Chinese humanoid robot maker Unitree Robotics saw its shares jump as much as 629% during its Wednesday market debut in Shanghai—an eye-popping rally that pushed 36-year-old chairman and CEO Wang Xingxing’s net worth to $16 billion.

Shares later pared some of the gains to trade at 883 yuan ($131) apiece at the morning close. The bespectacled and soft-spoken Wang, who is also the company’s chief technology officer, first joined the world’s three-comma club in early August when the Hangzhou-based robot maker raised 6.1 billion yuan by selling 40.4 million shares at 150.8 yuan each, with the retail tranche of the initial public offering more than 5,500 times oversubscribed. Forbes estimates that Wang’s stake was worth $2.4 billion at the time. The company didn’t respond to a request for comment.

Investor enthusiasm surged as buyers........

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