Chinese regulators are raising the approval threshold for humanoid robot startups seeking initial public offerings after sharp volatility in Unitree Robotics’ shares. The China Securities Regulatory Commission has reportedly conveyed informal window guidance through certain banks and investment institutions, requiring applicants to show recurring revenue, a clear path toward narrowing losses or genuine technological innovation. The measure is not a blanket ban, but aims to prevent a wave of similar companies built around low-price competition and sales volume from entering the market at once. Unitree shares rose more than 600% at the open on their first trading day, briefly reached CNY 1,100, then fell to CNY 546 by the 11th trading day and CNY 513.51 in midday trading on the 9th, down 1.94%. The shift follows heavy sector financing, crowded IPO applications and concerns that capital raising has outpaced commercial and technological fundamentals. The guidance has not been codified in public rules, leaving its scope flexible but difficult to assess.