News Summary

• China’s securities regulator has begun steering humanoid robot companies away from the public markets until they can show recurring revenue and a credible path to narrowing losses.
• The direction is being given as window guidance, the informal and unpublished channel the China Securities Regulatory Commission uses when it wants an outcome without writing a rule.
• Reuters reported today that at least six Chinese humanoid firms preparing for listings are now waiting, and that private-market valuations have been cut by 30% to 50%.
• Neither figure appears in a public filing, the CSRC has published nothing, and TNW has not independently verified either claim.