Gasgoo Munich-On Sept. 2, Unitree Technology (688836.SH), the A-share market’s “first humanoid robot stock,” fell below 550 yuan per share during intraday trading—just the 11th day since its debut. Its market capitalization dropped below 223 billion yuan, effectively halving from the opening high of 1,100 yuan set on Aug. 19 and erasing more than 220 billion yuan in value from its peak.

Unitree listed on the STAR Market on Aug. 19 with an offer price of 150.80 yuan per share. It opened at 1,100 yuan—a staggering 629.44% surge from the issue price—pushing its market cap to 444.9 billion yuan at one point. The stock closed the day up 460.34%, with a turnover of 23.16 billion yuan and an 85.28% turnover rate.

Since then, Unitree’s…