other
A Shanghai Stock Exchange board for tech and innovation firms, often called "China's Nasdaq," hosting hard-tech, biotech, and other high-growth IPOs.
No evidence-backed relationships are recorded.
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.
Reality
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.
Reality
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.
Reality
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.
Reality
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.
Reality
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.
Reality
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.
Reality
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.
Reality
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.
Reality
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.
Reality
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.
Reality
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.
Reality
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.
Reality
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.
Reality
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.
Reality
Retail-driven Shanghai is now where domestic memory and humanoid programmes raise equity. The first-day pops describe the allocation, not the fab. CXMT's revenue line is the number worth reading.
Reality
Chinese issuers are raising money into a domestic bid that then multiplies it by five, which says more about rationed supply than about durable AI earnings. Shein, the non-AI name in the queue, got the residual.
Reality
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