Capital & Markets

Moore Threads' third-quarter report puts quarterly revenue at 1.55 billion yuan, about 18.7 times the same quarter of 2025, and net profit before one-off items at 20.07 million yuan, after a loss of about 150.8 million on that line in the first half. Over nine months, operating cash flow was negative 3.31 billion yuan against 3.29 billion of revenue: the company paid 5.15 billion for goods and services and collected 3.14 billion from customers. Inventory rose from 1.33 billion yuan at the end of December to 3.36 billion and prepayments to suppliers from 1.78 billion to 2.60 billion, which the filing explains in one sentence as expanded production and strategic stockpiling. Stripped of 168.4 million of non-recurring income, mostly government grants and gains on financial assets, the nine months show a loss of 130.7 million. Gross margin fell from 61.87 percent to 53.71 percent on our arithmetic from the income statement, and long-term borrowing went from 1.49 billion yuan to 3.65 billion. The stock closed at 381.50 yuan on 28 October, against a peak close of 941.08 on 11 December 2025.

Yangtze Memory's prospectus for a 33 billion yuan STAR Market offering puts first-quarter 2026 revenue at 47.04 billion yuan and profit attributable to shareholders at 33.38 billion, slightly more than the raise and 2.35 times the company's profit for all of 2025. Gross margin went from 34.76 percent for 2025 to 76.79 percent as the average selling price of its NAND products rose 172.72 percent over the 2025 average, and income tax for the quarter was 38 million yuan on 33.52 billion of pre-tax profit. The application was accepted on 21 August; on 26 October the exchange's review system still showed it as inquired, last updated 3 September, while the STAR 50 fell 40.85 percent between 30 June and 22 October. The prospectus fixes the offer at 1.98 to 2.43 billion new shares, 10 to 12 percent of the enlarged company, so the selloff changes how much the sale raises rather than how much of the company it sells. Priced to raise exactly 33 billion, it would value YMTC at 275 to 330 billion yuan. The filing names no controlling shareholder: Hubei Changsheng holds 26.54 percent, Xinfei Technology 25.35 percent, and the first and second Big Funds 11.97 and 11.38 percent.

Xingyun Technology, a Changsha compute lessor, puts its disclosed compute and storage orders at about 18.3 billion yuan in an investor-relations record filed on 25 October, against 1.24 billion yuan of equity attributable to shareholders at the end of September, per its third-quarter report. One customer, an unnamed large-model developer it calls VB, signed in June for 128 units over five years at 1.01 billion yuan including tax, on a fixed price with no pledge of the hardware. By 12 October VB had doubled the order to 256 units, raised the price twice, and signed a contract that lets Xingyun transfer the servers to a leasing company or pledge them to a lender. Averaged over 60 months, the per-unit monthly fee went from 132,000 yuan to about 218,500, a rise of roughly 66 percent; most of the 231.13 percent jump in contract value the record leads with is volume. Lenders advance at least 90 percent of equipment cost and are repaid from customers' monthly rent, and liabilities rose from 439 million yuan at the start of the year to 4.42 billion, 78 percent of assets.

Cambricon held 11.66 billion yuan of inventory at the end of September, about 1.75 billion dollars at the onshore rate of 6.6702, per the third-quarter report it filed on 23 October. That is more than the 9.53 billion yuan of revenue it booked in the first nine months. Inventory rose 3.42 billion in the third quarter alone, 97 percent of the quarter's 3.53 billion of revenue, and against the quarter's 1.46 billion of cost of sales the stock on hand is about eight quarters of goods. The half-year report, the last to break it out, put 5.75 billion of the gross balance in raw materials and 2.54 billion in material out for processing, against 264 million of finished goods, and says the company is stockpiling as purchase prices rise. A separate notice books 501.6 million yuan of write-downs for the nine months, which it attributes to the stockpiled materials aging. Banks and suppliers have carried most of the build: notes payable rose from 351 million yuan at the end of 2025 to 4.97 billion, while cash fell to 555 million and nine-month operating cash flow was 228 million against 3.71 billion of net profit.

Grace Fabric, a Shanghai-listed maker of the glass cloth inside circuit-board laminate, sold it for an average of 14.63 yuan a meter in the first nine months of 2026 against 4.97 a year earlier, per its operating-data filing. Subtracting the half-year filing puts the third quarter alone at about 19.65 yuan, close to four times last year's average, and quarterly net profit rose 607.7 percent to 364 million yuan. The company credits AI servers but gives no customer-level split. Between 2 July and 22 September two offshore companies under the majority shareholder's actual controller sold 2.5 percent of the company for 3.97 billion yuan, about 595 million dollars, while the stock fell from 297 yuan on 26 June to 94.95 on 22 October.

The statistic that 55 percent of the AI tokens consumed in China go to short drama and video generation comes from COL Group's investor relations record of a 1 and 2 June roadshow, which names no source for it. Doubao's head of public relations called it untrue and said video generation takes about 10 percent of ByteDance's compute. COL had proposed a 2.83 billion yuan placement on 30 September, about 10.8 times its net assets, and dropped it after a Shenzhen exchange inquiry letter.

Kuaishou closed on 16 October at HK$29.30, a market value of about 16.1 billion dollars. At the 18-billion-dollar price of Kling's July round, Kuaishou's 68.33% stake is worth about 12.3 billion, and its 30 June cash net of borrowings adds about 14.0 billion more. The round's investors hold a put at cost plus 8% a year if Kling has not listed in time, so the private price and the public one are not pricing the same thing.

DOUSHEN HONGKONG LIMITED agreed to sell five years of cloud computing to a customer coded only VB for 118,855,680 dollars before tax, then agreed to buy the compute underneath it from a supplier coded XYZ for sixty months at 112,128,000. The purchase price times 1.06 is the sale price to the dollar: a six percent markup, 6,727,680 dollars of gross spread across five years. The parent is a delisting-flagged former tutoring company.

Tianyang Technology told its own WeChat followers it had signed an agreement to buy 20,000 Nvidia RTX PRO 5500 Blackwell cards, a card Nvidia's own product page still lists as PreOrder under a Coming Soon heading. The stock closed up 12.38 percent at 16.16 yuan. There is no price in the notice, no delivery date, no named counterparty, and nothing about GPUs in the company's exchange filings.

Changxin Technology's board met on 28 September 2026 and approved spending 18 billion yuan of money the company had never asked anybody for. The announcement published the next morning, SSE filing H2_AN202609281829967660, carries the arithmetic in two lines: over-raised proceeds of 36,810,393,800 yuan, and amount used to date, zero. The prospectus had asked the market for 29.5 billion yuan toward three named projects costing 34.5 billion in total, a memory wafer production line upgrade, a DRAM technology upgrade and a forward-looking DRAM research programme. Changxin then sold 7,691,301,608 shares including the full over-allotment at 8.66 yuan, collected 66.31 billion yuan net of fees, had Deloitte verify the money and watched it land in the supervised account on 22 July, 124.8 percent more than the plan called for. The 36.81 billion yuan surplus, about 5.5 billion dollars at the 10 October onshore rate of 6.6929, then sat in escrow for sixty-eight days. The board has now committed less than half of it to two buildings in Hefei: a technology research facility inside the existing twelve-inch wafer base, 24.1 billion yuan of total investment with 13 billion coming from the surplus on a thirty-month build, and a second phase of the memory wafer back-end test base run by the wholly owned subsidiary Changxin Memory Products (Hefei), 10.8 billion yuan total with 5 billion from the surplus routed in as a capital injection plus loans on a thirty-seven-month build. Both still need shareholder approval at the second extraordinary meeting of the year, and 18.8 billion yuan of the surplus has no stated use at all. The test plant is the more telling of the two, because the announcement says the company may face insufficient test capacity at external packaging and test houses and insufficient matching investment as its capacity keeps rising and its product mix broadens. A company whose equipment imports are already constrained is buying its own test floor to stop somebody else's capacity planning from becoming its ceiling, and the thing it is worried about running out of is Chinese subcontract test slots. A second filing from the same board meeting, H2_AN202609281829967665, revises our own August reporting that Changxin had stopped asking for money. As of 12 August the company had pre-funded the three prospectus projects out of its own cash to the tune of 6.433 billion yuan, 4.847 billion of it on the DRAM technology upgrade alone, and the board has approved reimbursing itself that exact amount plus 18.75 million yuan of pre-paid issue costs. It did not stop needing the money; it paid cash and billed the IPO account later. The operating numbers have not softened while any of this was happening: the interim report puts first-half revenue at 150.31 billion yuan and net profit attributable to shareholders at 77.605 billion, at a half-year gross margin of 84.74 percent derived from the filed revenue and cost of sales, not the 84.84 percent the trade press carried this week. The people who have changed their minds are the ones who were borrowing to own it. Margin financing against the stock peaked at 15.267 billion yuan on 27 July, its first day of trading, and closed 8 October at 8.617 billion on Eastmoney's RZRQ series, so 43.6 percent of the borrowed money went in forty-nine sessions and the position fell from 6.92 percent of the tradeable float to 3.75. It was already 15 percent off the high on 17 August, the day the shares touched 61.80 and the price peak went in, so the leverage was leaving while the stock was still climbing, which is not the order these things usually happen in. The shares fell 7.79 percent on 7 October to 50.52, the lowest since 11 August, and recovered to 51.00 the next day, which marks the whole company at 3.46 trillion yuan or roughly 517 billion dollars. Every Chinese broker covering it still says buy, with 2028 earnings per share estimates between 5.16 and 6.33 yuan: Southwest Securities at 6.33, Capital Securities at 5.44 in an August note whose title calls the valuation relatively low, Sinolink at 5.249, Aijian at 5.23 and Huaxin at 5.16. Nobody domestic has a sell rating on it. The export-control theory of Chinese memory was always a theory about capital, and it held while Changxin lost 7.1 billion yuan in 2024 on a 13 percent gross margin. The equipment controls still bind and nothing in these filings touches the lithography question, but the financing channel they were meant to squeeze has gone the other way.

Beijing ESWIN Computing started trading in Hong Kong on 9 October 2026 under the code 01256 and closed at HK$1.535, below the HK$1.55 offer price at which it had sold the shares the night before. It opened at HK$1.540, reached HK$1.640 at the top of the session and HK$1.365 at the bottom, 11.9 percent under the offer, on turnover of HK$260.0 million across 172,184,400 shares. TechNode has the listing. The exchange filing is the more useful reading: ESWIN sold 1,617,310,000 H shares including a partial upsize of 47,106,000 shares, 3.00 percent of what was originally on offer, for gross proceeds of HK$2,506.8 million and HK$2,385.7 million net of HK$121.2 million of listing expenses. The Hong Kong retail tranche drew 18,776 valid applications of which 7,649 got stock, was 9.09 times covered and was 9.71 percent of the deal; the international offering took the other 90.29 percent and was 1.95 times covered across 45 placees. Eleven cornerstone investors had committed to 749,354,000 shares before the book opened, 46.33 percent of the entire global offering, 7.34 percent of the H shares in issue and 3.40 percent of the company, with E-Town Shenghai Fund taking 224,382,000 shares on its own, 13.87 percent of the offer. Two of the eleven are close associates of existing shareholders and the exchange waived strict compliance with Listing Rule 10.04 to let them participate. ESWIN was founded in September 2019 by Wang Dongsheng, 69, who led the founding of BOE in 1993 and ran it as chairman and chief executive until 2016 and as chairman until 2019. It qualified under Rule 8.05(3), the market capitalisation and revenue test, having no profit record: the prospectus puts revenue at 1,752.2 million yuan in 2023, 2,025.4 million in 2024 and 2,431.2 million in 2025, against losses of 1,837.5 million, 1,547.4 million and 1,515.8 million yuan in those same three years. Market capitalisation at the close was HK$33.83 billion, about 28.85 billion yuan or 4.31 billion dollars. Until this year ESWIN was mostly a screen company by its own account, and human-machine interaction chips for screens were 1,855.7 million yuan of 2025 revenue, 76.3 percent, against 319.8 million for computing chips, 13.2 percent, and 41.7 million for IP module licensing, 1.7 percent. In the first quarter of 2026 the mix inverted: screen chips fell to 227.6 million yuan, 46.0 percent of revenue, from 331.9 million in the same quarter of 2025, while computing chips went to 223.0 million, 45.1 percent, from 44.7 million. The prospectus is plain about the method, saying it is leveraging a price-for-volume market strategy to promote the adoption of RISC-V within the industry, a strategy it had already adopted in 2023 to cope with weak consumer electronics demand. Gross margin on computing chip products was 26.2 percent for 2025 and 13.4 percent in the first quarter of 2026 as that line grew five-fold, and group gross margin went from 18.6 percent to 14.8 percent over the same step. R&D spending was 1,444.7 million yuan in 2023, 1,337.0 million in 2024 and 1,041.6 million in 2025, down 27.9 percent while revenue rose 38.8 percent, so the entire 321.6 million yuan improvement in the annual loss came out of the research line rather than out of gross profit. The timing was not a choice: ESWIN closed 2025 with 188.3 million yuan of cash in hand against 1,171.0 million yuan burned in operations that year, about two months of runway, and the first quarter of 2026 was rescued by 631.5 million yuan of financing inflows. RISC-V here answers the architecture question and not the export-licensing one, and the two get run together often. At HK$1.535 the public market is paying 11.9 times last year's revenue for a chip designer whose revenue is still roughly half screens and whose research spending is lower than it was three years ago.

MiniMax closed at HK$207.20 in Hong Kong on 8 October 2026, down from HK$240.20 the session before, a fall of 13.7 percent. Zhipu lost 7.6 percent to HK$643.00, Biren 11.8 percent to HK$30.36, Hua Hong Semiconductor 9.2 percent, SMIC 6.7 percent and Montage Technology 6.0 percent. The Hang Seng TECH Index they all sit in closed at 4,073.38, down 2.89 percent, and the last session it closed lower was 25 September 2024. IT之家 has the group decline, with the model makers and the semiconductor names leading it. The broad Hang Seng Index lost 1.43 percent, so the selling was specific rather than general. Measured off the 2025 close of 5,515.98 the index is down 26.2 percent this year; Caixin printed 24 percent that morning, which is the figure against the previous session's close and was true when the piece was filed. On the same day Kuaishou's video-generation unit Kling picked CICC, Goldman Sachs and UBS for a Hong Kong listing targeted for as early as 2027 that could raise at least a billion dollars, per TechNode on Bloomberg's 6 October report of the mandate. Kling raised 2.8 billion dollars in July at a pre-money valuation of about 15 billion, with Alibaba, Tencent and Baidu among the backers, and its second-quarter revenue was more than 850 million yuan, about 127 million dollars at the day's onshore rate of 6.7033, up more than 200 percent year on year. Kuaishou group revenue over the same quarter rose 1.4 percent, and Kuaishou itself fell 3.9 percent that day to HK$28.54. The listing is only partly a choice about market conditions: NextFin's read of the July structure, carried by tmtpost, notes repurchase rights that can be triggered if an IPO is not completed inside agreed timelines, with Kuaishou entities keeping roughly 68 percent of the equity and a majority of the voting power. Hang Seng Indexes is meanwhile rebuilding the index that just hit its two-year low, moving from 30 constituents to 50 effective 7 December with the revised list published on 20 November, against about 37.1 billion dollars of tracking assets as of September, on the stated reasoning that it holds too little hard technology. The semiconductors and model builders already inside it are what fell 6 to 14 percent that day.

The Shenzhen-listed integrator Hongjing Technology (301396.SZ) published a statement on 7 October 2026 denying what it called untrue reports of its business activities by individual overseas media, saying all of its compute equipment is procured through compliant commercial channels and reserving the right to pursue anyone fabricating information about it. The statement names no outlet, no report and no allegation. The company's own filings are the more useful reading. Hongjing's 25 December response to a Shenzhen Stock Exchange inquiry letter describes a business rebuilt in about two years: compute services were 15.02 percent of revenue in 2023, 70.80 percent in 2024 and 85.68 percent across the first nine months of 2025, while the smart-city integration work it had done since 1997 fell from 654.86 million yuan in 2023 to 192.06 million in 2024, a decline of 70.67 percent, with its gross margin going from 27.60 percent to 11.45 percent on the way down. Nearly all of the new revenue goes to one buyer. Hongjing told the exchange that its largest customer and that customer's subsidiaries were 59.57 percent of sales in 2024 and 72.94 percent over the first nine months of 2025, or 1.13 billion yuan, and it describes the counterparty only as a firm in AI compute services and intelligent computing centres, calling it Company X. The top five customers came to 83.78 percent of sales and the top five suppliers to 65.80 percent, up from 49.90 percent a year earlier. Margins are where the exposure sits: compute services ran a 12.55 percent gross margin in 2024 and 15.22 percent over the first nine months of 2025, which is what buying servers, racking them and selling the hours looks like. The raise carries the same arithmetic. Hongjing is seeking up to 1.29 billion yuan, 990 million of it for an intelligent compute cluster of 384 high-performance servers and roughly 3,000 petaflops, against its own projection of 46.36 million yuan of average annual net profit, a return of about 4.7 percent a year. The filed accounts show how fast the growth arrived: a loss of 75.69 million yuan in 2024 on revenue of 657.78 million, then 26.45 million earned on 1.18 billion in 2025, then 1.84 billion of revenue and 137.09 million of net profit in the first half of 2026 alone, about 275 million dollars at 6.7050. The compute order book stood at 2.62 billion yuan at the end of November 2025. A lab that bought questionable hardware still has a model and a research team when the hardware is gone; a reseller's balance sheet is the hardware. The December letter asked about the transformation, the earnings volatility, the concentration and whether the fundraising made sense. It did not ask where the chips came from, and that stays a separate question here: the company denies the overseas reports and we have not read them. The concentration and the margin sit in Hongjing's own filing either way, and they were there before this week.

On 10 September the Beijing humanoid maker Galbot won a procurement tender worth 236 million yuan, about 35 million dollars at the offshore rate of 6.7006, and the buyer was CATL. Huxiu reports the tender, Galbot's roughly 7 billion yuan raised over three years, about 1.04 billion dollars, a valuation above 20 billion yuan, and close to a hundred machines deployed across CATL plants. Caixin reported in June 2025 that CATL co-led Galbot's 1.1 billion yuan round alongside Puquan Capital, with China Development Bank's venture arm, the Beijing Robotics Industry Fund and GGV in the same round. CATL also supplies the battery inside the robot it bought: on its own newsroom in June 2026 it called the Galbot S1 the first heavy-load embodied robot in continuous commercial operation running a CATL battery, and listed a dual-arm payload in the 50-kilogram class, centimetre-level positioning from vision alone, 360-degree obstacle avoidance and eight hours of endurance, working the module and battery-pack stages of its own line on material handling and picking. The phrase CATL uses for the effect is 直接替代人工, directly replace manual labour. Three relationships run to one counterparty, which is a revenue line an outside investor cannot easily price, and Mech-Mind's founder has said publicly that he doubts its quality. Huxiu also names Meituan, BAIC and SAIC as shareholders who are customers too. Outside the factory the economics invert. Galbot's wheeled G1 lists at 699,000 yuan for the base configuration, about 104,000 dollars per tmtpost, and one has worked the FamilyMart in the Dinghao building in Zhongguancun since April, greeting shoppers and handing over hot food and coffee. Haidian district's market supervision bureau issued that store a food business licence written to cover a humanoid handling prepackaged food, hot prepared food and made-to-order drinks, and required periodic disinfection of the actuator, a regulatory step Beijing Daily carried in April and no English outlet did. Against a FamilyMart clerk's starting wage of 4,500 yuan a month, 699,000 yuan buys 155 months of one person, or three shifts for 51 months. IDC counted close to 25,000 humanoids shipped worldwide in the first half of 2026, up 432.1 percent, on revenue above 740 million dollars, with more than 19,000 units into China at 77.9 percent of the world and Chinese vendors building over 95 percent of global supply, and raised its 2030 forecast to more than 750,000 units. The best-documented case of one of these machines taking work off a person is about a hundred units on the floor of the company that co-led the round.

Cambricon (688256.SH) told the Shanghai exchange in announcement 2026-036, posted on the evening of 30 September 2026, that a court had served it an application to amend an equity-incentive suit, raising the claim from 4,286,624,448 yuan to 27,831,946,056, about 4.15 billion dollars at the onshore rate of 6.7050. The filing describes the plaintiff, Liang Jun, as the company's former deputy general manager, departed at the start of 2022; DigiTimes' 2 October lede calls him former deputy general manager and chief technology officer. The filing also explains the increase, and the explanation is that there is no new legal argument in it. Liang's disputed interests sit in two partnership vehicles, Beijing Aixi Technology Center and Tianjin Xuansuan No. 9, under judicial enforcement since he lost the buyback case, and Cambricon's 2025 distribution paid 1.50 yuan a share in cash and converted 0.49 of a new share for every share held, taking the company from 421,685,170 shares to 628,292,969 (announcement 2026-003, 13 March 2026). The amendment then prices the resulting stake at 1,620 yuan, which the filing identifies as Cambricon's highest close between 2 January 2024 and the filing date, reached on 3 July 2026. That reconciles exactly, and this desk checked it off the filings rather than taking it on trust: the stated dividend of 17,284,776 yuan divided by 1.50 gives 11,523,184 pre-conversion shares to the share, the original claim divided by that count gives exactly 372.00 yuan a share, and 11,523,184 times 1.49 times 1,620 plus the dividend gives 27,831,946,056, the amended claim to the yuan. The 6.49-times increase is therefore 1,620 divided by 372, multiplied by the bonus issue. The filing's own printed share count of 17,169,554 would overshoot the total it prints by 16,200 yuan, so the claim reconciles at a count ten shares lower. The price has already gone: Cambricon last traded at 1,009.01 on 30 September, 37.72 per cent below 1,620, which values the same stake at 17,324,241,591 yuan and leaves the claim roughly 10.5 billion yuan above the market value of the thing it is calculated on. Against the company, the claim is 4.39 per cent of a 634,519,982,612 yuan market capitalisation on 628,854,008 shares, 13.5 times the 2,059,228,538.67 yuan Cambricon earned in 2025 after losses in 2024 and 2023, and 3.32 times its revenue for the three years to end-2025. The business underneath is no longer small: first-half 2026 revenue was 5,995,573,619.61 yuan, up 108.13 per cent, with net profit attributable of 2,310,912,080.33, up 122.61 per cent (eastmoney filings data), and Leiphone reports 99.98 per cent of that revenue came from the cloud product line. Liang has lost six of these cases, at Haidian district court in November 2025 and on final appeal at the Beijing First Intermediate Court in August 2026; the labour-dispute case carrying the amended claim has been accepted and not yet heard. This is Cambricon's account of a dispute Cambricon is party to, and nothing here comes from Liang's side. One date sits alongside it: on 17 August 2026, the month the appeal court closed out the old plan, Cambricon granted 4,000,000 restricted shares to 944 employees at 750 yuan each (announcement 2026-033).

Wangsu Science and Technology, a Shenzhen-listed CDN operator running since 2000, told the exchange after Tuesday's close that its board had voted seven to nothing to buy 2,105,352 Series A+ preferred shares of Sandai Holdings at 21.1137 dollars each, 300 million yuan for 4.3963 percent of the video-generation company Sand.ai. The primary source is Wangsu's own announcement 2026-085, filed to cninfo on 29 September, and it hands you enough to check the price twice. Pre-round fully diluted shares are 37,890,164, so 2,105,352 shares at 4.3963 percent post implies 47,889,180 shares, about 211 million dollars of new money, a pre-money of exactly 800 million dollars and a post-money near 1.01 billion. The filing's own cap table agrees: founder Cao Yue goes from 18.6184 percent to 14.7309 and the option pool from 15.5346 to 12.2911. Against that price the accounts, unaudited and stated as such in the filing, show 366,000 yuan of revenue and a 186.8 million yuan net loss for 2025, then 17.4 million yuan of revenue against a 151.6 million loss in the first half of 2026, which annualises to roughly 196 times. None of the agreements are signed, which the filing states four times. Because a listed Chinese company cannot wire yuan to a Cayman entity without outbound direct investment approval, and Sand.ai is restructuring its group besides, the money moves first as a convertible note to the onshore operating company Shanghai Sandai Technology, half by 15 October and half by 31 October, with a warrant over the A+ shares taken in exchange; the filing itself calls that bridge the provision of financial assistance, on prudence grounds. Shanghai Sandai's audited total assets at 31 August were 735,200 yuan, so the loan is 408 times them. Wangsu can carry it. First-half revenue of 2.318 billion yuan was down 1.38 percent and net profit attributable of 347.9 million down 6.61 percent, but it held 1.692 billion yuan of cash and 5.537 billion of trading financial assets at 30 June, which makes the 300 million 4.15 percent of that pile and 37.5 percent of last year's net profit. The announcement was filed after the close, so Tuesday's 0.47 percent decline in the shares is not a reaction to it.

Securities Market Weekly counted the Shenwan PCB sector's follow-on share issues off Wind data through 20 September and found thirteen companies with private placements announced or completed this year, raising about 29.310 billion yuan, or 4.52 times the 6.491 billion the sector raised in all of 2025. Ten of the thirteen are still at the plan stage, 24.571 billion yuan of stated intent, and three have closed at 4.738 billion. Almost all of it points at the same four products: AI-server boards, high-speed optical modules, high-order HDI and packaging substrates. The filings are what make the timing legible. Pengding Holdings has the largest single raise at 9.6 billion yuan, all of it into one Qingding HDI laminate line, against a total project cost of 12.730 billion of which 9.496 billion is production equipment and installation; the company projects 12.135 billion yuan of annual revenue at full ramp, a 12.63 percent net margin, a 15.38 percent after-tax IRR and a 6.88-year static payback. Shengyi Electronics sold 2.529 billion yuan of shares on 1 September at 111.58 yuan against an 86.74 floor, 28.64 percent above the minimum it had said it would accept, for two projects filing IRRs of 14.20 and 12.57 percent and paybacks of 7.55 and 7.66 years. Across the three sets of filed returns the static payback averages 7.36 years, so equity that cleared this month starts paying itself back in 2033, while three quarters of Pengding's project cost converts into machinery orders inside a build window running to 2029. The trading record of the companies that already spent is the counterweight: Fangzheng Technology took first-half attributable net profit from 172.6 million yuan to 573.6 million, and Shengyi Electronics from 530.5 million to 1.111 billion on a revenue line of 4.687 billion in 2024, 9.494 billion in 2025 and 5.784 billion in the first six months of 2026 alone. Against that, Prismark has global PCB output value compounding 11.0 percent to 144.61 billion dollars by 2030 with HDI at 13.1 percent, a 13.813 billion dollar increment worldwide across five years that Pengding alone is building toward, and Pengding is one of thirteen.

Orbbec Technology Group, the Shenzhen maker of the 3D vision sensors a great many Chinese robots see through, filed a Hong Kong listing application on 24 September with Goldman Sachs (Asia) and Haitong International Capital as joint sponsors. Its half-year accounts, published on 22 August, show revenue of 437.6 million yuan against 435.5 million a year earlier, growth of 0.49 percent, with net profit attributable to shareholders down 30.8 percent to 41.6 million. The flat top line is two businesses cancelling out. Sensors grew about 52 percent to 206.9 million yuan at a 57.6 percent gross margin while the finished-device side fell roughly a quarter, and overseas revenue nearly doubled to 67.3 million as domestic fell 7.9 percent. Blended gross margin rose from 41.3 to 48.6 percent and gross profit rose 18.2 percent on revenue that did not move, but research spending went from 91.2 to 111.4 million yuan and the three operating cost lines together rose 32.3 million against a 32.7 million gain in gross profit, so the entire margin improvement was spent in the six months it was earned. The device comparison is a reconstruction, flagged as one, because Orbbec recut its segment labels between the two reports. At 89.51 yuan the company is worth 36.95 billion yuan, 39 times last year’s sales and 289 times last year’s earnings.

UBTech founder Zhou Jian said on 30 June that all-channel orders for the new U1 consumer humanoid had passed 11,000 units and that the company would work to deliver all of them inside the year; by the first shipments on 16 September the Chinese trade press was reporting 13,361. On the 28 August results call chief financial officer Zhang Ju gave the number the company is actually working to, and it is 1,500 to 2,000 U1 deliveries this year, which leaves 85 to 88.8 percent of the order book unfilled. The rest of the business is doing well. Interim results filed to the Hong Kong exchange on 28 August show revenue of 1,269.1 million yuan for the six months to June, up 104.2 percent, with full-size embodied humanoids at 590.3 million of that against 38.2 million a year earlier, gross margin up from 35.0 to 44.7 percent, and the period loss narrowed 23 percent to 338.8 million yuan. The same filing books 921 full-size humanoid units sold, up from 45, an average selling price of 640,933 yuan. The constraint on U1 is manufacturing rather than demand: nineteen degrees of freedom in the head to drive thirty-odd micro-expressions, on a silicone skin with no mature production process anywhere, and parts of the build still done by hand. One number does not reconcile and is published unreconciled. The Humanoid Robot Scenario Application Alliance credits UBTech with 16,123 units for the first half against the filing’s 921 full-size units, and the alliance publishes no unit definition that holds across the ten companies it ranks.

Yan Wentao (严文韬) joined DeepSeek on 21 September as its first chief financial officer, closing a vacancy that had run the full three years since the company was founded and had been advertised on and off in public since February 2025. The hire was the fourth-hottest topic on Baidu the next morning at 5,413,293 heat, a large number for a personnel announcement at a private company, and no English-language item in the day’s collection carried it. The profile does not match the job as posted. DeepSeek’s own advertisement asked for mastery of accounting standards and tax policy, listed a CPA as preferred and wanted a compliance and risk-control system built across the whole business; Yan was born in 1991, studied at Fudan, spent 2013 to 2020 at Tencent Investment and H Capital, joined Hillhouse Venture in 2020 and was newly made partner there, and has never run a finance function. The account in 36Kr, republished from 字母榜, lists his public deals as ByteDance, Zhipu, MiniMax, Xiaohongshu, J&T Express and Webull, two of which are DeepSeek’s direct competitors, and notes that Hillhouse has never held a share in DeepSeek, so this is not an investor converting a board seat into an operating job. Partners at Wuyuan, Sequoia China and Longzhu were reported to have talked to Liang Wenfeng about the role, and Liang wanted someone born in the 1990s. The reason a primary-market investor fits sits in the cap table. Before the first outside round the company was 66 percent Ningbo Cheng’en and 34 percent Liang Wenfeng personally; after it closed, Ningbo Cheng’en held 60.19 percent, Liang 31.01 percent, a new vehicle called Hangzhou Chengli 8.52 percent and the state-backed National AI Industry Investment Fund 0.28 percent. The outside money came in stripped of what outside money usually buys: economic rights, a five-year lockup and no vote, with the exception our own company file has carried since the round closed, which is that the state fund holds the only outside vote. Look through the structure and Liang controls about 84 percent. The round itself was 50 billion yuan in June 2026 at a post-money above 350 billion yuan, about 52.2 billion dollars at 6.7004, which reconciles to the 52 to 59 billion dollar range the entity page already carries, and a second round is reported at a 500 billion yuan pre-money. CITIC Securities has been engaged for a STAR Market listing that 36Kr puts in 2027, against Reuters reporting a process starting in 2026 with no tutoring agreement signed and DeepSeek confirming nothing. On compute, 36Kr describes a roughly 1 gigawatt centre at Ulanqab in Inner Mongolia and at least 160,000 domestic parts, adding an order value of about 2.56 billion dollars, or 16,000 dollars a part.

Zhipu open-sourced ZCode on 21 September as zai-org/ZCode, Apache-2.0, and the public commit log holds two entries: "Initial commit" at 2026-09-20T12:06:58Z and "feat: open source" nine hours later at 21:14:32Z, against a repository created at 12:01:16Z the same day. The Issues tab is off, so the API field has_issues reads false and there is nowhere to file a report; the repository stood at 5,042 stars and 1,416 forks. The release answers the worst week the product has had. On 18 September a developer writing as ferstar found a .zcode folder holding more than 700MB, including a 313MB encrypted archive of most of the core assets of a roughly 10GB commercial project, still on disk because the upload had failed 564 times. Reverse-engineering found that while a user was signed in ZCode snapshotted the whole workspace to Alibaba Cloud object storage, and the package carried not only current source but the complete Git version history, the large-file cache, the reflog and some global development configuration. The RSA public key came down from the server and the private key never left it, so a developer could not open a package built from their own disk. The upload was on by default and the interface had no switch to turn it off. A day later Chengming Technology of Taiyuan put twelve questions to Zhipu in public and asked for written answers by 10 October, saying its own forensics found six workspaces, 34,549 files and about 425MB uploaded, including source, architecture, version history, database passwords, cloud credentials and employee personal information, and that the client made requests to a Singapore-registered entity while the Chinese terms are signed with Beijing Zhipu Huazhang. Zhipu has told Chinese reporters the allegations are untrue, nobody outside the two parties has adjudicated any of it, and the file counts are not established. Zhipu apologised on the 18th and blamed a repository-indexing feature behind a Repo Wiki page, shipped v3.14.0 removing it and cutting the snapshot and upload path, and commissioned two reviews: it says CAICT found the implicated storage bucket in a state of zero data in the cloud and NSFOCUS confirmed the bucket and every object in it had been deleted. Deleting the bucket is what makes those audits weaker than they sound, because an empty bucket says nothing about the window between upload and deletion, and some users’ workspace state files still carry a lastAcceptedManifestHash pointing at packages that no longer exist to be checked. The cost sits in the business mix. Zhipu’s open-platform and API revenue went from 15.2 percent to 86.5 percent of the total in twelve months as on-premises deployment fell away, which is the arrangement where the customer’s code stays on the customer’s machines. The company said in August that ZCode had reached a million users, and on 13 September it announced a share placing and a zero-coupon convertible totalling over HK$39.3bn, about 5.01 billion dollars, roughly 60 percent of it for the next GLM base model and the compute to serve it. That is the second raise in ten weeks: the July placement sold shares at HK$1,588 and the stock closed at HK$794.

Swancor Advanced Materials (上纬新材料, SSE STAR 688585), founded in 2000 to make epoxy vinyl ester resin and still described in its listed profile as a maker of wind turbine blade materials, put two humanoid robots on sale in Shanghai on 20 September at 19,999 yuan, about 2,990 dollars, and shipped them the same day. The Qiyuan Q1 is 88 centimetres tall, folds into a backpack and carries 22 compliant force-controlled degrees of freedom; the Qiyuan T1 is about a metre tall and 16 kilograms, switches between a wheeled humanoid stance and a quadruped one, runs two to three hours and carries three kilograms. An exploration edition of the Q1 costs 26,999 yuan and a T1 Pro 29,999. Pre-orders opened on 23 August. Swancor’s chairman is Peng Zhihui, known in China as Zhihui Jun, who is also co-founder and chief technology officer of AgiBot; the partnership vehicle Shanghai Zhiyuan Hengyue held 236,463,352 shares, or 58.62 percent, as of 30 June, read off the eastmoney share register. The shares closed at 7.78 yuan on 30 June 2025 and at 154.20 yuan on 18 September 2026, 19.8 times in under fifteen months and 61.9 times the 2.49 yuan 2020 IPO price, for a market value of 62.2 billion yuan, about 9.29 billion dollars and 34.6 times last year’s revenue. The figure absent from the day’s coverage is in the filings: first-half 2026 revenue of 802.73 million yuan, up 2.42 percent, against a net loss attributable to the parent of 166.54 million yuan, where the same half of 2025 earned 29.90 million, a swing of 656.97 percent, with the second quarter alone losing 125.47 million on less revenue than the first quarter earned. Chief executive Tian Hua said the line takes one robot off it every two and a half minutes to automotive standards, which is 192 units a shift, so covering the half-year loss at 19,999 yuan a unit needs 8,327 robots of gross revenue and about 43 shifts of production. Nobody has sold eight thousand consumer humanoids anywhere. The route to market is the story: investment bankers told Yicai on 14 September that humanoid robot IPO filings are getting harder, with the exchange asking whether a filer has entered a reasonable commercial cycle and what its path to profit is, and buying 58.62 percent of an already-listed resin maker bought the listing outright without answering either question.

Paratera (并行科技, 920493.BJ), a Beijing compute reseller with 459,715,800 yuan of audited 2025 net assets, announced on the evening of 18 September that its wholly owned Wuhan subsidiary had signed a five-year GPU compute contract worth up to 1,912,752,000 yuan tax-inclusive, about 285.2 million dollars at the onshore 6.7067. That is 4.16 times audited net assets and 1.72 times all of 2025 revenue, and spread over the sixty months from 15 January 2027 to 14 January 2032 it annualises to 382.6 million yuan, roughly 34.5 percent of what the company billed last year. The buyer is identified only as Customer A: its name, registered address, registered capital and three-year business volume with the seller are all withheld under a confidentiality waiver the company filed internally. Under Beijing Stock Exchange rules the deal counted as ordinary-course business, so it needed neither a board nor a shareholder vote. The document that makes the trade legible was filed four days earlier. On 14 September Paratera disclosed two resolutions from a 10 September board meeting: renting GPU compute in from an unnamed Supplier H for no more than 211,200,000 yuan over the identical window, with capacity to be switched on by 10 January 2027, five days before the customer meter starts, and buying 41.93 million yuan of GPU servers from Inner Mongolia Xindongjitai on top of 22.12 million already bought in Wuxi and Nanjing. The buy side and the sell side share a calendar to the day, and the buy side was approved first. Reselling compute is the thinnest business in the chain and the filings prove it: first-half 2026 revenue of 946,267,618.54 yuan, up 106.76 percent, produced 41,926,381.95 yuan of net profit, a margin of 4.43 percent, against a 1.10 percent margin on 1,109,958,525.21 yuan for the whole of 2025 and losses of 80.5 million in 2023 and 114.2 million in 2022. Everything the company has earned across 2024, 2025 and the first half of 2026 totals 66,201,022.43 yuan; the contract is 28.9 times that. A revised placement prospectus filed the same Monday seeks up to 480 million yuan for 9,087,293 new shares, 15.00 percent of the count, all of it into one 522.5 million yuan intelligent-computing cloud platform. All financials were recomputed from the eastmoney filed-report API rather than taken from the press. The risk section names technology iteration and hardware delivery constrained by export control policy, written into a contract that has to keep delivering until 2032. No English outlet in the day’s collection carried the story. In the Briefing: Huawei put the Ascend 960 SuperPoD, 4,096 cards and 8 FP8 exaflops on near-package optics, on sale for the third quarter of 2027; the China Electricity Council put internet data services at more than 60 billion kilowatt-hours so far this year, up over 40 percent, heading toward roughly 800 billion by 2030; Reuters reported Changxin preparing a NAND line at its new Beijing fab; and Zhipu apologised for uploading user code repositories from its ZCode tool.

Renting out a humanoid robot in China was a 3.3-day payback trade a year ago and is now a way to lose money, and the register has not noticed. tmtpost published a piece by 硅基降临 on 16 September reporting that a 100,000 yuan Unitree G1 could command up to 30,000 yuan a day at the peak, while JD’s own self-operated listing now rents a Unitree U1 for 1,571 yuan a day, about 234 dollars. Most machines have fallen from 10,000 or 20,000 yuan a day into the hundreds, and the rental platform Qingtianzu ran a ten-city promotion offering two hours for one yuan that drew over 500,000 visits with the fastest slots gone in seven seconds. Qichacha data cited in the piece puts 153,000 robot-rental companies on the Chinese register, 38,200 of them added during 2025 and another 9,114 in a bit over three months of 2026, close to a hundred new firms a day, against a sector worth about 1 billion yuan in 2025 and forecast at 10 billion for 2026. What the collapse exposes is what the orders were for: Qingtianzu’s own figures put 65 percent of them at entertainment performance and commercial marketing, where the novelty was the product and there is no second order, while light industrial work that renews year after year is about 10 percent of platform orders. The asset then depreciates at 20 to 30 percent a year, an engineering prototype bought in 2024 for 300,000 to 800,000 yuan now carries a second-hand residual of 30,000 to 60,000, and no machine works unattended, so a 2,500 yuan bare-machine day becomes 5,000 once the operator’s time and travel are added. The three businesses surviving are not renting robots: Hangzhou’s Xingshu Intelligence rents hardware near cost and sells choreography at 500 to 2,000 yuan per custom routine, Qingtianzu owns no machines and brokers idle inventory, and light industrial patrol and material handling renews. This matters beyond the rental trade because rental companies were named, by a founder who had just taken his own robotics company public in Hong Kong, as one of two vehicles the sector uses to manufacture revenue, the other being the data-collection centres covered on 11 September. The Information reported on 9 September that regulators had given banks informal window guidance raising the bar for humanoid-robot listings to recurring revenue, narrowing losses or real technical innovation, and bankers confirmed the tightening to Yicai on 14 September, against a queue of about 45 robot companies at some stage of capitalisation. Unitree, the one with the revenue, closed on 16 September at 474.28 yuan for a market capitalisation of 191.83 billion yuan, about 28.6 billion dollars, 3.1 times its 150.80 yuan issue price and 56.9 percent below the 1,100 yuan it opened at on 19 August.

Three Chinese suppliers filed abnormal share-price movement notices (股票交易异常波动公告) on the evening of 15 September, and between them they disclosed more about the state of the AI supply chain than the week’s press releases. The rule is mechanical and carries no discretion: a cumulative 20 percent move over three consecutive sessions on the main board, or 30 percent on ChiNext, obliges the issuer to file and explain itself. Suntak Technology (崇达技术, 002815.SZ), a printed circuit board maker, said its stock had risen 90.50 percent since the start of August and traded at 104.98 times trailing earnings, then quantified its exposure downward: AI-server-related PCB is no more than 10 percent of revenue, its PTFE-substrate boards do not go into high-speed servers, there is no business relationship with Huawei’s Mate XT2 or the Kirin 9050 Pro, and its subsidiary’s packaging substrates do not involve hybrid bonding. Mankun Technology (满坤科技, 301132.SZ) closed at 61.90 yuan on 86.25 times trailing earnings against a sector 45.31 and stated in its own words that a condition of overheated market sentiment exists. Hongsheng Shares (宏盛股份, 603090.SH) went limit-up twice, 33.23 yuan to 36.55 to 40.21, and put data centre liquid cooling at under 4 percent of revenue against a business of aluminium plate-fin heat exchangers. The filed half-year reports, pulled from the eastmoney reporting API rather than the trade press and recomputed, run the same way at all three: revenue up 22.55, 24.03 and 22.69 percent, net profit attributable to the parent down 31.30, 30.46 and 33.71 percent. Suntak’s filing names the reason, rising raw material prices squeezing gross margin with structural price increases that may not hold. Demand is real and it is arriving at the top line; what happens to it after that is what the exchange compelled three companies to disclose in one evening. In the Briefing: Fengzhushou disclosed a compute-services order book of 4.608 billion yuan, about 687 million dollars, from a single large domestic internet customer, 2.2 times its whole of 2025 revenue, while declining to put a margin on an undelivered contract; Z.ai closed about 5 billion dollars across a share placement and convertible bonds for the next generation of GLM models; and the national standards committee released version 3.0 of China’s AI Safety Governance Framework at Cybersecurity Week in Jinan.

SJSemi (盛合晶微, 688820.SH) is the only company in China doing 2.5D advanced packaging at mass-production scale and holds about 85 percent of that domestic market, and it is running its 2.5D lines at roughly 60 percent utilisation with an order book it describes as full. Its own prospectus puts 2.5D capacity utilisation at 63.42 percent in the first half of 2025, and revenue has been flat enough since to imply about the same now. The reason is that a 2.5D package is a logic die sitting beside stacks of HBM on a silicon interposer, and SJSemi makes neither input: HBM comes from SK Hynix, Samsung and Micron, and the large low-warpage through-silicon-via interposers come from TSMC, Samsung and Intel. LatePost puts industry expectations for HBM tightness at 2028 and for high-end interposers later still. The prospectus line that carries the argument is that customer-supplied interposer material went from 3 percent in 2023 to about 25 percent in the first half of 2025, which is what happens when customers stop trusting a supplier to source a component. The filed numbers underneath the story are worse than the headline: half-year net profit of 449.4 million yuan minus a first quarter of 191.3 million leaves 258.0 million for the second quarter against 308.6 million a year earlier, a fall of 16.4 percent on revenue up 1.9 percent, while the half-year reads plus 7.2 and plus 3.3 percent. The market is paying about 245.25 billion yuan, roughly 36.5 billion dollars at Friday’s 6.7114 onshore rate, or 262 times the 935.0 million yuan earned in the twelve months to June. Customer A is 74.40 percent of sales, up from 40.56 percent in 2022; the filing never names it and LatePost reads it as China’s leading chip designer, adding that SJSemi is the core 2.5D supplier for Huawei’s Ascend accelerators. In the Briefing: Nikkei, citing internal company data, put CXMT’s second-quarter EBIT margin at 82 percent against SK Hynix at 76 and Samsung’s semiconductor arm at 70, while CXMT’s filed half-year report shows 150.3 billion yuan of revenue and 77.6 billion of net profit against a 2.3 billion yuan loss a year earlier; China Mobile Cloud showed a hybrid inference system splitting DeepSeek V4 across a domestic GPU and a Lynxi neuromorphic chip for a claimed doubling of price-performance; Shanghai launched the Pearl Constellation orbital-compute programme; and Zhipu closed about 5 billion dollars in placement and convertible bonds.

RUNTO (洛图科技), which tracks smart-glasses retail across JD.com, Tmall and Douyin, published July 2026 figures showing the category fall for the first time: 74,000 units, down 15.3 percent year on year, for 130 million yuan, down 25.8 percent, at an average price of 1,751 yuan, down 12.4 percent. RUNTO attributes the fall to the calendar, because June was the 618 shopping festival and last July was the second-highest month in thirteen. The composition underneath it is the part that is not seasonal. AR glasses, the ones with a display in the lens, sold 33,000 units for 98.28 million yuan, up 72.7 percent by volume and 70.0 percent by revenue, at an average price of 2,990 yuan that did not move all year. Audio-only glasses sold 13,000 units for 8.7 million yuan, down 33.5 percent by revenue at 656 yuan. Camera glasses, the no-display design Meta made familiar with Ray-Ban, sold 28,000 units for 23.1 million yuan, down 46.6 percent by volume and 77.9 percent by revenue, with the average price down 58.5 percent to 819 yuan. The three segments sum to 130.08 million yuan, matching the reported total, and the prior-year segments sum to 175.41 million, which returns the 25.8 percent decline to the digit, so the shift is not a rounding artefact. AR went from 33.0 percent of category revenue to 75.6 percent in twelve months while camera glasses went from 59.6 percent to 17.8 percent. The two leaderboards have come apart: the largest volume share in July, 17.0 percent, went to 清野, a cheap camera-glasses newcomer, while by revenue the order is Rokid, RayNeo, XREAL, Qwen and Huawei, with the top five taking 65.8 percent. Against that, Alibaba previewed a displayless pair called the Qwen N1 at the Bund Summit, with iris recognition at a claimed false-accept rate below one in a million and eye tracking meant to authorise payment by looking at a terminal. In the Briefing: Bank of China put at least 300 billion yuan behind the compute industry at the 2026 China Computing Power Conference, with China Telecom, China Mobile, China Unicom, PICC, China Orient Asset Management and CDB Financial Leasing, targeting at least 100 intelligent computing centre projects and at least 3,000 compute-consuming firms across the 15th Five-Year Plan, while ICBC took its compute-token loan national; China Telecom’s research institute forecast ten quintillion tokens consumed this year rising to more than 3,500亿亿 by 2030, two endpoints its own stated compound rate does not fit, and put inference at 80 percent of China’s compute market by 2029 with 2026 AI capex at leading Chinese tech firms near 600 billion yuan; XPeng’s humanoid production line began operating and the first IRON walked off it under its own power, carrying 76 degrees of freedom and three Turing chips for a claimed 2,250 TOPS; and 25 Fields medallists including Terence Tao and Yu Deng signed a statement arguing that using mathematical problems as capability benchmarks damages the field.

硬氪, the hardware desk at 36Kr, walked through Beijing’s first humanoid-robot data training centre in Shijingshan and found a 3,000 square metre hall with the zone signs still hanging, the display stands still holding their plants, and the robots gone. It stopped seventeen months after it opened, and the third phase that was to run 108 robots across a thousand real tasks in 10,000 square metres was never built. The structure behind it is the story. A robot maker and a local government co-found a data-collection company, usually at a 1:9 or 2:8 split with the maker putting in the small share; the joint venture buys robot bodies, arms and supporting hardware from the maker; a third-party operator sells the data on to companies training models. So the manufacturer contributes one or two yuan in ten, books an order for all ten paid mostly with public money, and the buyer is a company it partly owns. 硬氪 reports more than a hundred such centres went up across 23 provinces in a year, that one robot company heading for a ChiNext listing had as much as 80 percent of its orders from the model, and that another valued above 20 billion yuan shipped 500 robots this year into data factories it had co-funded, against total expected shipments of 1,000 to 2,000. Figures from Interact Analysis cited in the piece put state-capital participation in these centres at 53.8 percent against 88.4 percent a year earlier, and an official at a provincial capital investment-promotion office told 硬氪 they had just turned down two data-collection proposals and that internally some of these projects look like a new kind of Ponzi scheme. The economics were thin even while the money flowed: an operator told 硬氪 that a collector wearing a rig for a full eight-hour shift yields roughly one hour of usable data once idling, out-of-spec motions and broken arms are subtracted, and collection has since gone bodiless to head-mounted egocentric video and UMI-style hand-worn grippers that need no robot present, yielding five to six usable hours out of eight at a crowdsourced rate that has fallen from 45 yuan an hour to 35. Real-robot data still matters, and a recent Tsinghua experiment found that stripping it out drops task success from 81 percent to 40 percent, but it is the seasoning now rather than the main ingredient. The listed-market version surfaced the same day: ASD, a Zhejiang cookware and small-appliance maker, filed an abnormal-fluctuation notice disclosing that its embodied-intelligence robot business has booked 137,200 yuan of sales to date, about 20,500 dollars, against 1.351 billion yuan of first-half revenue and a 93.4 million yuan net loss, and Sinovatio, filing after two straight limit-ups on AI-security enthusiasm, said its AI application products come to under 2 percent of first-half revenue.

DeepSeek posted about 150 openings on 8 September and not one of them is a research role, per a WeChat notice read closely by QbitAI and republished by 36Kr. They split into server-side development engineers across six directions, which are the large-model research platform, Agent framework components, R&D efficiency infrastructure, the DeepSeek API, online serving and data engineering, and agent elastic-compute engineers across two, platform development and low-level systems, with a target profile of senior backend people two to ten years in. QbitAI puts the whole company at 300 to 500 people, so a single round is worth somewhere between a quarter and a half of existing headcount, hired into one function; an investor at a front-line firm told Sina Tech the goal for this year is 1,000 people, which would put DeepSeek level with Zhipu, whose 2025 prospectus listed 883 employees. What the 150 are being hired to build has a name: DSec, for DeepSeek Elastic Compute, disclosed for the first time in the V4 technical report as three Rust components, an API gateway called Apiserver, an Edge agent on every host machine and a cluster monitor called Watcher, wired over a homemade RPC protocol on top of 3FS, the distributed filesystem DeepSeek open-sourced last year. Cui Tianyi, who runs the DeepSeek Harness team, gave the reason in one sentence: scale produces complexity, and the complexity turns around and demands more scale. Underneath it is the money. Reuters reported on 9 September that DeepSeek has hired CITIC Securities to prepare a listing on Shanghai’s STAR Market and aims to start the process this year, which TechNode carried the same morning; Sina’s wire adds that CITIC has made contact and entered due diligence, that the two sides have not signed a formal listing-tutoring agreement, and that DeepSeek has said nothing officially.

Enflame’s allocation result, filed to the exchange on 7 September, priced 43,035,173 new shares at 142.18 yuan and records the online retail tranche subscribed 6,109.34 times. That tripped the clawback rule, which moves 10 percent of the public offering out of the institutional book once retail demand passes 100 times, growing the retail tranche from 6,885,500 shares to 10,328,500 at a final allotment ratio of 0.02455315 percent. The offline book was barely cooler: 291 institutions across 11,272 placement accounts bid 72.795 billion shares against a tranche of about 27.5 million, or 2,642.99 times. Enflame has never made a profit, so listing rules bar it from quoting a price-to-earnings multiple and its own investment-risk notice prints price-to-sales instead, 55.62 times pre-issue and 61.80 post-issue, valuing the company at 61.187 billion yuan. The same notice’s peer table, dated 28 August, averages 93.51 times sales, so the deal was priced under its comparables on purpose. Moore Threads went the other way the same day: 25,774,510 shares, 5.48 percent of the company, came off a nine-month lockup and the stock closed limit-down at 415.49 yuan against Friday’s 519.35, taking 48.8 billion yuan off its market value, with institutions net sellers of 1.462 billion. Its free float roughly doubled, from 6.43 percent to 11.91 percent, and the unlock is the only input that moved. Enflame’s own day-one free float is 17,900,325 shares of 430,351,728, or 4.16 percent, with 88.09 percent still locked and Caixin reporting close to 40 percent of the share capital coming free on 7 December.

Cambricon (688256.SH) granted four million restricted shares to 944 of its own employees at 750 yuan apiece on 17 August, and the plan draft filed to the exchange states the coverage as 85.37 percent of the payroll. The same document sets the vesting schedule: at least 13.5 billion yuan of audited revenue in 2026, 40.5 billion cumulative across 2026 and 2027, and 100 billion cumulative across 2026 to 2028, with lower triggers of 10.8, 32.4 and 80 billion, where landing between trigger and target vests 80 percent of that year’s slice and falling below the trigger cancels it. Set against the company’s own audited accounts, which show 709 million yuan of revenue in 2023, 1.174 billion in 2024 and 6.497 billion in 2025, with 5.996 billion booked in the first half of 2026, the third rung implies 59.5 billion yuan in 2028 alone, about 9.2 times the 2025 figure. The instrument is a right to buy at 750 rather than a transfer of value: the stock closed at 1,072.00 yuan on 4 September, so the spread across the four million shares is about 1.29 billion yuan, and only if every rung clears. The plan’s own note four states that the performance targets do not constitute a forecast or a substantive commitment to investors.

Z.AI, the entity Zhipu lists under in Hong Kong at stock code 2513, filed interim results on 31 August 2026 covering the six months to 30 June. Revenue was 953.892 million yuan, up 399.7 percent, while gross margin fell from 50.0 percent to 26.4 percent. The move is mix rather than discounting: open-platform and API revenue was 825.176 million yuan, up 2,735.7 percent, and went from 15.2 percent of revenue to 86.5 percent, while on-premises deployment fell from 73.7 percent of 2025 revenue to 13.5 percent of this half. Token volume on the MaaS platform is up more than 40 times since the start of 2026 and the average API selling price rose about 101 percent over the same stretch, so volumes surged while prices went up. That leaves the 24.6 percent gross margin on the open-platform and API business a cost problem, not a pricing one.

Huawei filed its 2026 half-year report with the Beijing Financial Assets Exchange on 31 August, a disclosure it owes onshore bond buyers rather than shareholders. Revenue was 467.82 billion yuan, up 9.6 percent, and net profit attributable to the parent was 23.43 billion, down 36.8 percent. Net cash from operating activities was negative 39.89 billion yuan against a positive 31.18 billion a year earlier, a swing of 71.07 billion in a half when sales grew. Cash paid for goods and services rose 35 percent to 425.2 billion yuan, an increase of about 110.9 billion against revenue growth of about 40.8 billion, and inventory reached 277.5 billion yuan, up 45 percent from the end of 2025. Research and development took 121.38 billion yuan, 25.9 percent of revenue, which on its own accounts for the profit fall but not for the cash.

Unitree booked 50,013,826.62 yuan of net profit attributable to shareholders in the first quarter of 2026, against 95,602,511.45 yuan a year earlier, on 68.49 percent more revenue. The half-year headline runs the other way, a 274 million yuan profit against a 32 million yuan loss, but Chinese listing rules make a company print earnings both with and without non-recurring items, and the 0.67 against 0.75 yuan ratio puts underlying first-half profit down 19.34 percent while revenue grew 48.54 percent. The gap is a 349 million yuan share-based payment charge that hit the first half of 2025 and did not recur. Research spending went from 6.9 to 11.8 percent of revenue and selling expense from 6.0 to 14.2 percent.

Biren’s first interim report as a listed company showed 1.2355 billion yuan of half-year revenue, up 1,997.6 percent, with a net loss 76.4 percent narrower than a year earlier. The number that decides the story is the float. Moore Threads carries 250.94 billion yuan of market value on 6.43 percent of its shares actually trading, and MetaX 270.03 billion yuan on 4.63 percent. Two Shanghai listings hold 520.97 billion yuan of combined market value, about 77.4 billion dollars, priced each day by 28.6 billion yuan of tradable stock. Biren, listed in Hong Kong with just over half its shares in public hands, trades at about 71 times half-year revenue against Moore Threads at about 144.

Changxin Technology, the listed parent of CXMT, filed first-half revenue of 150.31 billion yuan, up 873.64 percent, and net profit attributable to shareholders of 77.605 billion yuan against a 2.332 billion yuan loss in the same half of 2025. Gross margin was 84.74 percent, against 13.00 percent a year earlier. The line that decides what it means is the cash flow statement: operating activities threw off 131.156 billion yuan of net cash while financing contributed 1.002 billion, so the company covered a 35.577 billion yuan investing programme nearly four times over out of what it sold. Across all of 2025 it had taken 46.121 billion yuan net from financing.

Profits at China’s large industrial enterprises rose 17.6 percent across January to July, and AI-related electronics accounted for 9.3 percentage points of that, more than half of all the profit growth Chinese industry produced this year. July on its own grew 11.2 percent, down 3.9 points from June, so the headline is decelerating while the electronics contribution holds. The same fact reads from the bottom up in the interim reports filed that morning: SMIC’s first-half net profit rose 94.2 percent on revenue up 19.4 percent, profit growing about five times faster than sales, with the extra coming from price rather than volume.

CXMT’s over-allotment option was exercised in full without the bookrunner spending any of it, because the stock never traded below its 8.66 yuan issue price during the window, taking the raise to 66.607 billion yuan gross, about 9.9 billion dollars. YMTC’s 33 billion yuan Shanghai application was accepted on 24 August, and Enflame set 2 September for subscription against a 6 billion yuan target. That is 105.6 billion yuan asked of China’s domestic equity market for DRAM, NAND and AI silicon inside roughly five weeks. CXMT’s first quarter of 2026 alone earned 24.76 billion yuan on 50.80 billion of revenue, at a 79.2 percent gross margin.

Unitree listed on Shanghai’s STAR Market on 19 August at 150.80 yuan a share and opened at 1,100. Four sessions later it closed at 602.80, taking about 200 billion yuan off the peak valuation. Only 7.44 percent of its shares were free to trade on listing day, and roughly 85 percent of that float changed hands in a single session. The mark matters most to companies with no ticker: eight domestic embodied-AI firms were valued at 20 billion yuan or more as of June, and those private marks were set against Unitree’s screen price. Its own filed half-year numbers are good, with revenue up 48.5 percent and a 274.0 million yuan profit against a loss.

The Central Cyberspace Affairs Commission published a 2026 to 2030 action plan for cyber-information enterprises on 21 August: seven actions and twenty-one measures. Measure 1 orders a continuously updated national database of these firms, with classification and grading standards sorting them into three named tiers. Measure 19 tells regulators to speed up domestic listing review and to open non-IPO exits through S-funds and M&A funds, and tells banks to treat patents, trademarks and data as credit-assessment inputs. Measure 16 orders administrative inspections regulated so as to minimise disruption to normal operations, and Measure 5 names high-end AI chips, high-performance training clusters, world models, agents and embodied intelligence.

A Guangzhou district launched Token贷, a Bank of China loan that underwrites AI companies on tokens burned rather than property owned, with lines to 30 million yuan on four non-property inputs. The trial tranche is about 28 million yuan, but CITIC Bank and Bank of Guangzhou have followed, and Beijing’s E-Town and Anhui have written token lending into policy. The National Data Administration puts national token consumption above 30 trillion a day as of end-June.

DeepSeek raised API prices by up to 12x, 83 days after calling its 75 percent V4-Pro discount permanent. Tencent Cloud matched the move rather than undercutting it, and the repricing ran industry-wide: Zhipu has raised prices three times this year and Kimi K3 output passed 100 yuan per million tokens. The stretch of the market where Chinese models competed purely on price is closing.

Unitree priced the year’s most anticipated hardware IPO at 150.80 yuan a share, a listing value near 61 billion yuan (about 8.5 billion dollars) and well above the 40 billion the market expected, with DeepSeek taking a strategic stake. That is about 103 times trailing profit for a company that shipped roughly 28,000 robots in 2025, most to research and education, so the price assumes it grows into 100,000 or more a year of paying industrial work.

Cambricon, the designer of China’s most advanced homegrown AI chips, reported it earned more in the first half of 2026 than in all of 2025: revenue of about 5.99 billion yuan (up 108 percent) and net profit of about 2.31 billion yuan (up 123 percent), against a full-year 2025 net profit near 2.06 billion yuan. Chinese buyers will take every accelerator it can design; how many China can actually manufacture, at what node and with whose memory, is the fabless ceiling that remains.

Zhongji Innolight, the world’s largest optical-transceiver maker and supplier of more than half of Nvidia’s optical modules, pulled off Hong Kong’s largest IPO in seven years at about 6.8 billion dollars, then fell 8 percent on debut as the AI-infrastructure trade repriced. The picks and shovels of the American AI boom, it turns out, ship from Suzhou.

China’s delivery robots crossed the cost line: Neolix says its per-vehicle cost fell more than half in two years to below 10,000 dollars, moving a parcel 25 to 35 percent cheaper than a human courier. The logistics industry projects 860,000 units a year by 2030, and the startup AIROBO closed the field’s largest first round the same week a Shenzhen circuit-board and chip-design platform, JLC, opened more than 170 percent above its offer price.

A four-month-old robot startup, PokeBot, raised close to 100 million dollars, but the more telling money went a layer up the supply chain to the data sellers. Training a general-purpose robot brain needs an estimated 10 million hours of interaction data against a supply near 500,000, and LightWheel became what Chinese coverage calls the world’s first embodied-data unicorn.

CXMT opened its Shanghai debut up 471 percent and reached about 500 billion dollars by midday, passing ICBC to become the most valuable company on China’s mainland exchanges, the first semiconductor to top the A-share market in its 35-year history.

Nine and a half million retail households piled into CXMT’s STAR Market IPO at a record 0.4714 percent win-rate, and DeepSeek’s Liang Wenfeng took the single largest private-fund allocation in China’s biggest chip listing since SMIC.

DeepSeek closed its first outside round, roughly 7.4 billion dollars at a 50-billion-plus valuation. The founder wrote the biggest check; the only investor with a vote is a state fund.

Cambricon became China’s first pure-play AI chip designer worth over a trillion yuan. The same report shows the distance left: a 2.9% share of the cards China bought in 2025, against Nvidia’s 55%.

A product-less humanoid startup hit a billion-dollar valuation, built by Huawei’s former self-driving lead. China’s autonomous-driving talent is transplanting into robots.