No wonder UTree boss Wang Xingxing has been looking so worried lately. Their company single-handedly dragged down China's entire robotics industry. The chain that was working so well: storytelling + prototypes → fundraising → capital operations → IPO cash-out! But due to the extreme volatility on UTree Tech's IPO debut and the chaos of copycats in the industry, regulators have imposed stricter requirements on humanoid robot IPOs. Chinese regulators are tightening IPO approvals for humanoid robot startups!