China slows the humanoid-robot IPO rush as regulators test commercial demand.

Chinese regulators are slowing some planned listings by humanoid-robot companies through informal guidance, people familiar with the matter told Reuters. One source described an effective pause, while another said there was no formal ban and called it a sector-specific slowdown.

The scrutiny intensified after Unitree Robotics rose more than fivefold on debut and then fell 55% from its peak. Regulators are examining whether revenue from government-backed data centres and joint ventures represents sustainable demand from independent customers; the securities regulator and several companies did not respond to Reuters requests for comment.