The China Securities Regulatory Commission (CSRC) is raising the requirements for public offerings of startups in the humanoid robot sector. According to three sources familiar with the regulator's position, companies developing 'embodied AI' must meet three criteria to go public: having sustainable revenue and commercial orders; reducing losses – one source mentioned a three-year forecast will be required; possessing key technology, such as the robot's 'brain' or hands.
Even if a startup meets two out of three criteria, it is unclear how many companies are capable of doing so. Expectations have dropped to single digits or even zero. In Hong Kong, at least two dozen companies related to humanoid AI have filed for listing. Since May 2025, Hong Kong has allowed tech companies to submit confidential IPO applications. Chinese companies also require CSRC approval to list in Hong Kong.
Increased attention to the sector has intensified following the listing of Unitree. The company received expedited approval for listing in Shanghai on August 19, coinciding with the start of the World Robot Conference in Beijing. However, the next day, founder Wang Xinxin warned that commercialization beyond 'dancing robots' will take years. There are already over 100 humanoid companies in China. Investments in the sector reached 47.09 billion yuan ($6.95 billion) in the second quarter, more than double that of the first quarter and over six times year-on-year, according to Xiniu.
Unitree raised about 6.1 billion yuan ($905 million), with its shares debuting more than 460% higher at 845 yuan, but by Monday, they had nearly halved to 459.65 yuan. Hong Kong's Ubtech has lost over 40% of its value since the beginning of the year, and its operating loss for the first half of the year amounted to 279 million yuan.
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