China tightens IPO rules for humanoid robot startups

China's securities regulator is raising the bar for public listings of humanoid robot startups, requiring them to meet specific criteria such as sustainable revenue, narrowing losses, and core technology ownership, according to three sources. This signals a cooling of one of the market's hottest sectors amid global concerns about an AI stock bubble. The "window guidance" demands that applicants show commercial orders, provide a three-year loss-narrowing forecast, and possess technology like robotic brains or hands, though meeting just two of three may suffice. At least two dozen such companies have filed to list in Hong Kong, but sources say few or none may qualify. The industry's posterchild, Unitree, listed in Shanghai on Aug. 19 with shares surging 460% on debut, but they have since nearly halved to 459.65 yuan. Hong Kong-listed Ubtech has fallen over 40% this year while still reporting operating losses, contrasting with a flood of sector investment that hit 47.09 billion yuan in Q2.