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Can China’s new IPOs bring clarity to global debate over its technological rise?_我的网站

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Illustration: Xia Qing/GT
A few days ago, The New York Times published a story with the headline "China's Robots Know Kung Fu and Can Scale Walls. Can They Woo Investors?" Soon after, China's capital market delivered its answer through Unitree Robotics' IPO. Investors piled in so heavily that the preliminary online subscription multiple hit an eye-watering 8,288.82 times. The strong demand can, to some extent, be seen as a vote of confidence from investors in the commercial prospects of humanoid robots. The market's verdict is clear: China's robots have received a high score.
In recent months, China's robotics sector has drawn growing international attention. Some overseas commentators have questioned whether Chinese humanoid robots are still "performative rather than functional," casting doubt on the prospect of a large-scale commercial market emerging in the near term. The IPO of Unitree Robotics, however, has provided fresh evidence in that debate. According to the company's prospectus, its revenue rose from 159 million yuan ($23.6 million) in 2023 to 1.699 billion yuan in 2025. The numbers point to the expanding commercial potential of robotics.
For those seeking to gauge the progress of China's robotics industry, Unitree Robotics' prospectus is worth a closer look. Beyond the numbers, the document offers a detailed picture of the company's products, business model and growth strategy. Given Unitree Robotics' role as one of the sector's notable players, the prospectus also provides a useful reference point for assessing the industry's current stage of development.
Over the past few years, China's technology capabilities have expanded across a range of fields, from semiconductors and artificial intelligence to humanoid robots and beyond. This progress has given rise to a group of technology companies that are now entering a more active phase of public listings. The IPO of CXMT, for instance, attracted considerable attention. More technology companies are expected to follow. The emerging wave of technology IPOs suggests that China's capital market is accelerating its role in bringing technology companies closer to investors and the broader market.
As more Chinese technology companies enter the capital market, prospectuses, financial reports and market responses are bringing more information about their profitability and strategic direction into public view. This gives global observers more data points with which to assess China's technological development. Questions such as whether humanoid robots are merely a momentary wave of attention or a business opportunity backed by market fundamentals can increasingly be answered through financial markets. In this process, China's capital market is bringing more information into view and creating a reference point grounded in market realities for technology companies, one that exists beyond external narratives and speculation surrounding China's technological rise.
In recent years, China's technological rise has generated considerable international discussion. Within that discussion, two distorted narratives have emerged. One portrays China's technological progress as a "threat" far beyond what the evidence supports, while the other seeks to downplay its advances. The coexistence of these two opposing narratives has made it harder for the outside world to develop a more rational assessment of China's technological development.
China's technological progress does not need to be exaggerated, nor does it need to be underestimated. The capital market may be building an information base rooted in business realities, allowing investors to examine, evaluate and assign value to technology companies based on their actual performance. Such a mechanism could help address some of the questions surrounding China's technological development: How far has China's semiconductor industry advanced? Can external technology restrictions deliver their intended results? What directions will shape the next stage of growth?
As this information base rooted in business realities continues to evolve, international perceptions of China's technology sector should increasingly be grounded in facts. The West's engagement with Chinese technology companies could also be guided by market principles - making judgments based on business and economic realities rather than allowing politically driven narratives to distort assessments of technological progress.
The author is a reporter with the Global Times. [email protected]
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    　　随着詹姆斯-哈登与骑士达成3年9700万美元的续约协议，骑士新赛季的阵容框架备受关注。骑士媒体人Anthony Lima发文表示，哈登加上新引进的侧翼佩顿-沃特森，相比此前的达里厄斯·加兰是一次明显的升级。他认为，仅哈登一人的季后赛表现，就已超过加兰能提供的全部输出，而沃特森的加盟则为球队注入了一位运动能力出色的年轻锋线。

    　　数据显示，上赛季哈登场均贡献23.6分4.8篮板8助攻，加兰场均18.8分2.4篮板6.7助攻，沃特森则在掘金场均拿下14.6分4.9篮板2.1助攻。加兰的5年1.97亿合同还剩余两年，而骑士通过补强阵容深度，正全力应对东部日益激烈的竞争格局。

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