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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]
。    物业服务是城市基层治理的“最后一米”，是关乎千家万户幸福感的民生小事、治理大事。为进一步解决物业服务领域问题时常反弹、难以根治的情况。昨天，由中共杭州市委办公厅主办的2026年杭州市“公述民评”面对面电视问政活动以“小区物业服务”为主题，围绕“收费与服务”“自治与权责”“监管与治理”三个话题进行交流讨论。

二 | 叫停“停水催费”违法手段厘清物业费催缴与民生保障的边界业主关心缴了费之后能不能获得对等的服务，物业企业面临着各种成本上涨的难题。这种“收费与服务的博弈”，正是双方最突出的矛盾之一。

三 | 问政短片中，钱塘区和达自由港一位业主反映，物业不但没有整改前期投诉的卫生问题，还以“物业费未交”为由，私自多次对该住户进行停水。“甚至还有人给水表阀门上锁。

四 | ”桐庐县滩头富春景苑小区面临的问题同样严峻。

五 | 该小区为回迁安置小区，目前，高层电梯房的物业费标准达到1.6元/㎡，高于保障性住房应适用的物业丙级最高标准1.56元/㎡，但物业服务却达不到丙级标准。“绿化带被开挖种菜，地下车库出入口被大量杂物、电动车等挤占，路边长椅、路灯等公共设施损坏，消控室内的监控屏幕很多都无法正常显示画面。”有业主反映。

六 | 针对钱塘区的问题，钱塘区委书记沈燕俊表明：“供水是群众最基本的生活保障，而缴纳物业费属于民事服务纠纷，不能用停水这种简单粗暴的方式去解决，我们会对这件事进行妥善处理，做好民生保障。

七 | ”桐庐县委副书记、县长钟永明也回应：“桐庐该小区出现的消防通道占用等安全问题，我们坚持事不过夜，本周内就彻底完成整改。对于监控系统老化、服务不到位等问题，我们确保在一个月内积极完善。”而更深层的问题在于费用与服务的“质价不符”。作为社会观察员的北京德恒（杭州）律师事务所权益律师王永皓提议推广物业“酬金制”改革——将物业费、小区公共收益统一存入业主共管专户，物业公司仅提取固定酬金，剩余资金全部用于小区运维，收支按月线上线下全公示，年度结余资金可用于园区升级改造。为进一步促进物业企业履职履约，杭州已在调研制定一项选续聘的工作指引。

八 | “该指引可供各个业委会进行参考，引导业主在选续聘物业企业的时候，把履约评价和监督检查的结果作为重要依据。”市住保房管局党组书记、局长褚烨说。严把业委会“选人关”引入专业力量破解履职乏力在临安区，超80%的小区业委会年龄结构老化，60岁以上成员占比高，缺乏工程管理、资金协调、物业沟通等专业技能，导致小区公共设施失修、环境卫生不佳、安全巡查缺位等问题频发，却又无法及时解决；在拱墅区，阮家居小区1幢架空层的快递驿站在休息时间长期出现噪音，业主住在楼上饱受折磨，后经查实，是小区业委会将这一原属于公共建筑和共用设施的C5电信、C5有线设备用房出租给了快递驿站经营，擅自改变了该房屋用途。这些现状的背后，是业委会队伍建设薄弱、监管机制缺位，小区自治治理效能不足。对此，人大代表朱建文建议，强化业委会选举任用资格的把关。“可参照村社干部的选拔标准，优先推荐小区党员，机关企事业单位的退休人员，教职、医护记者等社会活动能力强的人员，以及具备财务、法律、工程等专业特长的这些业主参选。

九 | ”《我们圆桌会》媒体代表蓝远见补充道：“业委会的履职能力也需要进一步提升，可定期开展专项培训和履职考核，内容涵盖物业管理法规、财务知识、沟通技巧等，提升业委会成员的专业素养和实操能力。还可以鼓励有条件的小区聘请专职秘书负责业主接访，会议纪要记账的一些日常的事务，用专业的力量来赋能业委会的高效运转。”聚焦房屋质量与账务公开补齐“监管最后一环”小区的宜居和谐离不开职能部门的监管与治理。问政视频中有市民反映，2017年交付的小区，单元楼电梯从2024年开始反复出现坠落问题，甚至平均每个月坏一次，多次出现人员被困情况。

十 | 电梯保险公司多次找人维修，但一直未彻底解决坠落问题，存在严重安全隐患。业主对此进行投诉，要求更换电梯。“我们将安排特检院的专家，和小区的维保单位一同对物业公司电梯进行评估。

十一 | ”市市场监管局党委书记、局长麻承荣表示，“房子没有超过15年，难以享受国补政策，只能享受杭州市地方的补贴。评估了以后，假如能够达到更换的条件我们将进行直接更换。

十二 | 假如没达到，也会出具维修方案或者改造方案。”由此，也体现出了房屋建造存在的质量问题。

十三 | 市建委党组书记、主任董天乐回应：“我们将结合‘好房子’的建设对物业领域的一些问题进行整治，着手开展房屋品质的提升行动，从政府监管角度，完善‘好房子’标准体系，针对渗漏、开裂、臭气等问题，提高标准规范，还将强化施工过程的监管，把牢验收关，设置‘业主开放日’，在验收时让业主提前介入。”此外，现场多位市民代表都提出了“小区账务透明化”的诉求。评论专家、浙江树人学院副教授蔡丽锋建议：“应当健全标准化的阳光公示机制。统一收支公示模板，实行线上平台与线下小区公告栏同步定期公示，清晰列明收入、运营成本、资金结余等信息，充分保障业主的知情权与监督权。此外，住建部门要强化行业监管，街道社区做好日常巡查，对账目不清、拒不公示等违规行为督促整改，并纳入物业企业的信用档案，真正实现共建共治共享的治理格局。

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