STOCKS | Unitree Technology Falls Below RMB 550 After Hot-Search Reports

Unitree Technology (688836) fell below RMB 550 in early trading and was last at RMB 548.98, down 3.9%, leaving the stock about half below its intraday peak of RMB 1,100 on its debut day, according to ETNet. The company said many of the online claims were untrue after topics including employee reimbursement approvals and its reward-and-punishment system trended on Sept. 1. Media reports said founder Wang Xingxing is seen by employees as direct and strict, keeps product details closely discussed with frontline staff, and is highly focused on cost control. Unitree Technology has been volatile since listing on the STAR Market on Aug. 19. Its market value once reached RMB 444.9 billion on the first day, but has since fallen by more than RMB 220 billion, making it one of the weakest-performing new listings.