Beyond the IPO Boom: What Public Investors Need to See in AI

Anthropic is heading to Nasdaq. OpenAI may not be far behind. And in China, AI companies from MiniMax and Zhipu to Birentech have been rushing onto public markets. But this IPO wave is not just about raising money - it is about proving that AI can be the foundation for real businesses. What will separate the winners from the rest? And what do public investors actually want to see? Zhang Shixuan talked to Dion Lou, Founding Partner and CEO of CIC, who has advised on a long list of China’s top tech and AI listings. We break down the new AI IPO cycle — and the gap between founders' vision and the market’s patience.

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