Shares in Chinese robot maker Unitree have retreated more than 45% from their debut peak, inflicting pain on retail investors and prompting bubble fears.
“Investors were carried away by the technology revolution narrative,” a Beijing asset manager told Reuters.
China’s newest corporate star, Unitree’s founder has downplayed expectations, saying the firm is “lagging behind” in real-world applications.
A flood of new tech shares hitting the market in Hong Kong and Shanghai has worried investors: Alibaba’s record share sale, coupled with the massive IPO plans of memory chipmaker YMTC, caused the industry writ large to take a hit on concerns that more Chinese tech firms will follow, “essentially spreading the cost of AI investment across the public and investors,” one analyst said.