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China Slows Humanoid Robot IPOs After Unitree’s Wild Debut
China’s market regulator is tightening scrutiny of humanoid-robot IPOs through informal “window guidance,” following Unitree Robotics’ Shanghai debut, which surged more than fivefold before falling 55% from its peak. Officials question the sustainability of revenue tied to local‑government joint ventures and data‑collection centers, where governments may cover 80–90% of initial costs. If such project‑linked income is discounted, valuations could drop 60–70%, mirroring broader private‑market markdowns. IPO hopefuls like Deep Robotics, X Square Robot, and AGIBOT must now [...]