Chinese regulators are putting the brakes on a rush of humanoid-robot companies seeking listings, people familiar with the matter said, as they scrutinise whether soaring valuations and revenue tied to state-backed projects reflect commercial demand.
The Information first reported, citing people with knowledge of the matter, that the CSRC recently gave informal guidance to some investment banks and investment firms that it was raising the bar for granting approval of humanoid IPOs. The regulatory move highlights Beijing’s effort to cool investor euphoria over one of China’s hottest investment themes without undermining a technology the government has made a national priority.
Leo Wang, a venture capitalist at Qianchuang Capital, described the investment wave in the robotics sector as “campaign-style innovation,” using a Chinese phrase for booms in which companies and capital rush into a policy-favoured sector. Beijing has promoted “embodied intelligence” — AI systems capable of perceiving and acting in the physical world — as a strategic emerging industry, helping fuel investment from private capital and local governments. Wang said hype around embodied AI had exceeded that seen during China’s internet and new-energy investment waves, with industrial-robot makers pivoting towards humanoids and startups commanding rapidly rising valuations.
The person said robot data-collection centres, where robots are trained, and joint ventures, in which local governments could provide 80 per cent to 90 per cent of initial investment, had generated significant revenue for some companies.
Ruiying Zhao, a senior research analyst at S&P Global Market Intelligence, said investor sentiment was shifting from “blanket euphoria to selective rationality”, with greater scrutiny of whether realised commercial value justified premiums.
