2025-26
The front line of the rivalry is at the model level but also spans computing power and talent.
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DeepSeek’s breakout rewrote US-China AI rivalry in 2025
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China's Moonshot AI raises $500m Series C, rules out quick IPO
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China AI chip firm Biren raises $717m in Hong Kong IPO
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Videos from the Climate Tech & ESG Summit track
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Videos from the Limited Partner Summit track
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Thai private equity sees upside even as SE Asia cash returns slow
Deals
“Our Series B and C rounds raised more than many IPOs,” said founder Yang Zhilin.
IPOs & Markets
Shanghai-based Biren’s IPO follows successful offerings from industry peers Moore Threads and MetaX.
CXMT projects it could turn profitable as early as 2026.
MiniMax is among the first batch of Chinese AI companies to seek a listing.
GigaDevice is offering 28.9 million H shares under the listing.
The Shanghai-listed chip designer is offering 45.8 million H shares.
Analysis
The two companies have spent a combined $1.6b over the past three years.
The strong starts signal renewed investor confidence and optimism around tech-driven growth.
Manus is among Chinese firms that have set up in Singapore to avoid US-China tensions.
