Chinese AI stocks surge after Goldman Sachs report
Shanghai’s STAR 50 Index surged more than 8% Thursday, with AI heavyweights rallying. The market strength was partly driven by a Goldman Sachs report advising capital to shift from Korean AI trades to the Chinese AI value chain. The report noted that the unprecedented combination of massive state support, surging global demand and structural capital rotation makes Chinese AI one of the most compelling growth stories in the tech sector today.
China aims to boost retail innovation, support IPOs
Nine government departments, including the Ministry of Commerce, issued guidelines to accelerate the innovative development of the retail industry. The document outlines plans to provide financing support and back the public listings of high-quality, innovative retail enterprises, while encouraging large retail companies to expand overseas through self-built channels, partnerships and acquisitions.
NEWS SUMMARY
MiniMax shares plummeted 18% after a lockup expiration released more than 48% of the company’s equity into circulation.
StepFun will launch an AI agent smartphone.
XPeng began internal testing of its robotaxi, a move Chairman He Xiaopeng called an important step toward “robot cars.”
Contact editor Lin Jinbing (jinbinglin@caixin.com)
