Overview
- Hong Kong’s revival accelerated as Shanghai Biren jumped 76% on Friday after raising more than $700 million, following six debuts earlier in the week that collected $900 million.
- Recent Chinese AI listings have posted outsized first‑day gains, including Moore Threads up about 500% and Metax Integrated Circuits near 700%.
- Start-ups Zhipu AI and MiniMax are slated to list in Hong Kong later this week, extending the wave from chipmakers to model builders.
- Regulatory and geopolitical uncertainty is building, with draft rules issued on Dec. 27 for public-facing AI services and a U.S. waiver on Nvidia H200 sales that could be reversed.
- In contrast, major U.S. model developers like OpenAI and Anthropic remain privately held at large valuations, pushing public investors toward indirect exposure through companies such as Nvidia and Microsoft.