China’s securities regulator is raising the bar for public listings of humanoid robot startups, CNBC reported on September 29, citing three sources familiar with the CSRC’s thinking. The “window guidance” requires applicants to show sustainable revenue and commercial orders, narrowing losses with a three-year forecast, and ownership of core technology such as robotic brains or hands.

Even meeting two of the three tests may prove difficult, lowering expectations to a handful of listings or none. At least two dozen humanoid-related companies have filed to list in Hong Kong, which needs CSRC approval for mainland firms.

The move follows the frenzy around Unitree Robotics, which surged 460 per cent on its August STAR Market debut before falling about 45 per cent from its peak, as investors reassess AI valuations. Hong Kong began allowing tech firms to file confidentially for IPOs in May 2025, and mainland companies listing there need the CSRC’s blessing. The regulator did not immediately respond to requests for comment.