ShenzhenRobot shares valued at 22 billion yuan draw no bids at 12 billion.
China’s regulators now want recurring revenue before robot makers list, bankers say, so early investors cannot exit.
An estimate relayed from investors says stripping data-collection-centre revenue would cut some valuations 60% to 70%.
Unitree, listed in August, earned 274 million yuan profit on 1.152 billion yuan revenue in the first half.
Several investors say funding pressure may hit after November, when startups’ remaining cash runs out.
How each outlet framed it
- TMTPost leans critical
- tracks the secondary-market price collapse of embodied-AI robot shares, from a 30亿 entry to a 120亿 asking price nobody will buy at, tying it to the CSRC's informal IPO guidance
Sources: TMTPost