Kathmandu. Shares of Chinese humanoid robot maker Unitri surged as much as 629% on the Shanghai Stock Exchange on Wednesday.

The boom, which comes after the company raised more than $900 million through an initial public offering (IPO), reflected investor enthusiasm for China’s fast-growing robotics industry.

Headquartered in Hangzhou, Unitri is one of China’s leading humanoid robot development companies. China is pushing robotics as a strategic industry, thanks to government stimulus, strong domestic supply chains and growing investment in technology.

The company’s shares rose from an issue price of 150.80 yuan on Wednesday to 1,100 yuan in early trading. After that, the price dropped slightly to about 900 yuan. Unitri has listed the Shanghai Stock Exchange’s technology-focused Star Market, which compares to the US Nasdaq.

Unitree unveiled a new humanoid robot called ‘Superman’ on Monday. According to the company, the robot can jump up to two meters and run at a speed of 12.66 meters per second. If this pace can be maintained consistently in the 100 meters, the company claims that it will be faster than world record holder Usain Bolt.

Unitary’s robots caught special attention at China’s annual Spring Festival Gala last year. Dressed in traditional Chinese clothing, the robots performed backflips, kung fu and jumping on tables.

Renji Guo, founder and CEO of robotics engineering company Zeroth, said Unitri’s products are being used not only by Chinese researchers and institutions, but also by US tech companies such as Nvidia, Google and Amazon. According to him, the technology and supply ecosystem that has developed around Unitri has made it easier for other companies and researchers to develop their products.

In addition to Unitri in China, companies like Ubitech are also developing humanoid robots. Ubitech unveiled the U-1 robot this year, which includes an eye camera, chest sensor and sound microphone.

The Chinese government has prioritized robotics as a strategic industry. As of last year, more than 140 Chinese companies had developed more than 330 models of humanoid robots. These companies are investing heavily in ‘physical AI’ technology that enables robots to understand the environment, walk and interact with objects as independently as humans.

The rapid development of humanoid robotics has also made this field a new frontier in the US-China technology competition. In June, the U.S. placed Uni on a list of companies accused of supporting China’s military. In July, the Trump administration added Chinese-made humanoids and four-legged robots to a list of products and companies that had been banned from importing into the US over national security concerns.

Tianyu Zhang, a partner at Beijing-based venture capital firm Jinqiu Capital, described Unittree’s IPO as a turning point for China’s humanoid robot industry. Having participated in Unitri’s investment round last year, he said the company and the industry as a whole will now face a tough test of how quickly and effectively they can expand the use of robots in the real world.

He urged the industry to regularly publicly evaluate the practical achievements of its technologies in the coming days.