Unitree Surges, Baidu Plummets, Xiaomi Rises

On this episode of Stock Movers:
- Unitree Robotics shares opened 629% higher in their Shanghai trading debut after raising 6.1 billion yuan ($904 million) in an initial public offering that will make it the first publicly traded humanoid robot maker in mainland China.
- Baidu shares slumped as much as 14.4% in Hong Kong, putting it on track for its worst day since 2022, after the Chinese search-engine operator’s revenue missed estimates and AI capex soared.
- Xiaomi shares rise as much as 5% in Hong Kong after it reported smartphone revenue that was better than feared despite a global industry downturn. Its EV unit came under pressure from intense competition in China with Bernstein analysts saying management has lowered its full year EV sales target to 450,000 units.

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