Chinese humanoid-robotics companies could face a narrower path to public markets as authorities seek to calm the frenzy that followed robot maker Unitree's roller-coaster listing.

The China Securities Regulatory Commission recently held informal talks with some investment banks and institutional investors, signalling a higher bar for humanoid-robotics companies seeking to go public, according to people familiar with the matter.

The regulator advised investment banks to uphold high standards when advising IPO hopefuls, ensuring that they have healthy financials, promising revenue prospects and valuable technological innovations, the people said.

While no new formal guidelines were issued, the warning could increase pressure on robotics companies already in the IPO pipeline, with only a limited number likely to get through in the near term, the people said.

The Information previously reported that regulators were tightening approval for humanoid startups seeking to go public.

The CSRC didn't immediately respond to a request for comment.

A headline-grabbing debut by Unitree--formally known as Yushu Technology--last month put the spotlight on China's fast-growing robotics sector.

Unitree announced its IPO plan to great fanfare, with analysts touting the first mainland listing of a humanoid-robot maker as a potential catalyst for the broader industry.

But despite drawing strong demand and a 460% surge on its first day of trading, the buzz quickly faded.

Unitree's shares have retreated sharply and are now trading around 50% below their post-listing peak, bringing the company's market valuation down to about $30 billion.

That volatile performance has cast doubt over the coming batch of robotics IPOs.

A number of robotics companies are lined up for listings in Hong Kong, and investors have debated whether valuations and capital inflows have raced ahead of business fundamentals. Chinese companies typically need approval mainland regulators' approval to proceed with initial public offerings in Hong Kong.

Unitree has said that less than 10% of its humanoid-robot revenue came from industry applications, such as such as manufacturing and power grids, in the first nine months of 2025, suggesting commercialization remains at an early stage.

Investors are still "paying a significant robotics premium, but increasingly want evidence that research and demonstration demand can develop into scalable commercial applications," said Kangyuxiao Li, an equity analyst at Morningstar.

Unitree's valuation may have set a "ceiling for less mature or loss-making peers," he said. Future listings by other robot makers could divide investors' attention and provide useful points of comparison, Li added.