Chinese regulators have begun restricting IPOs for humanoid robot manufacturers due to concerns over high company valuations and the quality of reported revenue. Authorities are utilizing informal guidance to delay listings, effectively slowing down the sector's public offerings.
The scrutiny intensified following the August 19 debut of Unitree Robotics on the Shanghai STAR Market. The company raised ¥6.1 billion at a valuation of ¥61 billion. Shares surged 460% on the first day but subsequently dropped 55% from their peak by September 21.
Regulators are investigating whether revenue from government-backed projects and data centers reflects sustainable demand from independent clients. Some industry insiders suggest that excluding these specific revenue sources could reduce company valuations by 60–70%.
Despite the IPO slowdown, the government continues to prioritize embodied AI as a strategic sector. The Ministry of Industry and Information Technology aims to establish at least 100 industry standards by 2028, involving over 200 companies in the process.
At least six Chinese firms, including Deep Robotics, X Square Robot, and AgiBot, are currently preparing for potential public listings. Meanwhile, the broader Chinese market remains active, with companies raising $148.9 billion through share offerings since the start of 2026.
