China Slows Humanoid-Robot IPOs Over Valuation Concerns

Chinese regulators are slowing humanoid-robot IPO plans as they scrutinize whether soaring valuations and state-backed project revenue reflect commercial demand, people familiar with the matter said. Unitree Robotics shares surged more than fivefold on their Shanghai debut last month before falling 55% from the peak. Regulators used informal window guidance to hold back some listings; one source said humanoid IPOs were effectively frozen, another described a sector-specific slowdown with no formal ban. The Information reported the CSRC raised the approval bar via guidance to banks and firms. At least six companies including Deep Robotics, X Square Robot and AGIBOT are preparing to list. Scrutiny focuses on data-collection centres and joint ventures where local governments may supply 80%-90% of initial investment. Shao Tianlan alleged in a WeChat post that some embodied-AI firms used data centres and related-party deals for unsustainable revenue. Leo Wang called the boom "campaign-style innovation," noting 30%-50% private-market valuation cuts. Ruiying Zhao described a shift from "blanket euphoria to selective rationality." A senior banker asked what the use case is beyond robots dancing or factory work. Mainland firms raised $148.9 billion in 2026 share sales so far, up 59%, with technology at 41% (LSEG). CSRC and Unitree did not comment. Listing timing remains uncertain.