Chinese AI startups beat Silicon Valley to the public markets in a massive IPO wave

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Dec 31, 2025

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Deepseek's rise is driving a wave of Chinese AI companies to go public. Zhipu AI is set to become the first listed large language model company, while OpenAI and Anthropic are still working out their IPO plans.

Hong Kong is seeing its busiest month on the stock exchange since November 2019. At least 25 companies went public in December, with about half of them in tech, Bloomberg reports. Ten more are expected to follow in January.