Tracker · MarketsIndependent · Published in Germany
Funding & IPO Tracker
Who funds China’s AI companies, at what valuation, and which of them are heading for the stock market. Reported figures are marked as such.
Funding
The largest rounds we have covered in 2026
Reported figures are marked as such. Where companies did not disclose a valuation, we say so.
| Company | Date | Amount | Valuation | Investors |
|---|---|---|---|---|
| Manus AI | 8 Oct 2026 | >$500m | undisclosed ($4bn target reported) | Boyu Capital, IDG Capital; Tencent, HSG, ZhenFund |
| AgiBot | Oct 2026 | ¥1–1.5bn (reported) | ~¥50bn (reported) | not named |
| ModelBest | H1 2026 | >¥5bn in total | >¥20bn (per a backer) | Shenzhen Capital Group, Inovance Capital; state funds |
| Galbot | Mar 2026 | ¥2.5bn (~$350m) | >$3bn | incl. national AI industry fund; CATL |
Table: Inside China AI · Sources: TechCrunch, Caijing via TechNode, PEdaily via KrASIA, SCMP, TechNode — as linked in each article.
Public markets
The IPO pipeline
Chinese AI companies we cover that have listed or are preparing to — Hong Kong for the model labs, Shanghai’s STAR Market for ModelBest.
HKEXZhipu AI — Listed January 2026 — raised $558m
HKEXMiniMax — Listed January 2026
HKEXAgiBot — Filing in process since 24 July 2026; new funding pushes listing past end-2026 (reported)
Shanghai STARModelBest — Pre-IPO tutoring filed 11 August 2026; target end-2026
HKEXManus AI — Considered, not before 2027 (reported)
HKEXRokid — In preparation (reported)
Graphic: Inside China AI · Sources as linked in each article; status October 2026.