China's STAR 50 down ~40% from July peak, erasing ~$480B as Unitree halves since IPO
sudoraohacker · x · 2026-10-30
Per Reuters, China's STAR 50 is down roughly 40% from its July peak, wiping out about $480B. Unitree has lost nearly half its value since its August debut, with Moore Threads and MetaX seeing similar declines. At the frenzy's peak, GPU makers Moore Threads and MetaX had jumped 400% and 700% on debut, Unitree's IPO was 8,000x oversubscribed, and the index traded near 250x earnings. Author ruima called Unitree's IPO overhyped in August and argues the correction will sharply cut the near-term IPO pipeline for Chinese AI and robotics companies — the government supports these industries but doesn't want to encourage stock speculation. Even after the slide, the STAR 50 still trades near 100x trailing earnings vs 30x for the Nasdaq 100.
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