China's national securities regulator, responsible for approving and supervising domestic share listings and market conduct.
The 30% stake that made Sky Xu a $23bn founder is worth about $8bn at the listing price, and the roughly $73bn of company value that went missing says more about where Hong Kong's marginal IPO buyer went than about clothes.
Perspective Coverage
8 publishersReality
Transsion is offering 86.6 million Hong Kong shares at up to HK$38.80 to raise about US$428 million, with GIC as a cornerstone. The Shanghai-listed phone maker has cut its ask to under half of last year's reported target, and the book will show whether even that sells at the ceiling.
Reality
The 460% pop on debut day has been undone almost exactly, leaving the market paying about 125 times Unitree's 2025 revenue and more than 350 times its adjusted earnings, a valuation that prices Unitree's growth story, with earnings barely factoring in.
Reality
Morgan Stanley's Asia sponsors head mistakenly emailed clients an internal list of more than 100 deals the bank was working on or monitoring. The money at risk sits with sellers of block trades on that list, because their placements depend on buyers not expecting the shares.
Reality
The Information reported that China's securities regulator is asking humanoid firms for recurring revenue and narrowing losses before they list. Exchange review materials show 73.6% of Unitree's revenue came from research and education buyers.
Reality
The scrutiny centres on revenue booked through data collection centres and joint ventures that local governments capitalised. One person familiar with the review put the valuation impact at 60 to 70 percent if that revenue is stripped out.
Reality
Three weeks after Unitree's Shanghai debut rose fivefold and then gave most of it back, the CSRC has told robotics applicants to show recurring revenue and a path to profit, a test two pending applicants fail.
Reality
Hyundai has ruled out a 2027 listing for Boston Dynamics, whose 528.4 billion won loss last year was about a third of its five-year total, and Meritz Securities now expects a debut in 2029 or 2030.
Reality
Revenue is up roughly a third since 2023 and the multiple is down about four fifths. The gap is what a customs exemption and two failed listing venues cost.
Reality