price and the first free-float print is the whole event, and it is where the reported numbers start to diverge.

At the 1,100 yuan open, Yushu Technology was worth about 445 billion yuan, or roughly $66 billion. That is the open. By the bell the stock had given back a large slice of it, settling at 845 yuan for a valuation near 342 billion yuan, about $50 billion. Some coverage, Fortune among it, attached the $66 billion figure to the 460% close. It does not belong there. The $66B tag is the 629% open. The close was roughly $50 billion, about 103 billion yuan lower.

The trading itself was heavy. About 23.2 billion yuan of stock changed hands on the day, so this was not a thin, un-tradeable spike. It was a real market repricing that opened at one number and closed a third below it.

The move was concentrated in one ticker. The STAR Market Composite fell 7.2% the same session, and the broader Shanghai Composite dropped 2.4%. A single humanoid-robot name ran up several hundred percent while the index it trades on fell hard. That is a story about demand for this one float, timed to the World Robot Conference, not a sector-wide re-rating of Chinese robotics.

Founder Wang Xingxing holds about 121.4 million shares, worth roughly 103 billion yuan at the close. Early backer Meituan, with an 8.7% stake, sat on a return SCMP put at about 70 times its original investment. Those are mark-to-market gains on an A-share whose float is tightly held, which is part of why the open ran so far before it faded.