Beijing halts humanoid robots on their way to the stock market

Reuters reported on 21 September that Chinese regulators were slowing the IPOs of humanoid robot companies after a sharp rise followed by a steep fall in Unitree’s shares showed how far market expectations had diverged from current sales.

The agency cited several anonymous sources familiar with decisions by Chinese regulators.

According to these sources, some planned stock market listings by humanoid robot companies have been delayed by informal regulatory guidance. The company generated operating income of 1.708 billion yuan, approximately $248 million, in 2025, an increase of 335 per cent, while the share of humanoid robots in its main business revenue rose from 27.6 per cent in 2024 to 51.5 per cent in the first nine months of 2025.

These results gave investors a rare opportunity to buy shares in one of China’s best-known manufacturers in a sector that for years has largely relied on private equity and sovereign funds.

Unitree’s shares rose to more than five times their initial price after the company went public on the Shanghai Stock Exchange, then fell by about 55 per cent from their peak.

Even after that drop, the stock was worth more than double the price at which it had been offered to investors at the IPO. One source described a temporary freeze on new offerings, while another said that no formal ban had been introduced.

The China Securities Regulatory Commission did not respond to a request for comment, so the scope and duration of this measure have not yet been confirmed in any official documents.

State support for humanoid robotics remains strong, with Beijing designating the field a strategic industry, local governments funding factories and data-collection centres and state funds investing in leading manufacturers.

Companies seeking money from public investors now have to demonstrate more than technological progress and state backing.