China's Slowdown on Humanoid Robot IPOs
China’s securities regulator has begun steering humanoid robot companies away from public markets until they demonstrate recurring revenue and narrow losses, The Information reported on September 9th. This direction is conveyed through an informal channel known as window guidance.
Reuters revealed today that at least six Chinese humanoid firms preparing for listings are now waiting, with private-market valuations cut by 30% to 50%. However, these figures aren't confirmed in public filings and TNW has not independently verified them.
Unitree Robotics made its debut on Shanghai’s STAR Market on August 19th at 150.80 yuan per share, raising 6.1 billion yuan (approximately $904 million) at a valuation of nearly $9 billion. Its shares soared by as much as 460% in a single session, reaching a market capitalization of around 445 billion yuan and a price-to-earnings ratio above 1,300—far exceeding the STAR Market average.
The ascent was short-lived. Unitree’s share price fell by about 45% from its peak by August 25th, and subsequently dropped roughly 55% following the regulator's caution. Mech-Mind Robotics, listed in Hong Kong on September 1st, has also fallen back by around 20% from its initial high.
A significant revenue question hangs over the industry: only about 9% of Unitree’s revenue in the first nine months of 2025 came from industrial sales, while 73.6% originated from research and education customers—sales to university labs do not represent market transactions. Mech-Mind Robotics CEO Shao Tianlan acknowledged unsustainable arrangements within the sector, which could potentially cut some valuations by 60% to 70%, according to Reuters, though this calculation has not been corroborated.
Ruiying Zhao of S&P Global described the shift as a move from “blanket euphoria to selective rationality.” Mainland share sales have reached $148.9 billion year-to-date in 2026, up 59% year-on-year, with technology accounting for 41% of the total.
The queue behind Unitree remains, with LimX raising $200 million in July and XPENG’s robotics arm securing over $900 million in August ahead of its first production run. Chinese manufacturers accounted for more than 90% of global humanoid robot shipments in the first half of 2026.
However, it remains unclear when listings will resume. The guidance is unwritten, the regulator has made no public statements, and none of the six waiting companies have been identified.