Unitree shares fall 45% from their debut peak, wiping out $30bn
Unitree’s shares have fallen roughly 45% from the peak they hit on their first day of trading in Shanghai. The slide has turned a national success story into an argument about how China prices its listings.
The stock steadied on Tuesday after three consecutive days of decline, Reuters reported. The valuation of the Hangzhou humanoid robot maker reached $66bn at one point. It has since dropped by $30bn.
Unitree finished its debut up 460%. Newly listed Chinese stocks have gained an average of 226% on their first day over the past three years. Even in a market used to opening-day surges, that stood out.
The gap between the price and the debut
Unitree listed on 19 August at 150.8 yuan a share, valuing the company near $9bn. The $66bn peak came later, intraday, once the market had its say.
Dong Baozhen chairs the Beijing asset manager Lingtong Shengtai. The...
Copyright of this story solely belongs to thenextweb.com. To see the full text click HERE
