Shares in Unitree, officially known as Yushu Technology Co, soared more than 600% on their Shanghai stock market debut on Wednesday, briefly reaching 1,100 yuan (around £120) from an IPO price of 150.8 yuan, before settling at a gain of nearly 500%. The listing of the Hangzhou-based humanoid robot maker — one of the few such companies publicly traded anywhere in the world — drew exceptional demand from Chinese retail investors, with the share tranche set aside for non-professional buyers oversubscribed by thousands. The day after the debut, shares pulled back 11%, a reminder of the volatility surrounding a sector that is still in its early stages despite intense enthusiasm.

Founded in 2016 by Wang Xingxing, who retains around a fifth of the company, Unitree gained international recognition through viral videos of its robots performing martial arts, dancing alongside pop stars, and running at speeds comparable to Olympic athletes. The company is the world's largest producer of robot dogs and the second-biggest maker of humanoid robots by shipments, having delivered more than 5,500 humanoids last year. Its IPO prospectus reveals that most of its current customers are universities and research institutions, though it is increasingly deploying machines in industrial settings. The surge in its share price has pushed Wang's personal net worth to more than $12bn on paper.

Speaking at the World Robot Conference in Beijing — which opened on the same day as the listing and features hundreds of mostly Chinese companies — Wang described the industry as edging toward a