China's CSRC Raises Humanoid IPO Bar After Unitree Selloff

China's securities regulator has told investment banks, informally, that humanoid robot startups will no longer sail through the IPO queue. The Information reported on September 9 that the CSRC issued 'window guidance' to some banks and firms, and is 'lifting the bar for approving humanoid start-ups that plan to go public.'

The new test, per the report: companies must 'prove they can generate recurring revenue and are on track to narrow their losses or achieve real innovation before approvals can be considered.'

The trigger sits on the ticker. Unitree, the Hangzhou-based humanoid maker, 'opened 629 per cent higher when it debuted on Shanghai's Nasdaq-style Star Market.' The stock then reversed. A 48 per cent drop from its peak of 1,100 yuan on the August 19 debut wiped out 200 billion yuan in market value, and shares have slid roughly 45 per cent since the pop.

The guidance remains informal, and the CSRC has not officially verified details. Rival Robotera is separately weighing a Hong Kong IPO, one thread in a run of humanoid stories tracked in our robotics coverage.