Unitree and CXMT IPOs surge in Shanghai as China steers tech funding away from the US

资本流动“向东看”？中国鼓励科技新贵在国内上市

Unitree debuted in Shanghai last Wednesday, jumping 460% on day one and briefly surging past 629%. CXMT went public in July, rising 470% and hitting a market cap of roughly $545 billion, overtaking Tencent. Both chose Shanghai over overseas venues, nudged by Beijing policies steering promising tech firms toward domestic capital markets. State-run Global Times framed it as a shift from 'looking west' to 'looking east' for capital. Eurasia Group's Gerard DiPippo argues that domestic investors can discipline growth-stage tech companies better than subsidies. Shanghai also streamlined IPO rules for AI software firms in June; Zhipu AI and MiniMax listed in Hong Kong first and both plan secondary listings in Shanghai. Separately, Beijing blocked Meta's $2 billion acquisition of Manus in April; the deal is now dead and Manus remains independent.

Why it matters: Two major Chinese tech IPOs in Shanghai with explosive first-day gains, backed by a clear policy shift from Beijing. Concrete numbers and Global Times framing make this more than a trend piece. Deduction: it's macro policy reporting, not AI tech news — limited direct value for...