Strictly control the "entry point" of hard technology! UTree and CAS Space IPOs selected for on-site inspection

On the evening of April 1, the official website of the China Securities Association (CNSA) disclosed the random selection list for on-site inspections of the second batch of 2026 initial public offering (IPO) companies. A total of two companies were included: Unitree Technology Co., Ltd. (hereinafter “Unitree Technology”) and China Aerospace Technology Co., Ltd. (hereinafter “CERI Aerospace”). One is a robotics company, and the other is a commercial aerospace company—both are hard-tech sectors that are currently being highly sought after by capital. Worth noting is that CERI Aerospace IPO was just accepted on March 31, and having been selected for an inspection on the very day after acceptance is relatively rare in the market.

The official website of the Shanghai Stock Exchange shows that CERI Aerospace’s IPO on the Science and Technology Innovation Board (STAR Market) was accepted on March 31. The company mainly engages in R&D, production, and launch services for a series of large and medium-sized commercial launch vehicles, and it is also expanding new space-economy business models such as space manufacturing, space science experiments, and space tourism.

For this IPO filing, CERI Aerospace is applying the second set of listing standards on the STAR Market, namely: “the expected market value is not less than 1.5 billion yuan, the operating revenue in the most recent year is not less than 200 million yuan, and the proportion of cumulative R&D investment over the most recent three years to cumulative operating revenue over the most recent three years is not less than 15%.”

With this listing push, CERI Aerospace plans to raise approximately 4.18 billion yuan.

Before CERI Aerospace, the IPO of LandSpace had already been accepted, and the two companies will also compete for the “first commercial space stock.”

Unitree Technology is also a recently accepted company. Its prospectus was accepted on March 20, and it is also expected to target the A-share “first humanoid robot stock.” Worth noting is that Unitree Technology’s second IPO after the STAR Market pilot IPO pre-review mechanism.

Based on the financial data disclosed by Unitree Technology, the company achieved profitability in 2024, and its net profit for the first three quarters of 2025 has already surpassed 100 million yuan. In 2022–2024 and the first three quarters of 2025, Unitree Technology’s operating revenue was approximately 123 million yuan, 159 million yuan, 392 million yuan, and 1.167 billion yuan, respectively; corresponding net profits attributable to shareholders were approximately -22.10 million yuan, -11.14 million yuan, 94.50 million yuan, and 105 million yuan, respectively.

On January 5 this year, the CNSA official website released the “on-site inspection random selection list for the first batch of IPO companies for 2026.” In that list, 11 companies, including LandSpace, Pinner Laser, Guangdong Semiconductor, and Luozhou Shares, were selected for on-site inspections. It is worth paying attention to that among the 11 IPO companies mentioned above, half are from the STAR Market: LandSpace, Pinner Laser, GaoKai Technology, Hanno Medical, Taosheng Technology, and Ruishi Chuangxin. In addition, four companies—including Luozhou Shares, Guangdong Semiconductor, Jinan Smart, and LQei Smart—are targeting GEM (ChiNext) IPOs; only Yancheng Salt Industry is targeting an IPO on the Shanghai Main Board.

This means that, judging from the two rounds of on-site inspections conducted so far this year, there are 8 companies aiming to list on the STAR Market.

An industry insider told Beijing Business Daily that although regulators encourage hard-tech companies to go public, this does not mean relaxing requirements. From the inspection lists as well, it can be seen that for hard-tech company listings, regulators are also strictly regulating the “entry” point.

Looking at the number of IPO companies subject to on-site inspections in 2025, that year the CNSA released three batches of on-site inspection random selection lists for IPOs, covering a total of 16 IPO companies. The withdrawal rate dropped noticeably compared with previous years. The withdrawals by the companies recently inspected were due to the withdrawal of Shanghai Xinmi Technology Co., Ltd.; its STAR Market IPO was terminated on March 31, which is the case of a company among the 2025 on-site inspected enterprises.

Beijing Business Daily reporter Ma Huanhuan and Li Jiaxue