Chinese regulators have begun to slow down the stock market listings of humanoid robot manufacturers due to concerns over high company valuations and revenue quality. This was reported by Reuters, citing sources familiar with the situation.
According to these sources, authorities are using informal guidelines, known as “window guidance,” to delay certain listings.
One source told the agency that IPOs in the sector have effectively been halted, while another described the situation as a temporary industry slowdown, emphasizing the absence of a formal ban.
The China Securities Regulatory Commission did not respond to Reuters’ request for comment.
Earlier, The Information reported that the agency had informally notified several investment banks and firms about tightening requirements for humanoid manufacturers’ listings.
According to Reuters’ sources, one major factor was the volatility of Unitree Robotics shares after the company went public on the STAR Market of the Shanghai Stock Exchange on August 19.
The manufacturer priced its shares at 150.8 yuan each, valuing the company at about 61 billion yuan ($9 billion), and raised 6.1 billion yuan ($905 million). Retail investor demand exceeded supply by more than 8,000 times.
On the first trading day, Unitree shares closed at 845 yuan, 460% above the IPO price. Early in the session, prices reached 1100 yuan.
By September 21, the shares had lost 55% from their peak value.
At least six Chinese humanoid robot manufacturers are preparing to go public, including Deep Robotics, X Square Robot, and AgiBot.
Regulators Examine Revenue Sources
Authorities are paying particular attention to the revenue of robotics companies from projects supported by local administrations.
A Reuters source highlighted data collection centers where robots are trained and joint ventures with authorities, where government entities sometimes provided 80-90% of initial investments.
Such projects bring orders to manufacturers, increase revenue, and help meet listing requirements. Regulators are examining whether such income reflects sustainable demand from independent clients.
According to a source close to industry investors, the valuation of some manufacturers could drop by 60-70% if revenue related to data collection centers is excluded.
Previously, Mech-Mind Robotics CEO Shao Tianlan also claimed that some highly valued companies in the embodied AI sector use data collection centers, related-party transactions, and other, in his view, unsustainable revenue sources to boost income.
China Continues Support for Robotics
The slowdown in IPOs does not indicate Beijing’s withdrawal from developing humanoid robots. Authorities consider embodied AI—systems capable of perceiving the environment and interacting with the physical world—as a strategic direction.
Market participants surveyed by Reuters noted a shift in investor focus from robot capability demonstrations to real implementation, order volumes, and companies’ commercial sustainability.
On August 24, China’s Ministry of Industry and Information Technology published a draft national standard system for humanoid robots.
The document provides for the development of at least 100 key standards by 2028, including requirements for technology, systems, applications, testing, and safety. The implementation and popularization of standards should cover more than 200 companies.
Amid the tightening approach to robotics IPOs, Chinese companies continue to actively raise capital.
According to LSEG data cited by Reuters, since the beginning of 2026, mainland Chinese companies have raised $148.9 billion through stock and convertible bond offerings—up 59% year-on-year.
The technology sector accounted for 41% of this amount.
In June, Morgan Stanley analysts raised their forecast for humanoid robot shipments from China in 2026 from 28,000 to 50,000 units.
