Unitree Opened Up 629%. The Rest of the Session Was Still a 500% Day.
The first mainland humanoid listing opened like a malfunction. 688836 went from ¥150.80 to as high as ¥1,100. It came in. It was still a 500% debut.
Unitree Robotics — Hangzhou, legally Yushu Technology — listed on Shanghai’s STAR Market on Wednesday, Aug. 19. Ticker 688836. First pure-play humanoid maker on the mainland. The IPO was priced at 150.80 yuan a share, about $22, and raised 6.1 billion yuan, roughly $905 million. Retail demand on the STAR book was a record: more than 8,000 times oversubscribed on one account, with a lot-winning rate reported as low as 0.018%. DeepSeek was among the strategic names in the book.
Then the open happened. TradingView and session reports had 688836 up as much as 629% at the bell, ¥150.80 to about ¥1,100. Later it sat nearer ¥900. That is still about a 500% first day if you bought the IPO. CNN had written into the debut looking for a 600% pop. The pop showed up. Price discovery, as one desk put it, malfunctioned — which is a polite way to say the auction could not find a grown-up price for two hours.
We are not going to turn a first print into a 2030 robotics index. Unitree shipped more than 5,000 humanoids in 2025 on the figures that traveled with the IPO. The G1 and Go2 are the consumer-facing SKUs people already know. UBTECH and Dobot listed in Hong Kong. Agibot is trying. Unitree went to STAR instead. That is the listing fact. It is not a global free-float you can buy in a U.S. cash account this afternoon.
What a 500% debut actually is
It is a scarcity print. 8,000 times subscribed. A lot rate near zero. A first humanoid on a Nasdaq-copy board in Shanghai. That combination does not need a new robot to gap 500%. It needs a small float and a large story. Both were present.
It is also not a U.S. listing. Most foreign retail cannot buy STAR names at the open. Anyone selling you “Unitree shares” in a Telegram chat is selling something else. If you want the sector, you already know the Hong Kong names and the U.S. proxies. We will not invent a liquid ADR that does not exist.
How to sit it
Respect the high. Respect the come-in. 629% at the open and ~500% later are both true in the reporting we have. Do not average them into a fake “fair” IPO pop. The fair price is whatever STAR prints at the close, and even that will be a referendum on float, not on whether a robot can do a backflip.
The honest takeaway: Unitree listed. The open was absurd. The rest of the day was still a 500% debut. Treat it as a STAR event, not as a global humanoid ETF.