Roborock share price soars on STAR debut

Beijing Roborock Technology’s share price almost doubled to surpass 500 yuan (US$71.4) on its debut on the SSE STAR Market on Friday.

Roborock, a Xiaomi-invested firm, produces automatic cleaners for families with an intended market size of 50 to 100 billion yuan in China.

During its debut, Roborock jumped 84.5 percent to close at 500.10 yuan, with an intraday high of 538.88 yuan.

The firm is now valued at 33 billion yuan after market close, ranking No. 9 on the STAR Market.

The company’s IPO price was 271.12 yuan, the highest among all A-shares.

In the first nine months, Roborock’s revenue reached 3.03 billion yuan, close to 2018's total revenue of 3.05 billion yuan.

Through the IPO, the company will invest more in artificial intelligence technologies and expand in the commercial cleaner business.

Xiaomi and its employees are major shareholders in the company.