Every weekend, hundreds of retail investors gather on Shanghai’s Guangdong Road, a longtime hub for stock discussions, where artificial intelligence (AI) has become the dominant topic.

Chinese AI companies are actively seeking capital to fuel growth. Beijing-based Zhipu AI announced in June plans to raise US$2.2 billion through a secondary listing in Shanghai, just four months after its initial public offering (IPO) in Hong Kong. Similarly, MiniMax Group is exploring a dual listing following its US$619 million IPO in Hong Kong earlier this year. Meanwhile, Moonshot AI, known for its Kimi K3 model, is reportedly considering a Hong Kong listing.

Investor sentiment is mixed. One regular at the Shanghai stock salon cautioned, “There’s no real earnings to back up all that buzz. Without solid profit, if you buy in at the market peak right before prices crash, you could lose money.” Conversely, other investors remain optimistic, citing strong government support and encouragement of foreign investment in the AI sector.

Joseph Chan, associate director at the Centre for Innovation and Entrepreneurship at the University of Hong Kong, emphasized the need for speed in advancing AI projects, stating, “They need to drive the project with a much quicker speed.”

This wave of AI listings reflects China's broader push for technological advancement, attracting both domestic and international investor attention despite the sector's current profitability challenges.

Sources