Valuation Bubble · Full chronicle and history

After the market experienced a sharp decline and price negotiations, Cloud finalized its price range on November 10, with the corresponding valuation reduced to $1.4 trillion to $1.5 trillion.

Reuters reported on September 21, citing people familiar with the matter, that in some robot data collection centers and joint venture projects local governments may bear 80%–90% of the initial investment, and that project orders can support company valuations and help them reach the listing threshold; regulators are examining whether this represents genuine demand.

On September 9, according to The Information, after the China Securities Regulatory Commission (CSRC) raised the listing threshold for humanoid robot companies through non-public window guidance, related companies must prove they can form sustainable revenue, are narrowing losses, or possess genuine technological innovation to go public. This policy shift is related to the financing frenzy in the primary market and the drastic stock price fluctuations after the listing of Unitree Robotics.

Humanoid robot company Unitree Robotics went public on the STAR Market, surging 629% at the open, with its market capitalization at one point skyrocketing to 444.9 billion yuan, while founder Wang Xingxing became the “new richest person born in the 1990s.”

Unitree went public on August 19 at an issue price of 150.8 yuan. The opening price reached 1100 yuan, but within five trading days the price was cut in half.