China slows humanoid robot IPO rush as hype outruns reality

Chinese regulators are curbing the surge of humanoid-robot companies looking to list on the stock market, as analysts question whether the soaring valuations and revenues are backed by genuine commercial demand. The slowdown began with the volatile performance of Unitree Robotics, a maker of humanoid and quadruped robots, whose Shanghai debut share price soared more than fivefold before dropping 55 per cent from its peak.

Regulators have reportedly used unofficial "window guidance" to delay some humanoid-robot listings, though no formal ban has been announced. The move is seen as Beijing's attempt to temper investor enthusiasm over one of China's most popular investment themes while still promoting the technology as a national priority. The China Securities Regulatory Commission (CSRC) has reportedly raised the bar for approving humanoid IPOs, citing concerns over whether the revenue generated by the companies from government-backed projects can be sustained.

Some analysts estimate that valuations for certain robot firms could fall by 60 per cent to 70 per cent if revenue from data-collection centres were removed. Despite the regulatory slowdown, experts believe Beijing is not backing away from humanoid robotics, but rather shifting focus to deployment, order volumes, and evidence that companies can turn technical demonstrations into commercially viable products.