Unitree Robotics closed 460 percent above its I.P.O. price on its first day of trading in Shanghai on Wednesday, the largest opening for a Chinese listing of the year and the first mainland public offering by a humanoid-robot maker. Shares priced at 150.8 yuan opened at 1,100 yuan, a 629 percent pop, before settling at 845 yuan and leaving the Hangzhou-based company, officially Yushu Technology Co., worth about 342 billion yuan. The offering raised roughly 6.1 billion yuan, or $904 million, against a broader Shanghai tape that closed down 2 percent.

The mania was legible in the order book. The retail tranche was oversubscribed more than 8,000 times, a record for the STAR Market, and about 23.2 billion yuan of stock changed hands during the session. That’s the sort of turnover that suggests the float is being treated less as equity in an industrial firm than as a claim ticket on a policy priority.

“Unitree IPO is regarded as a key milestone for the humanoid industry and can serve as a benchmark for other IPOs in the pipeline,” said Ethan Qi, associate director at Counterpoint Research.

The founder, Wang Xingxing, is 36 and retained roughly a fifth of the company; at close, that stake was worth about 103 billion yuan. Meituan, the largest outside holder at 8.7 percent, saw its position swell to nearly 30 billion yuan, roughly 70 times its money. Tencent, Alibaba, and DeepSeek, which contributed 140.8 million yuan, appear on the cap table, an investor register that reads like an index of the Chinese platform-capital consensus on embodied A.I.

The listing lands inside a hostile geopolitical frame. In June, Washington added Unitree to its blacklist of Chinese firms deemed to have military ties, and last month barred imports of new humanoid and quadruped robots from foreign manufacturers on national-security grounds. The company’s own prospectus concedes it “may be unable to sustain rapid growth in overseas sales” if restrictions persist. Overseas markets supplied more than 40 percent of the 1.7 billion yuan Unitree booked in 2025.

Only about 10 percent of the company was sold, and the first-day gain still outran the 279 percent average pop for Chinese listings this year. The debut coincided with the opening of the World Robot Conference in Beijing, a scheduling choice that mirrors the 2015 “Made in China 2025” playbook: industrial policy staged as spectacle, with the tape doing the talking.

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