Rumored Tighter IPO Scrutiny for Robotics Firms; Banks Say Focus on Commercial Viability

Cailian Press, September 21 (Reporter Zhao Xinrui) — Recent reports indicate that regulators have issued informal window guidance to certain investment banks and institutional investors, signaling stricter scrutiny for humanoid robot IPOs.

Interviews with multiple investment banking professionals reveal that some bankers have received internal reminders regarding hard-tech IPOs, including those in the robotics sector. If a company's industry standing is not sufficiently prominent, its listing process may be affected. A leading securities firm told reporters that this notice was not delivered through formal window guidance; rather, it aims to reinforce the gatekeeping responsibilities of sponsoring institutions at the front end.

Three Key Areas Under Focus

• Revenue authenticity: Robotics companies must demonstrate genuine revenue generation.
• Profitability stability: Earnings trajectories should show a trend of narrowing losses. Return on investment and business model viability will be critical factors validated by the market.
• Commercialization capability: Companies need scalable product shipment capabilities, a stable customer base, and real-world deployment scenarios — avoiding being merely conceptual entities confined to laboratories.

All three dimensions point to the same core issue: whether the company has established a sustainable commercial loop. An investment banker at a top-tier securities firm noted that the commercialization progress of the robotics industry remains in its early stages, which aligns closely with regulators' focus on revenue sustainability and expectations for performance improvement.

Unitree Technology's "Rollercoaster" Stock Performance May Have Served as a Catalyst

Market attention first turned to humanoid robots when rumors of stricter review emerged.

Unitree Technology utilized the STAR Market's pre-review mechanism for its IPO. After acceptance on March 20 this year, it submitted its registration less than three months later, on June 2, and ultimately listed on August 19. On its first trading day, the closing price was RMB 845 per share, up 460.34% from the offering price. However, the stock declined continuously over subsequent days. As of September 20, the closing price stood at RMB 514.98 per share, down 39.06% from the first-day close.

Behind the stock correction lies a re-evaluation by the market of Unitree Technology's technological substance and commercialization capabilities. Overall, institutional investors believe the decline reflects the inevitable bursting of an earlier valuation bubble and fading short-term sentiment. As market enthusiasm cools, the stock price is rationally reverting to fundamentals, providing investors with an opportunity for reassessment.

A leading securities firm had previously pointed out that Unitree Technology has only completed research and development of its "cerebellum," with no substantial breakthroughs yet in its "cerebrum." The market may have overvalued the company. When the cerebrum achieves a breakthrough and whether growth can be sustained will be the most critical unresolved issues for Unitree Technology post-listing.

During interviews, reporters heard similar views from investment bankers. One professional further noted that domestic embodied large models — equivalent to the "cerebrum" — are still immature. Humanoid robots face limited technical maturity in areas such as the generalization ability of embodied large models and the precision and durability of dexterous hands. Fine manipulation, intelligent decision-making, and adaptability to non-standardized scenarios remain incomplete. The reason why cerebrum breakthroughs have become a key focus of regulatory review is that they relate not only to the effectiveness of corporate R&D investment but also to future capabilities for commercial application and deployment.

In its registration documents, Unitree Technology explicitly stated that since 2024, it has gradually increased R&D investment in embodied large models (the "cerebrum"). Although phased R&D achievements have been made, the proportion of R&D investment during the reporting period remained relatively small. Additionally, the company has not yet scaled the application of its self-developed general-purpose embodied large models to robot products, though pilot testing and deployment verification have been conducted in its own factories and other trial scenarios. This indicates that Unitree Technology's embodied intelligence development has not truly entered commercial deployment scenarios.

How Do Investment Bankers View These Rumors?

According to interviews with multiple investment banking professionals, Unitree Technology's post-listing stock decline and the front-loading of future performance expectations are only one of several triggering factors. Attributing the rumors solely to this factor is not objective.

Many investment bankers believe that tech company IPOs have consistently been encouraged by regulators in recent years, with industry leaders and genuinely innovative enterprises receiving particular support. Compared to Unitree Technology's post-listing decline, some bankers attribute the situation more to secondary market conditions since July and the issuance of several mega-IPOs.

Secondary Market Trends: The First Variable

In July, the Shanghai Composite Index fell cumulatively by 6.40%, the Shenzhen Component Index dropped by 16.21%, and the ChiNext Index declined by 23.00%. The adjustment was concentrated in the technology sector, with capital shifting to dividend stocks for risk aversion. For the primary market, the secondary market serves as a pricing anchor. Amid volatile conditions, the risk of newly listed high-valuation stocks surging then falling back increases.

Large-Scale IPOs: The Second Variable

Since July, the A-share market has entered a concentrated window for major IPOs:

• Changxin Technology and SMIC raised RMB 53.23 billion, marking the largest IPO in STAR Market history. On its first trading day, the stock rose 465.82%, reaching a total market cap of RMB 3.28 trillion, topping the A-share market cap rankings.
• Unitree Technology listed on August 19, raising approximately RMB 6.1 billion.
• AI chip companies also entered the pipeline.

Considering both variables, the successive launches of large IPOs absorb market liquidity. In volatile markets, higher quality thresholds are needed to prevent supply shocks from causing fluctuations.

Investment bankers emphasized that this reminder is not limited to the robotics industry but covers hard-tech IPO sectors broadly. Companies lacking prominent industry positions may see their listing processes affected. This trend ultimately points to further reinforcement of sponsoring institutions' responsibilities as "gatekeepers" of the capital market.

Multiple Robotics Companies Queue for Listings Across Two Markets

Amid rumors of stricter review guidelines, enthusiasm among humanoid robot companies for going public has not waned. Currently, three humanoid robot companies are queued for A-share listings, while more target the HKEX Chapter 18C channel.

A-Share Market Pipeline

| Company | Focus Area | Status | |---------|------------|--------| | Leju Intelligent | Full-stack R&D, complete machine production and sales, and solution provision for humanoid robots covering the "cerebrum-cerebellum-body" architecture. Humanoid robot shipments ranked third globally in 2025. | Inquiry stage | | Yuejiang Technology | R&D, production, and sales of collaborative robots and embodied intelligent robots. Holds a global market share of 13.2% according to 2025 sales statistics. | Passed listing committee review | | Yunshen Chu | R&D, manufacturing, and industrialization of embodied intelligent robots such as quadruped and wheeled-legged robots. Embodied intelligent robot revenue ranked fourth globally in 2025. | Inquiry stage |

HKEX Chapter 18C Pipeline

The HKEX's dedicated listing channel for "Specialist Technology Companies" under Chapter 18C has become another important venue for humanoid robot IPO applications. Currently, robotics-related companies including:

• Jiazhhi Technology
• Standard Robots
• Zhiyuan Robot
• Kanop Robot
• YouAiZhiHe
• Chenxing Technology
• Benmo Power

...have all filed applications for HKEX listings.

Whether on the A-share or HKEX markets, robotics companies are intensively pursuing IPOs. From the overall regulatory review orientation behind the rumors, the market aims to screen for companies with genuine commercialization capabilities and technological strength, preventing excessive speculation and bubbles within the industry. Greater emphasis is placed on companies possessing sustainable commercial loops and core technological competitiveness.

(Source: Cailian Press)