An AI company has announced its intention to apply for an initial public offering on the Shanghai Stock Exchange's Star Market. The plan involves issuing new shares representing no more than 8% of the total equity, aiming to raise up to 150 billion yuan. The funds are primarily earmarked for the development of a general-purpose foundational model and the construction of a Model-as-a-Service platform. This fundraising target significantly surpasses the amount raised during its Hong Kong listing earlier this year.
In a related development, another leading large language model company has also submitted an IPO counseling filing for the A-share market. These two firms are poised to become the first pure-play foundational large model assets listed on the A-share market. This trend highlights the accelerating pace of capital market activities for global large model enterprises.
Recent financial data from the first company shows a substantial increase in revenue, coupled with strong commercial momentum for its MaaS platform. Concurrently, a U.S.-based AI firm has also submitted its IPO application, further confirming this industry-wide movement.
Tracking Key Developments
The pace of IPOs within the AI sector has notably accelerated recently. The two Chinese AI firms are targeting listings on the A-share and Hong Kong markets respectively, demonstrating a diversification in corporate financing strategies.
The first company plans to list on the Star Market to raise up to 150 billion yuan, aiming to strengthen its technological leadership in foundational AI models and industry-specific applications, thereby consolidating its market position. The second company has submitted its A-share IPO counseling report to Chinese regulators, indicating active preparations for a domestic capital market listing to support future R&D and business expansion.
It is noteworthy that the Hang Seng Tech Index has recently included the stocks of both companies. This not only reflects international market recognition of their industry standing but also signals their growing importance within the Hong Kong market.
Furthermore, a global AI giant has filed a draft registration statement for an IPO with the U.S. SEC, showing that Chinese AI firms are keeping pace with global leaders in capital market activity. These dynamics indicate that, against the backdrop of accelerating policy frameworks for AI integration and computing power network development, AI companies are transitioning from a focus on technological competition to a new stage emphasizing both commercialization and capitalization. Market scrutiny of their cash flow predictability and profitability is also expected to intensify.
Analysis of the Trend
The formal announcement of the Star Market IPO plan, targeting up to 150 billion yuan, marks a new phase in the capitalization of domestic large models. The primary use of proceeds for foundational model R&D and MaaS platform development is central to this move.
With the potential dual listing of these two leading firms on the Star Market, the A-share market is set to welcome its first pure-play foundational large model assets. This is expected to accelerate the deep integration of commercialization and capitalization for domestic large models.
The first company's MaaS platform has demonstrated robust commercial growth, with its annualized recurring revenue reaching approximately 17 billion yuan, a 60-fold increase within 12 months, showcasing a clear path to profitability.
Globally, AI giants are also accelerating their listing plans. OpenAI is reportedly planning a new funding round that could value the company at hundreds of billions of dollars, while Anthropic has confidentially submitted its S-1 draft.
Continuous iterations in underlying model technology, such as significant breakthroughs in Agent capabilities and multimodal generation, are providing a solid foundation for the deployment of consumer-facing AI applications.
Additionally, new architectures are addressing challenges in training stability, lowering the barriers to training large-scale AI models and shifting industry competition from sheer parameter scale to efficiency and stability.
Driven by both technological breakthroughs and capital infusion, domestic large models are poised to achieve a transition from merely keeping pace to potentially leading in certain fields.
Investment Perspective
The planned 150 billion yuan Star Market IPO, which far exceeds the scale of its Hong Kong fundraising, demonstrates formidable capital strength and high market expectations. The company is positioned to become a premier foundational large model asset on the A-share market.
The company's revenue has experienced explosive growth, with a 325% year-on-year increase in the first half of 2025. Its MaaS platform shows strong commercial traction, with daily token usage surging from 0.2 trillion to 4.6 trillion, indicating significant growth in its user base, activity, and ecosystem penetration.
Its commercialization model is accelerating a shift from project-based contracts to higher-margin subscription services. Its API business has surpassed an annual recurring revenue of 1 billion yuan, and innovative products are gaining popularity among global developers, highlighting excellent profit potential and scalability.
As an industry leader, the company has made substantial investments in general-purpose foundational model R&D, building deep technological moats. An initial valuation anchoring effect is becoming apparent.
With other leading firms also advancing their capitalization plans and global giants' IPO moves confirming the sector's explosive growth trend, the company is facing a significant opportunity for valuation reassessment and re-rating. Its clear growth logic, strong operational data, and defined profit prospects make it a prime core asset for investing in AI infrastructure and the application ecosystem.
A technology-focused ETF provides exposure to sectors like electronics, communications, and computer technology. Its top ten holdings, which include companies in semiconductors, computing, and pharmaceuticals, account for a combined weight of approximately 55.86%.
A Star Market AI-focused ETF invests in sectors such as electronics, computer technology, and home appliances. Its top ten holdings, featuring companies in AI chips, semiconductors, and software, have a combined weighting of about 71.89%.
A ChiNext AI-themed ETF targets sectors including communications, computer technology, and media. Its top ten holdings, comprising companies in optical modules, data services, and internet platforms, represent a combined weight of roughly 69.81%.
The formation of a bullish technical indicator suggests positive momentum for certain stocks.
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