Unitree Robotics, one of the world’s leading humanoid robot makers, has made a dramatic debut on the Shanghai stock market, with its shares rising more than 460% on their first day of trading.

The Chinese company’s shares were offered to investors at 150.80 yuan ($22.36; £16.50) each but closed at 845 yuan. The highly anticipated listing took place on the technology-focused Star Market, often described as China’s equivalent of the Nasdaq.

The debut marks an important milestone for China’s ambitious plans to expand its robotics industry and comes as the US and China compete for leadership in robotics and artificial intelligence technologies.

Unitree is not the first Chinese humanoid robotics company to enter the stock market, but it is the first to list on a mainland Chinese exchange.

Robotics technology is already widely used in factories, warehouses and homes, including industrial machines and smart vacuum cleaners. However, humanoid robots are attracting increasing investment as companies seek machines capable of carrying out tasks traditionally performed by humans.

Major technology and automotive companies, including Tesla, BYD and Amazon, are developing two-legged robots as the industry rapidly expands.

Founded in 2016, Unitree is officially known as Yushu Technology Co Ltd. The company has become an important part of China’s efforts to develop advanced robotics and other emerging technologies.