A Shanghai Stock Exchange board for tech and innovation firms, often called "China's Nasdaq," hosting hard-tech, biotech, and other high-growth IPOs.
DeepSeek V4.1 Flash costs $2.10 off-peak for an agent run that costs $75 on Claude Opus 5, about 36x less, according to a dev.to analysis. Paying peak-hour rates halves that gap to about 18x, and running at max effort cuts it to about 15x.
Reality
DeepSeek is close to raising at least 80 billion yuan at a pre-money valuation of about 500 billion yuan, roughly $75 billion, Bloomberg reported. At about 75 times its $1 billion run rate, the round sets the floor a 2027 Shanghai STAR Market listing has to clear.
Perspective Coverage
17 publishersReality
China's STAR 50 has fallen about 30% since end-June, handing back roughly 70% of a nearly 75% three-month rally. Chip indices in Korea, Taiwan and the US fell with it, but the record fits cheaper open-source models and an unwinding rally as well as doubt about AI spending.
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Shares in the Chinese robot maker opened at roughly 7.3 times their offer price on Shanghai's Star Market. The number to plan against is not the valuation but the $2,700 robot dog.
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The sprint number came from a company video of a three-month-old prototype. The listing is the durable fact: the first general-purpose robotics company on mainland China's market.
Perspective Coverage
3 publishersReality
Shanghai has valued a small but profitable robot maker above Figure AI, Baidu and JD.com. The multiple, not the machines, is the number to check.
Perspective Coverage
9 publishersReality
Three down sessions took the stock back toward what a Chinese listing normally does on day one. The valuation it is falling from has barely moved.
Perspective Coverage
3 publishersReality
The 460% pop on debut day has been undone almost exactly, leaving the market paying about 125 times Unitree's 2025 revenue and more than 350 times its adjusted earnings, a valuation that prices Unitree's growth story, with earnings barely factoring in.
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China's largest DRAM maker has two 24-gigabit LPDDR5X parts in mass production and says the platform behind them matches the industry's most advanced nodes. The only measurements behind that claim are CXMT's own.
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The Information reported that China's securities regulator is asking humanoid firms for recurring revenue and narrowing losses before they list. Exchange review materials show 73.6% of Unitree's revenue came from research and education buyers.
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Three weeks after Unitree's Shanghai debut rose fivefold and then gave most of it back, the CSRC has told robotics applicants to show recurring revenue and a path to profit, a test two pending applicants fail.
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Celltrion Healthcare's 1.0088 trillion won in 2017 still stands alone, and Yanolja, Viva Republica and Galaxy Corporation are all pursuing US listings while KOSDAQ turnover runs at less than half January's.
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ChangXin Memory has announced 24-Gbit LPDDR5X products. Its own timeline runs from LPDDR5X mass production in May 2025 to LPDDR6 mass production by September 2026, on a target of about 300,000 wafers a month.
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DeepSeek's first CFO arrives with CITIC Securities engaged and a 2027 listing as the goal. The near-term cash is a 50 billion yuan private round, and the two published accounts of June's valuation differ by nearly seven times.
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The rate undercuts the cached-input prices OpenAI and Anthropic publish by more than 130 times, and DeepSeek's own release says the sparse-attention design behind it has untested limits at cache boundaries.
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Enflame, which lost money last year, raised 6.12 billion yuan on Shanghai's STAR Market on September 11 and closed near triple its offer price, on retail demand reported at 6,109 times the shares available.
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Enflame sold a tenth of itself at 142.18 yuan and traded near 430 on day one, adding about 124 billion yuan of market value to a chipmaker that lost 1.16 billion yuan last year and books 84% of sales through Tencent.
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Investors bid the last of China's four little dragons of AI chipmaking up 206 per cent on its Shanghai debut, chasing the nearly 60 per cent of the domestic AI accelerator market that foreign suppliers held in 2025.
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The Beijing lab behind Kimi K3 has filed confidentially for a Hong Kong listing and is now weighing Shanghai's STAR Market too. Nothing in the reporting puts a number on what training its models costs.
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Park Hyeon-joo wants corporate tax relief to keep companies on Korea's growth board, though the exodus he cites runs at under two firms a year while 92.53% of market capitalisation, and the buyers with it, sits on the KOSPI.
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