China's IPO markets seen a revival driven by some new AI names. The model maker Minimax

reportedly set to price its Hong Kong offering tomorrow at the top of the range. Our dear

Dubosa has more on that in today's tech check. Morning, Dee. Hey, good morning, Carl. So China's AI boom,

it's now showing up in the public markets while the U.S. version, it's still locked behind private valuations.

Mini Max, as Carl said, this is an AI model builder.

It's just the latest amid this absolute frenzy of AI IPOs in China.

Just over the last few weeks, there's been more threads coined China's answer to Nvidia,

up 500% on its debut.

Another chip maker, MetaX, surge nearly 700% on its first day of trade.

And then you have Bayerang jumped 80%.

So now the pipeline is moving from chips to models, and it's not slowing down.

You've got mini Macs and Gipu AI also anticipated to list in Hong Kong soon.

Their foundational model, startups going to market early in the AI buildout.

Now, the average age of those six Chinese companies I mentioned is six years.

Now, part of this is capital.

China's late stage pool.

It's smaller.

And so IPOs are one of a few ways to raise real money over there.

Now, compare that, though, to OpenAI,

which just turned 10, or Databricks, which turns 13 this year. There's Anthropic and XAIS.

They're five and three, respectively, but even there, the message is cautious in terms of an IPO.

Now, all of this matters because public markets, they don't just provide capital.

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