China reportedly holds back humanoid-robot listings over revenue concerns

China's securities regulator is informally steering humanoid-robot companies away from public listings until they demonstrate recurring revenue and a credible route to lower losses, The Information reported. Reuters said at least six companies are waiting and private-market valuations have fallen 30% to 50%. The unpublished "window guidance" follows sharp reversals in recently listed robotics shares and scrutiny of whether sector revenue is sustainable. The regulator has issued no public rule, the waiting companies remain unnamed, and TNW could not independently verify the reported figures.