Tencent-backed Enflame raised $911 million, then opened 188% higher on its Shanghai debut — closing near $25.5 billion despite holding just 1.7% of China's AI chip market.
Unitree's Shanghai debut popped 629% intraday, valuing the humanoid robot maker near $66 billion - on 2025 net profit of about $41 million.
OpenAI just let employees cash out $7 billion in stock at an $852 billion valuation — two months after a confidential SEC filing, and before a single public share trades.
Unitree priced its Shanghai IPO at $9.04 billion — the first public humanoid robot maker, and the only one turning a profit while rivals like Figure AI sit at $39B with no revenue.
