Chinese regulators are slowing approvals for humanoid-robot listings after Unitree Robotics shares surged more than fivefold in Shanghai and later fell 55% from their peak. Unitree shares ended their first session at 845 yuan, 460% above the 150.80-yuan IPO price, after reaching 1,100 yuan intraday; the rally briefly valued the company at approximately $66 billion. Unitree raised around $900 million by selling approximately 10% of the company, while founder Wang Xingxing retained roughly 20%. Tencent, Alibaba and DeepSeek were among its prominent backers. People familiar with the matter described the regulatory response as informal window guidance rather than a formal ban, with some market participants saying the pipeline was effectively frozen. At least six companies, including Deep Robotics, X Square Robot and AGIBOT, are preparing listings. The review is increasingly focused on whether robots are generating repeat orders, factory deployments and recurring service revenue rather than one-off purchases by universities and research institutions. Beijing continues to promote embodied intelligence as a strategic industry, even as Unitree faces U.S. import restrictions on future foreign-made humanoid and quadruped robots and a Pentagon designation of the company as a Chinese military-linked business. Unitree says its robots are intended for civilian applications.