Chinese AI Labs Rush to IPO: Inevitable in Global Competition or Bubble Warning?

In July 2025, news quietly began to spread in the tech circle: several cutting-edge AI labs in China are accelerating their plans for public market listings. From Zhipu AI to Baichuan Intelligence, from Moonshot AI to MiniMax, these "star labs" that once relied on venture capital and government subsidies have suddenly turned their collective gaze toward the HKEX, the STAR Market, and even Nasdaq. Behind this lies a question that must be answered: as the global AI race enters the deep waters of "burning cash to buy time," is the listing impulse of Chinese AI labs a wisdom of survival, or a dangerous gamble?