Shares of China humanoid robot maker Unitree Robotics fell below 500 yuan on the 10th, dropping under about 100,000 won. The stock, which had surged right after listing, has slumped in about three weeks, raising concerns about a bubble in China’s robot industry.

Blockchain media outlet Cryptopolitan reported on the 10th, citing local time, that Unitree Robotics has seen more than 240 billion yuan in market value evaporate from its peak in about three weeks since listing.

Unitree Robotics listed on Aug. 19 on Shanghai’s STAR Market at an IPO price of 150.80 yuan, or about 30,000 won. It closed at 845 yuan on the first trading day, up more than 460 percent from the IPO price. The shares rose as high as 1,100 yuan intraday, briefly lifting its market capitalisation to about 445 billion yuan, or about 89.245 trillion won.

The rally did not last. The previous session’s close was 513.93 yuan, about 39 percent below the first-day close and 53 percent below the first-day intraday peak. On the 10th, the shares slipped about 3 percent as they fell below 500 yuan, and market capitalisation shrank to about 202 billion yuan, or about 40.505 trillion won. Compared with the peak, that means more than 240 billion yuan, or about 48.125 trillion won, in value disappeared in about three weeks.

Despite the sharp drop, Unitree Robotics shares still trade at more than three times the IPO price. About $900 million in funds the company raised through the offering also remains intact.

◆ High valuation relative to results

Unitree Robotics’ official corporate name is Yushu Technology Co Ltd. The company said it posted 1.7 billion yuan in revenue in 2025, sharply up from 392.77 million yuan a year earlier. Sales of more than 5,500 humanoid robots accounted for up to 868 million yuan of that total.

Net profit in 2025 was 278 million yuan. The company forecast first-half 2026 revenue of 1.052 billion to 1.128 billion yuan, representing growth of about 36 to 45 percent from a year earlier.

Even so, Unitree Robotics was valued at about $30 billion as of the close on the 10th. That is more than about 125 times its 2025 revenue and more than 350 times adjusted profit.

As a comparison, Agility Robotics of Oregon in the United States, cited as a peer case, disclosed 2025 net revenue of $1.78 million and an operating loss of $140.2 million as it pursues a listing via a merger with a special purpose acquisition company, with a valuation of about $2.5 billion.

◆ Tougher IPO scrutiny for humanoid robot firms

China’s securities regulator is reported to have delivered informal “window guidance” to some banks and companies. It says that for humanoid robot firms to pursue an initial public offering, they must show a path to recurring revenue and reduced losses, or demonstrate meaningful technological innovation.

More than 90 humanoid robot training centres are currently operating in China. Many are jointly funded by local governments and robot makers, in a structure where manufacturers buy robots and generate training data through remote operation. It is not known, however, how much of reported industry revenue comes from demand by independent repeat customers.

Questions of that kind have also been raised within the industry. A screenshot spread on the 10th contained remarks attributed to a person believed to be Shao Tianlan (샤오톈란), a co-founder and chief executive of parts supplier Mech-Mind. The screenshot said some embodied artificial intelligence firms recognise revenue through data collection centres and related-party transactions and push for listings as so-called “attention-grabbing” companies.

Galbot, a startup founded in 2023, appeared at the 2026 Spring Festival Gala and then raised 2.5 billion yuan in March based on a valuation of at least 20 billion yuan. Galbot has not publicly responded to the claim so far, and regulators have not made a determination on the related transactions.