Chinese regulators are using informal guidance to slow humanoid robot listings, Reuters reports. One source described an effective freeze; another said there is no formal ban.

Officials are scrutinizing inflated valuations and whether revenue from government-backed data centers and joint ventures reflects genuine customer demand.

The clampdown follows Unitree’s volatile debut and 55% slide from its peak. AgiBot, Deep Robotics and X Square Robot are among those preparing IPOs.