Recently, rumors have surfaced that regulators are considering raising the bar for IPO approvals in the humanoid robot sector, capturing significant market interest. Through interviews, reporters learned that certain investment bankers have been cautioned by their firms about IPOs in cutting-edge technology fields, such as robotics. These reminders suggest that companies lacking a prominent industry standing may face hurdles in their listing endeavors. A prominent securities firm clarified that these measures do not constitute formal window guidance but are intended to strengthen the front-end due diligence obligations of sponsor institutions.

From an approval standpoint, the emphasis may rest on three key areas: firstly, revenue authenticity, which demands sustainable, genuine, and replicable recurring operating revenues; secondly, profit stability, characterized by a consistent trend of reducing losses; and thirdly, commercialization capabilities, which encompass the ability to mass-produce and distribute products, sustain a stable customer base, and demonstrate practical application scenarios. Collectively, these criteria assess whether a company has established a sustainable business closed loop.

The emergence of rumors regarding stricter approval processes is partly attributed to the stock price volatility of Unitree Technology, the first humanoid robot company to go public, and the unveiling of valuation bubble risks within the industry. Nevertheless, the enthusiasm for listings among humanoid robot companies remains undiminished, with numerous firms eagerly awaiting their turn to list on both the A-share and Hong Kong stock exchanges.

Ultimately, the market aims to identify companies with authentic commercialization capabilities and robust technological prowess, steering clear of excessive speculation and industry泡沫化 (which can be translated as "over-inflation" or "bubblification" in English, referring to the creation of an economic bubble). This approach seeks to foster a healthier, more sustainable market environment.