[
  {
    "id": "01-ai",
    "name": "01.AI",
    "location": "Beijing, China",
    "employees": "200+",
    "founded": 2023,
    "valuation": "Not disclosed",
    "marketCap": "Not disclosed",
    "totalFunding": "Not disclosed",
    "stage": "Series D",
    "category": "Foundation Models",
    "description": "Founded by Kai-Fu Lee, 01.AI maintains the Yi open-weight model family and now focuses on TrueNorth, an enterprise decision-intelligence platform for governed agent workflows and sovereign deployments.",
    "founder": {
      "name": "Kai-Fu Lee",
      "title": "CEO"
    },
    "website": "https://01.ai",
    "products": [
      {
        "name": "Yi Foundation Models",
        "description": "Open foundation-model family spanning Yi-Lightning, Yi-Large, Yi-VL, Yi-1.5, and Yi-Coder.",
        "link": "https://www.01.ai/yi-models"
      },
      {
        "name": "TrueNorth Enterprise AI Decision Hub",
        "description": "Enterprise platform for governed AI agents, decision workflows, and sovereign deployments.",
        "link": "https://www.01.ai/"
      }
    ],
    "competitors": [
      "Zhipu AI",
      "Baichuan AI",
      "Meta"
    ],
    "nativeName": "零一万物",
    "sourceUrls": [
      "https://www.01.ai/",
      "https://www.01.ai/yi-models",
      "https://platform.01.ai/docs",
      "https://www.caplight.com/company/01ai"
    ],
    "valuationUpdated": "2026-10-01",
    "valuationBasis": "undisclosed",
    "valuationSourceUrl": "https://www.caplight.com/company/01ai",
    "valuationNote": {
      "en": "Available database estimates disagree and do not establish a current priced valuation. An old unicorn label is not a current transaction price.",
      "ko": "확인 가능한 데이터베이스 추정치가 서로 달라 현재 거래 기준 기업가치를 확정할 수 없습니다. 과거 유니콘 분류를 현재 가치로 쓰지 않습니다."
    }
  },
  {
    "id": "aisphere",
    "name": "PixVerse",
    "location": "Beijing, China",
    "employees": "80+",
    "founded": 2023,
    "valuation": "$2B+",
    "marketCap": "Not disclosed",
    "valuationUpdated": "2026-10-01",
    "totalFunding": "Not disclosed",
    "stage": "Series C",
    "category": "Creative AI",
    "description": "AI video generation startup behind PixVerse. The company announced $439M in Series C financing including its extension in July 2026; this is not a lifetime funding total.",
    "founder": {
      "name": "Wang Changhu",
      "title": "Founder"
    },
    "website": "https://pixverse.ai/",
    "products": [
      {
        "name": "PixVerse",
        "description": "AI video-generation platform and API from AIsphere",
        "link": "https://pixverse.ai/en"
      }
    ],
    "competitors": [
      "Kling",
      "Runway",
      "Pika"
    ],
    "sourceUrls": [
      "https://pixverse.ai/en",
      "https://docs.platform.pixverse.ai/",
      "https://techcrunch.com/2026/07/13/video-generation-startup-pixverse-raises-439m-valuation-soars-past-2b/",
      "https://pixverse.ai/en/blog/pixverse-closes-series-c-extension-and-announces-expansion-into-interactive-entertainment"
    ],
    "valuationBasis": "reported-round",
    "valuationAsOf": "2026-07-14",
    "valuationSourceUrl": "https://techcrunch.com/2026/07/13/video-generation-startup-pixverse-raises-439m-valuation-soars-past-2b/",
    "valuationNote": {
      "en": "Reported July financing valuation above $2B. The company disclosed $439M for Series C including its extension, not lifetime funding.",
      "ko": "7월 투자 유치 당시 보도된 20억 달러 초과 기업가치입니다. 회사가 공개한 4억 3,900만 달러는 누적 전체가 아닌 연장분 포함 시리즈 C 금액입니다."
    },
    "fundingRounds": [
      {
        "date": "2026-07",
        "round": "Series C (including extension)",
        "amount": "$439M combined Series C",
        "sourceUrl": "https://pixverse.ai/en/blog/pixverse-closes-series-c-extension-and-announces-expansion-into-interactive-entertainment"
      }
    ]
  },
  {
    "id": "alibaba",
    "name": "Alibaba",
    "location": "Hangzhou, China",
    "employees": "200000+",
    "founded": 1999,
    "valuation": "Public (NYSE: BABA)",
    "marketCap": "$267.38B",
    "valuationUpdated": "2026-10-01",
    "totalFunding": "Public",
    "stage": "Public",
    "category": "Tech Giant",
    "description": "Alibaba Cloud and Qwen operate one of China's strongest model and AI-platform stacks, led by the Qwen 3.8 multimodal family, Model Studio, and Wan 3.0 creative models.",
    "founder": {
      "name": "Jack Ma",
      "title": "Founder"
    },
    "website": "https://alibaba.com",
    "products": [
      {
        "name": "Qwen",
        "description": "Alibaba Cloud foundation-model and chat family, currently led by Qwen 3.8 Max and Flash.",
        "link": "https://qwen.ai/",
        "nativeName": "通义千问"
      },
      {
        "name": "Alibaba Cloud Model Studio",
        "description": "Developer platform for building with Qwen and other Alibaba Cloud models.",
        "link": "https://www.alibabacloud.com/product/modelstudio"
      },
      {
        "name": "Wan",
        "description": "Alibaba's image and video generation model family, available through Model Studio.",
        "link": "https://www.alibabacloud.com/help/en/model-studio/use-video-generation/"
      }
    ],
    "competitors": [
      "Baidu",
      "Tencent",
      "Huawei"
    ],
    "nativeName": "阿里巴巴",
    "sourceUrls": [
      "https://companiesmarketcap.com/alibaba/marketcap/",
      "https://qwen.ai/",
      "https://www.alibabacloud.com/product/modelstudio",
      "https://www.alibabacloud.com/help/en/model-studio/use-video-generation/",
      "https://www.alibabacloud.com/help/en/model-studio/newly-released-models"
    ],
    "valuationBasis": "market-cap",
    "valuationAsOf": "2026-09",
    "valuationSourceUrl": "https://companiesmarketcap.com/alibaba/marketcap/"
  },
  {
    "id": "baichuan-ai",
    "name": "Baichuan AI",
    "location": "Beijing, China",
    "employees": "200+",
    "founded": 2023,
    "valuation": "Not disclosed",
    "marketCap": "Not disclosed",
    "totalFunding": "$1B+",
    "stage": "Series B",
    "category": "Foundation Models",
    "description": "Baichuan AI operates a Chinese-language model platform for chat, retrieval, tool use, and enterprise API deployment. Current first-party model options include Baichuan4-Turbo and Baichuan4-Air.",
    "founder": {
      "name": "Wang Xiaochuan",
      "title": "CEO"
    },
    "website": "https://baichuan-ai.com",
    "products": [
      {
        "name": "Baichuan Model Platform",
        "description": "Model API and enterprise deployment platform for the Baichuan model family.",
        "link": "https://platform.baichuan-ai.com/"
      }
    ],
    "competitors": [
      "Zhipu AI",
      "01.AI",
      "DeepSeek"
    ],
    "valuationUpdated": "2026-10-01",
    "fundingRounds": [
      {
        "date": "2024-07",
        "round": "Series A (completed)",
        "amount": "RMB 5B (~$693M)",
        "sourceUrl": "https://www.forbes.com/sites/zinnialee/2024/07/25/alibaba-backed-chinese-ai-unicorn-baichuan-completes-693-million-series-a/"
      }
    ],
    "valuationBasis": "undisclosed",
    "valuationSourceUrl": "https://www.forbes.com/sites/zinnialee/2024/07/25/alibaba-backed-chinese-ai-unicorn-baichuan-completes-693-million-series-a/",
    "valuationNote": {
      "en": "The old $2.8B figure was a proposed Series B basis in July 2024, not a disclosed closed Series A valuation. A newer database estimate could not be independently corroborated.",
      "ko": "기존 28억 달러는 2024년 7월 시리즈 B의 제안 기준이었으며 완료된 시리즈 A의 공개 기업가치가 아닙니다. 더 최근의 데이터베이스 추정치도 별도 확인되지 않았습니다."
    },
    "sourceUrls": [
      "https://www.forbes.com/sites/zinnialee/2024/07/25/alibaba-backed-chinese-ai-unicorn-baichuan-completes-693-million-series-a/"
    ]
  },
  {
    "id": "baidu",
    "name": "Baidu",
    "location": "Beijing, China",
    "employees": "40000+",
    "founded": 2000,
    "valuation": "Public (NASDAQ: BIDU)",
    "marketCap": "$29.57B",
    "totalFunding": "Public",
    "stage": "Public",
    "category": "Tech Giant",
    "description": "Baidu now positions Qianfan as an agent-centered enterprise large-model platform, with ERNIE 5.0, ERNIE X1.1, ERNIE 4.5 Turbo, Comate, and Apollo intelligent-driving products.",
    "founder": {
      "name": "Robin Li",
      "title": "CEO"
    },
    "website": "https://baidu.com",
    "products": [
      {
        "name": "Baidu Qianfan",
        "description": "Enterprise model and agent platform for ERNIE, third-party models, tools, MCP services, and private deployment.",
        "link": "https://cloud.baidu.com/product-s/qianfan_home",
        "nativeName": "千帆大模型平台"
      },
      {
        "name": "ERNIE",
        "description": "Baidu's multimodal foundation-model family, including ERNIE 5.1, surfaced through Qianfan.",
        "link": "https://cloud.baidu.com/product-s/qianfan_home",
        "nativeName": "文心 5.0"
      },
      {
        "name": "Baidu Comate",
        "description": "AI coding assistant from Baidu.",
        "link": "https://comate.baidu.com/"
      },
      {
        "name": "Apollo Intelligent Driving",
        "description": "Baidu Apollo autonomous-driving and intelligent-vehicle product family.",
        "link": "https://www.apollo.auto/apollo-self-driving"
      }
    ],
    "competitors": [
      "ByteDance",
      "Alibaba",
      "Tencent"
    ],
    "nativeName": "百度",
    "valuationUpdated": "2026-10-01",
    "sourceUrls": [
      "https://companiesmarketcap.com/baidu/marketcap/",
      "https://cloud.baidu.com/product-s/qianfan_home",
      "https://comate.baidu.com/",
      "https://www.apollo.auto/apollo-self-driving"
    ],
    "valuationBasis": "market-cap",
    "valuationAsOf": "2026-09-30",
    "valuationSourceUrl": "https://companiesmarketcap.com/baidu/marketcap/"
  },
  {
    "id": "black-sesame-technologies",
    "name": "Black Sesame Technologies",
    "location": "China",
    "employees": "Not disclosed",
    "founded": 2016,
    "valuation": "Public (HKEX: 2533)",
    "marketCap": "$0.89B (HK$7B)",
    "totalFunding": "$400M+ (pre-IPO); HKEX IPO 2024",
    "stage": "Public",
    "category": "AI Hardware",
    "description": "Chinese automotive-grade AI chip company listed on Hong Kong Stock Exchange (2402, IPO 2024). Designs neural processing units for autonomous driving perception and ADAS. A1000 series chips deployed in Chinese OEM vehicles. Competes with Mobileye and Horizon Robotics in the L2+ perception stack.",
    "founder": {
      "name": "Wu Bing, Shan Jiqian",
      "title": "Co-founders"
    },
    "website": "https://www.blacksesame.com/en/",
    "products": [
      {
        "name": "Huashan A1000",
        "description": "Physical AI, robotics, chip, or autonomous-system product where model capability is coupled to hardware, sensors, or operational environments.",
        "link": "https://bst.ai"
      },
      {
        "name": "Wudang C1200",
        "description": "Physical AI, robotics, chip, or autonomous-system product where model capability is coupled to hardware, sensors, or operational environments.",
        "link": "https://bst.ai"
      },
      {
        "name": "Black Sesame Huashan",
        "description": "Automotive AI compute platform for driver assistance",
        "link": "https://bst.ai"
      }
    ],
    "competitors": [],
    "whyItMatters": "Automotive-grade AI silicon with HKEX listing: Black Sesame's focus on safety-rated autonomous driving chips gives it a certification pathway into Chinese OEMs that general-purpose GPU solutions cannot easily achieve.",
    "valuationUpdated": "2026-10-01",
    "valuationBasis": "market-cap",
    "valuationAsOf": "2026-09-30",
    "valuationSourceUrl": "https://stockanalysis.com/quote/hkg/2533/market-cap/",
    "valuationNote": {
      "en": "Approximate USD equivalent using September 30, 2026 reference FX; the original-currency value and its observation date are retained. This is a snapshot, not a live quote.",
      "ko": "2026년 9월 30일 참고 환율로 환산한 달러 근사치입니다. 원화폐 금액과 해당 기준일을 함께 보존합니다. 실시간 시세가 아닙니다."
    },
    "sourceUrls": [
      "https://stockanalysis.com/quote/hkg/2533/market-cap/",
      "https://ycharts.com/indicators/us_dollar_to_hong_kong_dollar_exchange_rate"
    ]
  },
  {
    "id": "bytedance",
    "name": "ByteDance",
    "location": "Beijing, China",
    "employees": "150000+",
    "founded": 2012,
    "valuation": "$550B",
    "marketCap": "Not disclosed",
    "valuationUpdated": "2026-10-01",
    "totalFunding": "Private",
    "stage": "Late",
    "category": "Tech Giant",
    "description": "ByteDance runs consumer, model, developer, creative, and advertising AI surfaces across Doubao, the Seed 2.1 model family, Coze, Jimeng, TRAE, CapCut, TikTok Symphony, and Volcano Engine Ark.",
    "founder": {
      "name": "Zhang Yiming",
      "title": "Founder"
    },
    "website": "https://bytedance.com",
    "products": [
      {
        "name": "Doubao",
        "description": "ByteDance AI assistant and model-facing consumer app.",
        "link": "https://www.doubao.com/",
        "nativeName": "豆包"
      },
      {
        "name": "Volcano Engine Ark",
        "description": "ByteDance cloud model service and agent platform for Doubao Seed and other models.",
        "link": "https://www.volcengine.com/product/ark"
      },
      {
        "name": "Doubao Seed",
        "description": "Enterprise model family spanning Seed 2.1 and the SeedRealtime audio-visual model.",
        "link": "https://seed.bytedance.com/en/models?view_from=homepage_tab"
      },
      {
        "name": "Coze",
        "description": "AI agent and bot-building platform.",
        "link": "https://www.coze.com/"
      },
      {
        "name": "TRAE",
        "description": "AI software-building family spanning the TRAE IDE and TRAE Work agent workspace.",
        "link": "https://www.trae.ai/"
      },
      {
        "name": "Jimeng",
        "description": "Image and video generation product from ByteDance/Jianying.",
        "link": "https://jimeng.jianying.com/",
        "nativeName": "即梦"
      },
      {
        "name": "CapCut AI",
        "description": "AI video creation and editing tools in CapCut.",
        "link": "https://www.capcut.com/tools/ai-video"
      },
      {
        "name": "TikTok Symphony",
        "description": "AI creative suite for advertisers on TikTok.",
        "link": "https://ads.tiktok.com/business/en-US/products/creative-page/tiktok-symphony"
      }
    ],
    "competitors": [
      "Baidu",
      "Alibaba",
      "Tencent"
    ],
    "nativeName": "字节跳动",
    "sourceUrls": [
      "https://www.doubao.com/",
      "https://www.coze.com/",
      "https://www.trae.ai/",
      "https://www.trae.ai/blog/trae_2025_yearly_review",
      "https://jimeng.jianying.com/",
      "https://www.volcengine.com/product/ark",
      "https://seed.bytedance.com/en/models?view_from=homepage_tab",
      "https://www.businessinsider.com/fidelity-valuation-tiktok-parent-bytedance-2025-9",
      "https://www.marketscreener.com/news/bytedance-valued-at-550-billion-in-proposed-share-sale-by-general-atlantic-sources-say-ce7e5cdbda80f724"
    ],
    "valuationBasis": "secondary-mark",
    "valuationAsOf": "2026-02-25",
    "valuationSourceUrl": "https://www.marketscreener.com/news/bytedance-valued-at-550-billion-in-proposed-share-sale-by-general-atlantic-sources-say-ce7e5cdbda80f724",
    "valuationNote": {
      "en": "Reuters reported General Atlantic's investor mark and proposed secondary sale, not a confirmed completed round or public market cap. It differs from the earlier $330B employee buyback.",
      "ko": "로이터가 보도한 General Atlantic의 평가액과 구주 매각 제안 기준입니다. 완료가 확인된 투자 라운드나 시가총액이 아니며, 이전 3,300억 달러 직원 주식 환매 기준과 다릅니다."
    }
  },
  {
    "id": "cambricon",
    "name": "Cambricon",
    "location": "China",
    "employees": "Not disclosed",
    "founded": 2016,
    "valuation": "Public (STAR: 688256)",
    "marketCap": "$94.57B (CNY 633.92B)",
    "totalFunding": "$600M+ (pre-IPO); STAR Market IPO 2020",
    "stage": "Public",
    "category": "AI Hardware",
    "description": "Chinese AI chip company listed on Shanghai STAR Market (688256, IPO 2020). Designs NPU architectures for cloud inference and edge AI. Products include Cambricon MLU series server accelerators and Cambricon edge chips. Academic spinout from Chinese Academy of Sciences; pioneered deep-learning NPU research in China.",
    "founder": {
      "name": "Chen Tianshi, Chen Yunji",
      "title": "Co-founders"
    },
    "website": "https://cambricon.com",
    "products": [
      {
        "name": "Cambricon Cloud AI Chip",
        "description": "Physical AI, robotics, chip, or autonomous-system product where model capability is coupled to hardware, sensors, or operational environments.",
        "link": "https://cambricon.com"
      },
      {
        "name": "Cambricon MLU",
        "description": "Cambricon's datacentre AI accelerators and Neuware toolchain",
        "link": "https://cambricon.com"
      }
    ],
    "competitors": [],
    "whyItMatters": "China's first publicly listed AI chipmaker: Cambricon's STAR Market listing and CAS pedigree give it symbolic national-champion status in China's AI semiconductor independence drive.",
    "valuationUpdated": "2026-10-01",
    "valuationBasis": "market-cap",
    "valuationAsOf": "2026-09-30",
    "valuationSourceUrl": "https://stockanalysis.com/quote/sha/688256/market-cap/",
    "valuationNote": {
      "en": "Approximate USD equivalent using September 30, 2026 reference FX; the original-currency value and its observation date are retained. This is a snapshot, not a live quote.",
      "ko": "2026년 9월 30일 참고 환율로 환산한 달러 근사치입니다. 원화폐 금액과 해당 기준일을 함께 보존합니다. 실시간 시세가 아닙니다."
    },
    "sourceUrls": [
      "https://stockanalysis.com/quote/sha/688256/market-cap/",
      "https://wise.com/us/currency-converter/usd-to-cny-rate/history/30-09-2026"
    ]
  },
  {
    "id": "deepseek",
    "name": "DeepSeek",
    "location": "Hangzhou, China",
    "employees": "200+",
    "founded": 2023,
    "valuation": "Not disclosed",
    "marketCap": "Not disclosed",
    "totalFunding": "$7.4B reported round",
    "stage": "Late",
    "category": "Foundation Models",
    "description": "Chinese frontier-model lab behind the DeepSeek V4 and R1 families. V4 Pro reached general availability in August 2026 with app, web, API, flexible-reasoning, and Responses API support.",
    "founder": {
      "name": "Liang Wenfeng",
      "title": "Founder"
    },
    "website": "https://www.deepseek.com",
    "products": [
      {
        "name": "DeepSeek",
        "description": "Frontier open-weight model family currently led by V4 Pro and V4 Flash.",
        "link": "https://www.deepseek.com",
        "nativeName": "深度求索"
      },
      {
        "name": "DeepSeek API",
        "description": "Developer platform for integrating current DeepSeek models.",
        "link": "https://platform.deepseek.com"
      }
    ],
    "competitors": [
      "Moonshot AI",
      "Zhipu AI",
      "01.AI"
    ],
    "nativeName": "深度求索",
    "valuationUpdated": "2026-10-01",
    "sourceUrls": [
      "https://www.axios.com/2026/06/03/china-deepseek-billion",
      "https://www.deepseek.com/",
      "https://api-docs.deepseek.com/news/news260813/",
      "https://www.theinformation.com/briefings/deepseek-aims-close-7-5-billion-funding-round-end-october"
    ],
    "fundingRounds": [
      {
        "date": "2026-06",
        "round": "Growth (reported)",
        "amount": "$7B+",
        "sourceUrl": "https://www.theinformation.com/articles/deepseek-closes-record-7-billion-plus-funding-unusual-deal-structure/"
      }
    ],
    "valuationBasis": "undisclosed",
    "valuationSourceUrl": "https://www.theinformation.com/briefings/deepseek-aims-close-7-5-billion-funding-round-end-october",
    "valuationNote": {
      "en": "Current completed-round valuation could not be reconciled across sources. September reporting describes an October fundraising target; do not treat it as a closed deal.",
      "ko": "출처 간 차이로 현재 완료된 투자 라운드의 기업가치를 확인하지 못했습니다. 9월 보도는 10월 투자 유치 목표이며, 완료된 거래로 간주하지 않습니다."
    }
  },
  {
    "id": "dingtalk",
    "name": "DingTalk",
    "location": "China",
    "employees": "Not disclosed",
    "founded": 2014,
    "valuation": "Not disclosed",
    "marketCap": "Not disclosed",
    "totalFunding": "Not disclosed",
    "stage": "Private",
    "category": "Enterprise Productivity AI",
    "description": "Alibaba's enterprise collaboration platform serving 700M+ registered users across messaging, video conferencing, OA workflows, and mini-apps. DingTalk AI Assistant integrates Qwen LLM for meeting summaries, document drafting, and intelligent scheduling. Dominant in Chinese corporate and government markets. Subsidiary of Alibaba Group.",
    "founder": {
      "name": "Not disclosed",
      "title": "Leadership"
    },
    "website": "https://dingtalk.com",
    "products": [
      {
        "name": "DingTalk Meeting AI",
        "description": "Alibaba workplace productivity AI",
        "link": "https://dingtalk.com"
      },
      {
        "name": "DingTalk AI",
        "description": "AI across Alibaba's DingTalk workplace suite",
        "link": "https://dingtalk.com"
      }
    ],
    "competitors": [],
    "whyItMatters": "Alibaba's AI enterprise distribution channel: DingTalk's 700M user base gives Qwen-powered AI features instant enterprise reach that no standalone enterprise AI startup can match in China."
  },
  {
    "id": "feishu",
    "name": "Feishu",
    "location": "China",
    "employees": "Not disclosed",
    "founded": 2016,
    "valuation": "Not disclosed",
    "marketCap": "Not disclosed",
    "totalFunding": "Not disclosed",
    "stage": "Private",
    "category": "Enterprise Productivity AI",
    "description": "ByteDance's enterprise collaboration platform (marketed as Lark outside China). Covers messaging, docs, calendar, video, and project management. Feishu My AI integrates ByteDance's Doubao model for AI summarization, writing assistance, and task automation. Competes with DingTalk and Microsoft Teams in Chinese enterprises. Subsidiary of ByteDance.",
    "founder": {
      "name": "Not disclosed",
      "title": "Leadership"
    },
    "website": "https://feishu.cn",
    "products": [
      {
        "name": "Feishu Meetings AI",
        "description": "ByteDance workplace productivity AI",
        "link": "https://feishu.cn"
      },
      {
        "name": "Lark Base AI",
        "description": "ByteDance workplace productivity AI",
        "link": "https://feishu.cn"
      },
      {
        "name": "Feishu AI",
        "description": "AI across ByteDance's Feishu/Lark workplace suite",
        "link": "https://feishu.cn"
      }
    ],
    "competitors": [],
    "whyItMatters": "ByteDance's enterprise AI delivery surface: Feishu/Lark positions ByteDance's Doubao model inside corporate workflows, converting ByteDance's consumer AI strength into enterprise SaaS penetration."
  },
  {
    "id": "geekplus",
    "name": "Geekplus",
    "location": "China",
    "employees": "Not disclosed",
    "founded": 2015,
    "valuation": "Public (HKEX: 2590, listed Jul 2025)",
    "marketCap": "$1.23B (HK$9.67B)",
    "totalFunding": "$500M+",
    "stage": "Public",
    "category": "Physical AI",
    "description": "Chinese warehouse robotics company deploying autonomous mobile robots (AMRs) for logistics and e-commerce fulfillment. Systems include goods-to-person shelf robots, sorting AMRs, and AI-orchestrated fleet management software. Deployed in 700+ warehouses globally for Zara, DHL, and JD Logistics. Backed by Warburg Pincus and Vertex Growth.",
    "founder": {
      "name": "Zhong Kai",
      "title": "CEO & Founder"
    },
    "website": "https://geekplus.com",
    "products": [
      {
        "name": "Geekplus Sorting Robots",
        "description": "Physical AI, robotics, chip, or autonomous-system product where model capability is coupled to hardware, sensors, or operational environments.",
        "link": "https://geekplus.com"
      },
      {
        "name": "Geek+ Warehouse Robotics",
        "description": "Autonomous mobile robots and orchestration for warehouse fulfilment",
        "link": "https://geekplus.com"
      }
    ],
    "competitors": [],
    "whyItMatters": "Global AMR deployment at scale: Geekplus's 700+ live warehouse deployments across Europe, US, and Asia give it operational telemetry for AI route optimization that paper-spec competitors lack.",
    "valuationUpdated": "2026-10-01",
    "fundingRounds": [
      {
        "date": "2025-07",
        "round": "IPO",
        "amount": "~HK$2.71B (HKEX 2590)",
        "sourceUrl": "https://www.geekplus.com/resources/news/geekplus-lists-on-hkex-main-board-pioneering-the-global-smart-logistics-transformation-with-robotics"
      }
    ],
    "valuationBasis": "market-cap",
    "valuationAsOf": "2026-09-30",
    "valuationSourceUrl": "https://stockanalysis.com/quote/hkg/2590/market-cap/",
    "valuationNote": {
      "en": "Approximate USD equivalent using September 30, 2026 reference FX; the original-currency value and its observation date are retained. This is a snapshot, not a live quote.",
      "ko": "2026년 9월 30일 참고 환율로 환산한 달러 근사치입니다. 원화폐 금액과 해당 기준일을 함께 보존합니다. 실시간 시세가 아닙니다."
    },
    "sourceUrls": [
      "https://stockanalysis.com/quote/hkg/2590/market-cap/",
      "https://ycharts.com/indicators/us_dollar_to_hong_kong_dollar_exchange_rate"
    ]
  },
  {
    "id": "gestala",
    "name": "Gestala",
    "location": "Beijing, China",
    "employees": "35+",
    "founded": 2026,
    "valuation": "Not disclosed",
    "marketCap": "Not disclosed",
    "valuationUpdated": "2026-10-01",
    "totalFunding": "$84M (two rounds, Aug 2026)",
    "stage": "Seed",
    "category": "Neural Interfaces",
    "description": "Non-invasive ultrasound brain-computer interface startup founded by Phoenix Peng. The company disclosed approximately $84M across two financing rounds in August 2026; it did not disclose a current valuation.",
    "founder": {
      "name": "Phoenix Peng",
      "title": "CEO & Founder"
    },
    "website": "https://gestala.ai",
    "products": [
      {
        "name": "Ultrasound Neural Interface",
        "description": "Non-invasive ultrasound-based BCI platform",
        "link": "https://gestala.ai"
      }
    ],
    "competitors": [
      "Neuralink",
      "Merge Labs",
      "SYNAPSE"
    ],
    "valuationBasis": "undisclosed",
    "valuationSourceUrl": "https://en.prnasia.com/releases/global/china-s-bci-race-accelerates-gestala-raises-us-84-million-in-six-months-545264.shtml",
    "valuationNote": {
      "en": "August company disclosure confirms approximately $84M raised across two rounds, without a valuation. Removed the unsupported $150M point estimate.",
      "ko": "8월 회사 발표는 두 차례에 걸친 약 8,400만 달러 투자 유치를 확인하지만 기업가치는 공개하지 않았습니다. 근거 없는 1억 5,000만 달러 단일 추정치를 제거했습니다."
    },
    "sourceUrls": [
      "https://en.prnasia.com/releases/global/china-s-bci-race-accelerates-gestala-raises-us-84-million-in-six-months-545264.shtml"
    ]
  },
  {
    "id": "horizon-robotics",
    "name": "Horizon Robotics",
    "location": "Beijing, China",
    "employees": "2000+",
    "founded": 2015,
    "valuation": "Public (HKEX: 9660)",
    "marketCap": "$7.64B (HK$59.96B)",
    "totalFunding": "$2B+",
    "stage": "Public",
    "category": "Autonomous Driving",
    "description": "China's leading automotive AI chip company. Journey chips power major EV brands.",
    "founder": {
      "name": "Yu Kai",
      "title": "CEO"
    },
    "website": "https://www.horizon.auto/en",
    "products": [
      {
        "name": "Horizon Mono",
        "description": "Self-driving platform",
        "link": "https://www.horizon.auto/en"
      },
      {
        "name": "Horizon SuperDrive",
        "description": "Physical AI, robotics, chip, or autonomous-system product where model capability is coupled to hardware, sensors, or operational environments.",
        "link": "https://horizon.cc"
      }
    ],
    "competitors": [
      "NVIDIA",
      "Mobileye",
      "Huawei"
    ],
    "valuationUpdated": "2026-10-01",
    "valuationBasis": "market-cap",
    "valuationAsOf": "2026-09-28",
    "valuationSourceUrl": "https://stockanalysis.com/quote/hkg/9660/market-cap/",
    "valuationNote": {
      "en": "Approximate USD equivalent using September 30, 2026 reference FX; the original-currency value and its observation date are retained. This is a snapshot, not a live quote.",
      "ko": "2026년 9월 30일 참고 환율로 환산한 달러 근사치입니다. 원화폐 금액과 해당 기준일을 함께 보존합니다. 실시간 시세가 아닙니다."
    },
    "sourceUrls": [
      "https://stockanalysis.com/quote/hkg/9660/market-cap/",
      "https://ycharts.com/indicators/us_dollar_to_hong_kong_dollar_exchange_rate"
    ]
  },
  {
    "id": "huawei",
    "name": "Huawei",
    "location": "China",
    "employees": "Not disclosed",
    "founded": 1987,
    "valuation": "Not disclosed",
    "marketCap": "Not disclosed",
    "totalFunding": "Private (annual revenue ~$99B)",
    "stage": "Private",
    "category": "AI Hardware",
    "description": "Chinese technology conglomerate and the world's largest telecommunications equipment manufacturer. AI products include Pangu LLM series for enterprise and scientific AI, Ascend AI chips competing with NVIDIA A100/H100, HarmonyOS for device AI, and ModelArts ML platform. Revenue ~$99B (2023). Privately held; majority employee-owned.",
    "founder": {
      "name": "Ren Zhengfei",
      "title": "CEO & Founder"
    },
    "website": "https://huawei.com",
    "products": [
      {
        "name": "Ascend 910C",
        "description": "Physical AI, robotics, chip, or autonomous-system product where model capability is coupled to hardware, sensors, or operational environments.",
        "link": "https://huawei.com"
      },
      {
        "name": "CANN",
        "description": "Physical AI, robotics, chip, or autonomous-system product where model capability is coupled to hardware, sensors, or operational environments.",
        "link": "https://huawei.com"
      },
      {
        "name": "MindSpore",
        "description": "Physical AI, robotics, chip, or autonomous-system product where model capability is coupled to hardware, sensors, or operational environments.",
        "link": "https://huawei.com"
      },
      {
        "name": "Atlas AI Computing Platform",
        "description": "Physical AI, robotics, chip, or autonomous-system product where model capability is coupled to hardware, sensors, or operational environments.",
        "link": "https://huawei.com"
      },
      {
        "name": "Ascend 910",
        "description": "Huawei's Ascend 910 AI training and inference accelerator series",
        "link": "https://e.huawei.com/en/products/computing/ascend"
      }
    ],
    "competitors": [],
    "nativeName": "华为",
    "whyItMatters": "China's full-stack AI alternative to the US ecosystem: Huawei controls the chip (Ascend), OS (HarmonyOS), cloud (Huawei Cloud), and model (Pangu) layers, making it the only non-US company with credible end-to-end AI infrastructure."
  },
  {
    "id": "iflytek",
    "name": "iFlytek",
    "location": "Hefei, China",
    "employees": "15000+",
    "founded": 1999,
    "valuation": "Public (Shenzhen)",
    "marketCap": "$13.80B",
    "totalFunding": "Public",
    "stage": "Public",
    "category": "Speech AI",
    "description": "China's leading voice AI company. Powers 80% of Chinese voice assistants and translation.",
    "founder": {
      "name": "Liu Qingfeng",
      "title": "Chairman"
    },
    "website": "https://iflytek.com",
    "products": [
      {
        "name": "iFlytek Spark",
        "description": "Chinese LLM",
        "link": "https://xinghuo.xfyun.cn",
        "nativeName": "讯飞星火"
      },
      {
        "name": "iFlytek Voice",
        "description": "Speech recognition",
        "link": "https://iflytek.com"
      },
      {
        "name": "SparkDesk",
        "description": "Chinese speech, education, and language AI platform",
        "link": "https://iflytek.com"
      },
      {
        "name": "iFlytek AI Learning Machine",
        "description": "Chinese speech, education, and language AI platform",
        "link": "https://iflytek.com"
      },
      {
        "name": "iFlytek Translator",
        "description": "Chinese speech, education, and language AI platform",
        "link": "https://iflytek.com"
      },
      {
        "name": "iFlytek Voice Cloud",
        "description": "Chinese speech, education, and language AI platform",
        "link": "https://iflytek.com"
      }
    ],
    "competitors": [
      "Baidu",
      "Alibaba",
      "Tencent"
    ],
    "nativeName": "科大讯飞",
    "valuationUpdated": "2026-10-01",
    "sourceUrls": [
      "https://companiesmarketcap.com/iflytek/marketcap/"
    ],
    "valuationBasis": "market-cap",
    "valuationAsOf": "2026-09",
    "valuationSourceUrl": "https://companiesmarketcap.com/iflytek/marketcap/"
  },
  {
    "id": "jd-com",
    "name": "JD.com",
    "location": "China",
    "employees": "Not disclosed",
    "founded": 1998,
    "valuation": "Public (NASDAQ: JD)",
    "marketCap": "$35.76B",
    "totalFunding": "Public",
    "stage": "Public",
    "category": "Commerce AI",
    "description": "Major Chinese e-commerce company (NASDAQ: JD; HKEX: 9618) operating JD.com marketplace, JD Logistics, and JD Health. AI products include JoyAgent (built on the Yanxi AI assistant), JD Retail AI for search/recommendation, and JD Logistics AI for warehouse automation and last-mile routing.",
    "founder": {
      "name": "Liu Qiangdong",
      "title": "CEO & Founder"
    },
    "website": "https://jdcom.com",
    "products": [
      {
        "name": "JD JoyAgent",
        "description": "Open enterprise-agent architecture from JD Cloud/JoyAI.",
        "link": "https://arxiv.org/abs/2510.00510"
      },
      {
        "name": "JD Yanxi / ChatRhino",
        "description": "JD enterprise LLM family for retail, logistics, finance, health, and city workflows.",
        "link": "https://jd.com"
      }
    ],
    "competitors": [],
    "sourceUrls": [
      "https://en.wikipedia.org/wiki/JD.com",
      "https://arxiv.org/abs/2510.00510",
      "https://stockanalysis.com/stocks/jd/market-cap/"
    ],
    "whyItMatters": "E-commerce AI with proprietary logistics data: JD's first-party logistics network generates fulfillment and demand-signal data that third-party marketplace operators cannot access, giving its AI forecasting a structural edge.",
    "valuationUpdated": "2026-10-01",
    "valuationBasis": "market-cap",
    "valuationAsOf": "2026-09-30",
    "valuationSourceUrl": "https://stockanalysis.com/stocks/jd/market-cap/"
  },
  {
    "id": "kuaishou",
    "name": "Kuaishou",
    "location": "Beijing, China",
    "employees": "30000+",
    "founded": 2011,
    "valuation": "Public (HKEX: 1024)",
    "marketCap": "$16.83B",
    "valuationUpdated": "2026-10-01",
    "totalFunding": "Public",
    "stage": "Public",
    "category": "Tech Giant",
    "description": "Kuaishou operates Kling for AI video generation and Kolors for image generation, alongside AI features in its short-video ecosystem.",
    "founder": {
      "name": "Su Hua",
      "title": "CEO"
    },
    "website": "https://kuaishou.com",
    "products": [
      {
        "name": "Kling",
        "description": "AI video-generation product from Kuaishou.",
        "link": "https://klingai.com/",
        "nativeName": "可灵"
      },
      {
        "name": "Kolors",
        "description": "Kuaishou open image-generation model family.",
        "link": "https://huggingface.co/Kwai-Kolors/Kolors"
      }
    ],
    "competitors": [
      "Runway",
      "Pika",
      "ByteDance"
    ],
    "nativeName": "快手",
    "sourceUrls": [
      "https://companiesmarketcap.com/kuaishou-technology/marketcap/",
      "https://klingai.com/",
      "https://huggingface.co/Kwai-Kolors/Kolors"
    ],
    "valuationBasis": "market-cap",
    "valuationAsOf": "2026-09",
    "valuationSourceUrl": "https://companiesmarketcap.com/kuaishou-technology/marketcap/"
  },
  {
    "id": "megvii",
    "name": "Megvii (Face++)",
    "location": "Beijing, China",
    "employees": "2000+",
    "founded": 2011,
    "valuation": "Not disclosed",
    "marketCap": "Not disclosed",
    "totalFunding": "$1.4B",
    "stage": "Late",
    "category": "Computer Vision",
    "description": "Face recognition pioneer. Powers Alipay and smart city surveillance systems. Megvii withdrew its STAR Market IPO application in December 2024 after its HKEX application lapsed; no current public valuation is disclosed.",
    "founder": {
      "name": "Yin Qi",
      "title": "CEO"
    },
    "website": "https://megvii.com",
    "products": [
      {
        "name": "Face++",
        "description": "Facial recognition API",
        "link": "https://faceplusplus.com"
      },
      {
        "name": "Brain++",
        "description": "AI development platform",
        "link": "https://megvii.com"
      }
    ],
    "competitors": [
      "SenseTime",
      "Cloudwalk",
      "Yitu"
    ],
    "valuationUpdated": "2026-07-05"
  },
  {
    "id": "meitu",
    "name": "Meitu",
    "location": "China",
    "employees": "Not disclosed",
    "founded": 2008,
    "valuation": "Public (HKEX: 1357)",
    "marketCap": "$2.20B (HK$17.24B)",
    "totalFunding": "Public",
    "stage": "Public",
    "category": "Creative AI",
    "description": "Chinese photo and beauty AI app company listed on HKEX (1357). Products include Meitu Photo Editor, WHEE AI image generation, and MiracleVision multimodal model. 800M+ registered users of Meitu apps globally. Pivoting from consumer photo-editing to AI image generation and creator tools.",
    "founder": {
      "name": "Wu Xinhong",
      "title": "CEO & Founder"
    },
    "website": "https://meitu.com",
    "products": [
      {
        "name": "WHEE",
        "description": "Meitu AI image creation product.",
        "link": "https://www.whee.com/"
      },
      {
        "name": "Meitu AI",
        "description": "Meitu's imaging and video AI across photo, video and design",
        "link": "https://meitu.com"
      }
    ],
    "competitors": [],
    "nativeName": "美图",
    "sourceUrls": [
      "https://www.whee.com/",
      "https://stockanalysis.com/quote/hkg/1357/market-cap/",
      "https://ycharts.com/indicators/us_dollar_to_hong_kong_dollar_exchange_rate"
    ],
    "whyItMatters": "Consumer AI image generation at scale with an existing 800M user base: Meitu's installed consumer audience gives WHEE and MiracleVision a distribution advantage over standalone AI image startups.",
    "valuationUpdated": "2026-10-01",
    "valuationBasis": "market-cap",
    "valuationAsOf": "2026-09-30",
    "valuationSourceUrl": "https://stockanalysis.com/quote/hkg/1357/market-cap/",
    "valuationNote": {
      "en": "Approximate USD equivalent using September 30, 2026 reference FX; the original-currency value and its observation date are retained. This is a snapshot, not a live quote.",
      "ko": "2026년 9월 30일 참고 환율로 환산한 달러 근사치입니다. 원화폐 금액과 해당 기준일을 함께 보존합니다. 실시간 시세가 아닙니다."
    }
  },
  {
    "id": "meituan",
    "name": "Meituan",
    "location": "China",
    "employees": "Not disclosed",
    "founded": "Not disclosed",
    "valuation": "Public (HKEX: 3690)",
    "marketCap": "$55.42B (HK$434.81B)",
    "totalFunding": "Not disclosed",
    "stage": "Public",
    "category": "Commerce AI",
    "description": "Meituan now has a sourceable AI surface around LongCat, including open LongCat models and AI agents for commerce workflows such as Xiaomei.",
    "founder": {
      "name": "Not disclosed",
      "title": "Leadership"
    },
    "website": "https://meituan.com",
    "products": [
      {
        "name": "LongCat",
        "description": "Meituan foundation-model family for agentic and multimodal workloads.",
        "link": "https://longcat.ai/"
      },
      {
        "name": "Xiaomei",
        "description": "Meituan AI agent for food-delivery and hotel-booking workflows.",
        "link": "https://meituan.com"
      }
    ],
    "competitors": [],
    "sourceUrls": [
      "https://longcat.ai/",
      "https://en.wikipedia.org/wiki/LongCat",
      "https://stockanalysis.com/quote/hkg/3690/market-cap/",
      "https://ycharts.com/indicators/us_dollar_to_hong_kong_dollar_exchange_rate"
    ],
    "valuationUpdated": "2026-10-01",
    "valuationBasis": "market-cap",
    "valuationAsOf": "2026-09-29",
    "valuationSourceUrl": "https://stockanalysis.com/quote/hkg/3690/market-cap/",
    "valuationNote": {
      "en": "Approximate USD equivalent using September 30, 2026 reference FX; the original-currency value and its observation date are retained. This is a snapshot, not a live quote.",
      "ko": "2026년 9월 30일 참고 환율로 환산한 달러 근사치입니다. 원화폐 금액과 해당 기준일을 함께 보존합니다. 실시간 시세가 아닙니다."
    }
  },
  {
    "id": "minimax",
    "name": "Minimax",
    "location": "Shanghai, China",
    "employees": "400+",
    "founded": 2021,
    "valuation": "Public (HKEX: 0100, listed Jan 2026)",
    "marketCap": "$11.14B (HK$87.38B)",
    "valuationUpdated": "2026-10-01",
    "totalFunding": "Public",
    "stage": "Public",
    "category": "Foundation Models",
    "description": "Chinese general-AI company with public-market reporting after its Hong Kong listing. Current surfaces include the MiniMax M model family, Hailuo video, Speech, Music 3.0, MiniMax Code, Talkie, and developer APIs.",
    "founder": {
      "name": "Yan Junjie",
      "title": "CEO"
    },
    "website": "https://www.minimax.io/",
    "products": [
      {
        "name": "MiniMax H3",
        "description": "Open omni-modal video model with native stereo audio and up to 2K output.",
        "link": "https://platform.minimax.io/subscribe/token-plan?tab=api-enterprise"
      },
      {
        "name": "Hailuo",
        "description": "MiniMax video-generation product family.",
        "link": "https://hailuoai.video/"
      },
      {
        "name": "MiniMax Speech",
        "description": "Speech model and audio product line.",
        "link": "https://www.minimax.io/audio/music"
      },
      {
        "name": "MiniMax Music",
        "description": "Music-generation product line.",
        "link": "https://www.minimax.io/"
      },
      {
        "name": "MiniMax Code",
        "description": "Coding harness built for MiniMax models.",
        "link": "https://code.minimax.io/"
      },
      {
        "name": "Talkie",
        "description": "AI companion and character product.",
        "link": "https://www.talkie-ai.com/"
      },
      {
        "name": "MiniMax M",
        "description": "MiniMax's M-series reasoning and agentic model family",
        "link": "https://www.minimax.io/"
      }
    ],
    "competitors": [
      "Character AI",
      "Zhipu AI",
      "Moonshot AI"
    ],
    "sourceUrls": [
      "https://www.minimax.io/",
      "https://platform.minimax.io/docs/release-notes/models",
      "https://ir.minimax.io/",
      "https://www.minimax.io/news/minimax-h3-open-source",
      "https://www.wsj.com/finance/stocks/chinese-ai-firm-minimax-more-than-doubles-revenue-in-first-post-ipo-results-64498f3d",
      "https://stockanalysis.com/quote/hkg/0100/market-cap/",
      "https://ycharts.com/indicators/us_dollar_to_hong_kong_dollar_exchange_rate"
    ],
    "fundingRounds": [
      {
        "date": "2026-01",
        "round": "IPO",
        "amount": "~$620M (HKEX 0100)",
        "sourceUrl": "https://stockanalysis.com/quote/hkg/0100/"
      }
    ],
    "valuationBasis": "market-cap",
    "valuationAsOf": "2026-09-30",
    "valuationSourceUrl": "https://stockanalysis.com/quote/hkg/0100/market-cap/",
    "valuationNote": {
      "en": "Approximate USD equivalent using September 30, 2026 reference FX; the original-currency value and its observation date are retained. This is a snapshot, not a live quote.",
      "ko": "2026년 9월 30일 참고 환율로 환산한 달러 근사치입니다. 원화폐 금액과 해당 기준일을 함께 보존합니다. 실시간 시세가 아닙니다."
    }
  },
  {
    "id": "modelbest",
    "name": "ModelBest",
    "location": "China",
    "employees": "Not disclosed",
    "founded": "Not disclosed",
    "valuation": "Not disclosed",
    "marketCap": "Not disclosed",
    "totalFunding": "Not disclosed",
    "stage": "Private",
    "category": "Foundation Models",
    "description": "ModelBest develops the MiniCPM family of efficient language, vision, audio, and omni-modal models for on-device and edge deployment.",
    "founder": {
      "name": "Not disclosed",
      "title": "Leadership"
    },
    "website": "https://modelbest.cn",
    "products": [
      {
        "name": "MiniCPM",
        "description": "Efficient on-device model family spanning language, vision, audio, video, and omni-modal workloads.",
        "link": "https://modelbest.cn/en/"
      }
    ],
    "competitors": [],
    "sourceUrls": [
      "https://modelbest.cn/en/",
      "https://github.com/OpenBMB/MiniCPM",
      "https://github.com/OpenBMB/MiniCPM-V"
    ]
  },
  {
    "id": "moonshot-ai",
    "name": "Moonshot AI (Kimi)",
    "location": "Beijing, China",
    "employees": "300+",
    "founded": 2023,
    "valuation": "$35B",
    "marketCap": "Not disclosed",
    "valuationUpdated": "2026-10-01",
    "totalFunding": "$3.5B+ (incl. $2B May 2026 round)",
    "stage": "Series C",
    "category": "Foundation Models",
    "description": "Chinese AI company behind Kimi and its open-weight K-series models. Kimi K3 is the current 2.8T-parameter multimodal generation, available through Kimi, Kimi Work, Kimi Code, the API, and open weights.",
    "founder": {
      "name": "Yang Zhilin",
      "title": "CEO"
    },
    "website": "https://www.moonshot.ai/",
    "products": [
      {
        "name": "Kimi",
        "description": "AI assistant and open-weight model family currently centered on Kimi K3 for coding, agents, vision, and long-context work.",
        "link": "https://www.kimi.com/",
        "nativeName": "Kimi 智能助手"
      },
      {
        "name": "Kimi Platform",
        "description": "Moonshot developer API platform for Kimi models.",
        "link": "https://platform.kimi.ai/"
      }
    ],
    "competitors": [
      "DeepSeek",
      "Zhipu AI",
      "Baichuan AI"
    ],
    "sourceUrls": [
      "https://www.kimi.com/",
      "https://platform.kimi.ai/",
      "https://www.kimi.com/en/blog/kimi-k3",
      "https://www.kimi.com/news/kimi-k3-open-source",
      "https://m.economictimes.com/tech/artificial-intelligence/moonshot-ai-closes-3-5-billion-funding-round-to-hit-35-billion-valuation/amp_articleshow/132710806.cms"
    ],
    "fundingRounds": [
      {
        "date": "2026-07",
        "round": "Growth (reported closed)",
        "amount": "$3.5B",
        "valuation": "$35B",
        "sourceUrl": "https://m.economictimes.com/tech/artificial-intelligence/moonshot-ai-closes-3-5-billion-funding-round-to-hit-35-billion-valuation/amp_articleshow/132710806.cms"
      },
      {
        "date": "2026-05",
        "round": "Growth",
        "amount": "$2B",
        "valuation": "$20B",
        "sourceUrl": "https://techcrunch.com/2026/05/07/chinas-moonshot-ai-raises-2b-at-20b-valuation-as-demand-for-open-source-ai-skyrockets/"
      }
    ],
    "valuationBasis": "reported-round",
    "valuationAsOf": "2026-07-29",
    "valuationSourceUrl": "https://m.economictimes.com/tech/artificial-intelligence/moonshot-ai-closes-3-5-billion-funding-round-to-hit-35-billion-valuation/amp_articleshow/132710806.cms",
    "valuationNote": {
      "en": "Bloomberg reported a closed $3.5B round at $35B. The separate $50B pre-money fundraising target is not a completed valuation.",
      "ko": "블룸버그가 보도한 35억 달러 투자 유치 완료 기준 기업가치입니다. 별도의 500억 달러 프리머니 목표는 완료된 거래가 아닙니다."
    }
  },
  {
    "id": "pinduoduo",
    "name": "Pinduoduo",
    "location": "China",
    "employees": "Not disclosed",
    "founded": 2015,
    "valuation": "Public (NASDAQ: PDD)",
    "marketCap": "$110.94B",
    "totalFunding": "Public",
    "stage": "Public",
    "category": "Commerce AI",
    "description": "Chinese e-commerce giant (NASDAQ: PDD) operating Pinduoduo marketplace in China and Temu globally. AI powers product recommendation, group-buying optimization, live-commerce matching, and supply-chain demand forecasting. Temu's global expansion to 70+ countries makes PDD the world's fastest-growing cross-border e-commerce platform. Revenue ~$35B (2023).",
    "founder": {
      "name": "Huang Zheng (Colin Huang)",
      "title": "Founder; Chairman"
    },
    "website": "https://pinduoduo.com",
    "products": [],
    "competitors": [],
    "whyItMatters": "Global e-commerce AI: Temu's AI-driven cross-border growth from 0 to 70+ countries in two years is one of the most significant AI-powered retail expansions in history, yet the company is systematically underrepresented in AI catalogs.",
    "valuationUpdated": "2026-10-01",
    "valuationBasis": "market-cap",
    "valuationAsOf": "2026-09-30",
    "valuationSourceUrl": "https://stockanalysis.com/stocks/pdd/market-cap/",
    "sourceUrls": [
      "https://stockanalysis.com/stocks/pdd/market-cap/"
    ]
  },
  {
    "id": "sensetime",
    "name": "SenseTime",
    "location": "Hong Kong / Shanghai",
    "employees": "5000+",
    "founded": 2014,
    "valuation": "Public (HKEX)",
    "marketCap": "$6.53B",
    "totalFunding": "$2.6B",
    "stage": "Public",
    "category": "Computer Vision",
    "description": "World's largest AI software company by revenue. Leader in computer vision and smart city AI.",
    "founder": {
      "name": "Xu Li",
      "title": "CEO"
    },
    "website": "https://sensetime.com",
    "products": [
      {
        "name": "SenseCore",
        "description": "AI infrastructure platform",
        "link": "https://sensetime.com"
      },
      {
        "name": "SenseTime Raccoon",
        "description": "Chinese computer vision and foundation AI platform",
        "link": "https://sensetime.com"
      }
    ],
    "competitors": [
      "Megvii",
      "Hikvision",
      "Cloudwalk"
    ],
    "nativeName": "商汤科技",
    "valuationUpdated": "2026-10-01",
    "sourceUrls": [
      "https://companiesmarketcap.com/sensetime/marketcap/"
    ],
    "valuationBasis": "market-cap",
    "valuationAsOf": "2026-09",
    "valuationSourceUrl": "https://companiesmarketcap.com/sensetime/marketcap/"
  },
  {
    "id": "shengshu-technology",
    "name": "Shengshu Technology",
    "location": "China",
    "employees": "Not disclosed",
    "founded": "Not disclosed",
    "valuation": "Not disclosed",
    "marketCap": "Not disclosed",
    "totalFunding": "Not disclosed",
    "stage": "Private",
    "category": "Creative AI",
    "description": "Shengshu Technology develops Vidu, an AI image and video creation suite with text-to-video, image-to-video, reference-to-video, Vidu Q3, Vidu Claw, and API-platform surfaces.",
    "founder": {
      "name": "Not disclosed",
      "title": "Leadership"
    },
    "website": "https://www.vidu.com/",
    "products": [
      {
        "name": "Vidu",
        "description": "All-in-one AI image and video creation platform.",
        "link": "https://www.vidu.com/"
      },
      {
        "name": "Vidu API Platform",
        "description": "Enterprise API platform for Vidu generation workflows.",
        "link": "https://platform.vidu.com/"
      }
    ],
    "competitors": [],
    "sourceUrls": [
      "https://www.vidu.com/"
    ]
  },
  {
    "id": "siliconflow",
    "name": "SiliconFlow",
    "location": "China",
    "employees": "Not disclosed",
    "founded": "Not disclosed",
    "valuation": "Not disclosed",
    "marketCap": "Not disclosed",
    "totalFunding": "Not disclosed",
    "stage": "Private",
    "category": "Developer and AI Infrastructure",
    "description": "Chinese AI capability provider and MaaS platform for hosted model APIs, reserved inference instances, acceleration, and private deployment, with current support for DeepSeek-V4 and GLM-5.1 services.",
    "founder": {
      "name": "Not disclosed",
      "title": "Leadership"
    },
    "website": "https://siliconflow.cn",
    "products": [
      {
        "name": "SiliconFlow MaaS",
        "description": "Model API and MaaS platform for hosted language, speech, image, video, and enterprise deployment workflows.",
        "link": "https://www.siliconflow.cn/"
      },
      {
        "name": "SiliconFlow API Docs",
        "description": "Developer documentation for SiliconFlow model APIs.",
        "link": "https://api-docs.siliconflow.cn/"
      }
    ],
    "competitors": [],
    "sourceUrls": [
      "https://www.siliconflow.cn/",
      "https://api-docs.siliconflow.cn/"
    ]
  },
  {
    "id": "squirrel-ai",
    "name": "Squirrel AI",
    "location": "China",
    "employees": "Not disclosed",
    "founded": 2014,
    "valuation": "Not disclosed",
    "marketCap": "Not disclosed",
    "totalFunding": "$100M+",
    "stage": "Private",
    "category": "Education AI",
    "description": "Chinese adaptive learning AI company using AI-powered personalized tutoring for K-12 students. System maps student knowledge states at concept level and adapts lesson sequences in real time. Deployed in 2,000+ learning centers across China with 2M+ students served. Known for peer-reviewed results showing AI tutoring matching 1-on-1 human instruction.",
    "founder": {
      "name": "Richard Tong",
      "title": "CTO & Co-founder"
    },
    "website": "https://squirrelai.com",
    "products": [
      {
        "name": "Squirrel AI Teacher",
        "description": "Education AI product for tutoring, assessment, lesson creation, learner support, or research acceleration.",
        "link": "https://squirrelai.com"
      },
      {
        "name": "Squirrel AI",
        "description": "Adaptive tutoring system for Chinese K-12 after-school learning",
        "link": "https://squirrelai.com"
      }
    ],
    "competitors": [],
    "whyItMatters": "Mastery-based AI tutoring with published efficacy evidence: Squirrel AI's randomized controlled trial results are among the strongest published evidence for AI delivering learning outcomes comparable to human tutors."
  },
  {
    "id": "stepfun",
    "name": "StepFun",
    "location": "China",
    "employees": "Not disclosed",
    "founded": "Not disclosed",
    "valuation": "Not disclosed",
    "marketCap": "Not disclosed",
    "totalFunding": "Not disclosed",
    "stage": "Private",
    "category": "Foundation Models",
    "description": "Shanghai foundation-model company focused on multimodal Step models, open models, and API access; current public coverage points to Step 3 and Step-3.5-Flash rather than the older Step-1-only positioning.",
    "founder": {
      "name": "Not disclosed",
      "title": "Leadership"
    },
    "website": "https://stepfun.com",
    "products": [
      {
        "name": "Step 3",
        "description": "StepFun multimodal foundation model generation.",
        "link": "https://www.stepfun.com/"
      },
      {
        "name": "StepFun API",
        "description": "Developer access surface for StepFun models.",
        "link": "https://www.stepfun.com/"
      },
      {
        "name": "Step",
        "description": "StepFun's Step foundation-model family",
        "link": "https://www.stepfun.com/"
      }
    ],
    "competitors": [],
    "sourceUrls": [
      "https://www.stepfun.com/",
      "https://huggingface.co/stepfun-ai",
      "https://en.wikipedia.org/wiki/StepFun"
    ]
  },
  {
    "id": "tencent",
    "name": "Tencent",
    "location": "Shenzhen, China",
    "employees": "100000+",
    "founded": 1998,
    "valuation": "Public (HKEX: 0700)",
    "marketCap": "$492.38B",
    "valuationUpdated": "2026-10-01",
    "totalFunding": "Public",
    "stage": "Public",
    "category": "Tech Giant",
    "description": "Tencent combines the Tencent Hy model family (formerly Hunyuan), Yuanbao, CodeBuddy, cloud AI services, and digital-human tools across consumer, developer, and enterprise workflows.",
    "founder": {
      "name": "Ma Huateng",
      "title": "CEO"
    },
    "website": "https://www.tencent.com/en-us/",
    "products": [
      {
        "name": "Tencent Hy",
        "description": "Tencent foundation-model family, currently led by the open-weight Hy4 Preview.",
        "link": "https://hunyuan.tencent.com/",
        "nativeName": "腾讯混元"
      },
      {
        "name": "Yuanbao",
        "description": "Tencent AI assistant based on Hunyuan and other supported models.",
        "link": "https://yuanbao.tencent.com/",
        "nativeName": "元宝"
      },
      {
        "name": "Tencent CodeBuddy",
        "description": "Tencent Cloud AI coding assistant and IDE product.",
        "link": "https://www.codebuddy.ai/"
      },
      {
        "name": "Tencent Cloud TI-ONE",
        "description": "Managed machine-learning and model-development platform for training, evaluation, and deployment.",
        "link": "https://www-sg.tencentcloud.com/document/product/1141/73398"
      },
      {
        "name": "Tencent Cloud AI Digital Human",
        "description": "Interactive digital-human service for real-time conversational avatars.",
        "link": "https://intl.cloud.tencent.com/products/ivh"
      }
    ],
    "competitors": [
      "Baidu",
      "Alibaba",
      "ByteDance"
    ],
    "nativeName": "腾讯",
    "sourceUrls": [
      "https://companiesmarketcap.com/tencent/marketcap/",
      "https://hunyuan.tencent.com/",
      "https://yuanbao.tencent.com/",
      "https://www.codebuddy.ai/",
      "https://www-sg.tencentcloud.com/document/product/1141/73398",
      "https://intl.cloud.tencent.com/products/ivh",
      "https://www.tencent.com/tencent-releases-and-open-sources-tencent-hy4-preview/"
    ],
    "valuationBasis": "market-cap",
    "valuationAsOf": "2026-09",
    "valuationSourceUrl": "https://companiesmarketcap.com/tencent/marketcap/"
  },
  {
    "id": "ubtech",
    "name": "UBTech",
    "location": "China",
    "employees": "Not disclosed",
    "founded": 2012,
    "valuation": "Public (HKEX: 9880)",
    "marketCap": "$4.76B (HK$37.37B)",
    "totalFunding": "$940M+",
    "stage": "Public",
    "category": "Physical AI",
    "description": "Chinese humanoid robotics company known for the Walker X bipedal robot and ADIBOT UV disinfection robot. Products serve education, industrial, and service sectors. Backed by Tencent, CITIC, and Goldman Sachs. Listed on HKEX since December 2023. Cumulative funding of $940M+.",
    "founder": {
      "name": "Zhou Jian",
      "title": "CEO & Founder"
    },
    "website": "https://ubtech.com",
    "products": [
      {
        "name": "Walker X",
        "description": "Physical AI, robotics, chip, or autonomous-system product where model capability is coupled to hardware, sensors, or operational environments.",
        "link": "https://ubtrobot.com"
      },
      {
        "name": "Cruzr",
        "description": "Physical AI, robotics, chip, or autonomous-system product where model capability is coupled to hardware, sensors, or operational environments.",
        "link": "https://ubtrobot.com"
      },
      {
        "name": "UBTech Walker",
        "description": "UBTech's humanoid robot line for service and industrial work",
        "link": "https://ubtrobot.com"
      }
    ],
    "competitors": [],
    "whyItMatters": "Chinese humanoid robotics with enterprise deployment evidence: UBTech's Walker X deployments in factories and Walker S industrial humanoid give it production-proven hardware credibility as a listed robotics vendor.",
    "valuationUpdated": "2026-10-01",
    "valuationBasis": "market-cap",
    "valuationAsOf": "2026-09-30",
    "valuationSourceUrl": "https://stockanalysis.com/quote/hkg/9880/market-cap/",
    "valuationNote": {
      "en": "Approximate USD equivalent using September 30, 2026 reference FX; the original-currency value and its observation date are retained. This is a snapshot, not a live quote.",
      "ko": "2026년 9월 30일 참고 환율로 환산한 달러 근사치입니다. 원화폐 금액과 해당 기준일을 함께 보존합니다. 실시간 시세가 아닙니다."
    },
    "sourceUrls": [
      "https://stockanalysis.com/quote/hkg/9880/market-cap/",
      "https://ycharts.com/indicators/us_dollar_to_hong_kong_dollar_exchange_rate"
    ]
  },
  {
    "id": "unitree-robotics",
    "name": "Unitree Robotics",
    "location": "Hangzhou, China",
    "employees": "500+",
    "founded": 2016,
    "valuation": "Public (STAR: 688836, listed Aug 2026)",
    "marketCap": "$27.18B (CNY 182.17B)",
    "totalFunding": "$904M IPO proceeds (Aug 2026)",
    "stage": "Public",
    "category": "Robotics",
    "description": "Public Chinese robotics company selling consumer and industrial quadrupeds, humanoids, dexterous arms, sensors, and developer platforms. Unitree listed on Shanghai's STAR Market on August 19, 2026 under ticker 688836.",
    "founder": {
      "name": "Wang Xingxing",
      "title": "CEO"
    },
    "website": "https://unitree.com",
    "products": [
      {
        "name": "Unitree Go2",
        "description": "Affordable quadruped robot",
        "link": "https://www.unitree.com/go2"
      },
      {
        "name": "Unitree Humanoid",
        "description": "Humanoid family spanning H2 Plus, H2, R1, G1 and H1 platforms.",
        "link": "https://shop.unitree.com/"
      }
    ],
    "competitors": [
      "Boston Dynamics",
      "Figure AI",
      "Xiaomi"
    ],
    "nativeName": "宇树科技",
    "sourceUrls": [
      "https://www.sse.com.cn/disclosure/announcement/listing/ipo/c/c_20260818_10829204.shtml",
      "https://markets.ft.markitdigital.com/data/equities/tearsheet/summary?s=688836%3ASHH",
      "https://shop.unitree.com/",
      "https://stockanalysis.com/quote/sha/688836/market-cap/",
      "https://wise.com/us/currency-converter/usd-to-cny-rate/history/30-09-2026"
    ],
    "valuationUpdated": "2026-10-01",
    "valuationBasis": "market-cap",
    "valuationAsOf": "2026-09-30",
    "valuationSourceUrl": "https://stockanalysis.com/quote/sha/688836/market-cap/",
    "valuationNote": {
      "en": "Approximate USD equivalent using September 30, 2026 reference FX; the original-currency value and its observation date are retained. This is a snapshot, not a live quote.",
      "ko": "2026년 9월 30일 참고 환율로 환산한 달러 근사치입니다. 원화폐 금액과 해당 기준일을 함께 보존합니다. 실시간 시세가 아닙니다."
    }
  },
  {
    "id": "xiaohongshu",
    "name": "Xiaohongshu",
    "location": "China",
    "employees": "Not disclosed",
    "founded": 2013,
    "valuation": "$31B",
    "marketCap": "Not disclosed",
    "totalFunding": "$900M+",
    "stage": "Private",
    "category": "Commerce AI",
    "description": "Chinese social-commerce platform ('Little Red Book') blending Instagram-style content sharing with direct e-commerce. Search AI serves as the primary discovery engine for beauty, fashion, travel, and lifestyle. 300M+ monthly active users; 80%+ female. Privately held; valuation evidence is recorded separately with its date and basis.",
    "founder": {
      "name": "Miranda Qu, Charlwin Mao",
      "title": "Co-founders"
    },
    "website": "https://xiaohongshu.com",
    "products": [
      {
        "name": "Xiaohongshu Brand Assistant",
        "description": "Chinese social-commerce AI",
        "link": "https://xiaohongshu.com"
      }
    ],
    "competitors": [],
    "whyItMatters": "Social-search AI with unique intent data: Xiaohongshu's search queries reflect high-purchase-intent lifestyle discovery, giving its AI recommendation and search layers consumer intent signals unavailable on neutral search engines.",
    "valuationUpdated": "2026-10-01",
    "valuationBasis": "secondary-mark",
    "valuationAsOf": "2025-06",
    "valuationSourceUrl": "https://www.scmp.com/business/article/3324261/value-instagram-style-xiaohongshu-soars-19-3-months-us31-billion-gsrs-books",
    "valuationNote": {
      "en": "Bloomberg's September 2025 report inferred this from a GSR fund's June 2025 NAV. This is an older fund mark, not a 2026 funding round or current quote.",
      "ko": "2025년 9월 블룸버그가 GSR 펀드의 2025년 6월 순자산가치에서 추산한 평가액입니다. 2026년 투자 라운드나 현재 시세가 아닙니다."
    },
    "sourceUrls": [
      "https://www.scmp.com/business/article/3324261/value-instagram-style-xiaohongshu-soars-19-3-months-us31-billion-gsrs-books"
    ]
  },
  {
    "id": "zhipu-ai",
    "name": "Z.ai (Zhipu AI)",
    "location": "Beijing, China",
    "employees": "500+",
    "founded": 2019,
    "valuation": "Public (HKEX: 2513, listed Jan 2026)",
    "marketCap": "$38.04B (HK$298.46B)",
    "valuationUpdated": "2026-10-01",
    "totalFunding": "Public",
    "stage": "Public",
    "category": "Foundation Models",
    "description": "Public Chinese foundation-model company using Z.ai for its global product surface. Its current GLM family is led by GLM-5.3-Flash for multimodal agent and professional workflows.",
    "founder": {
      "name": "Tang Jie",
      "title": "CEO"
    },
    "website": "https://z.ai/",
    "products": [
      {
        "name": "GLM",
        "description": "Z.ai foundation-model family currently led by GLM-5.3-Flash.",
        "link": "https://docs.z.ai/guides/vlm/glm-5.3-flash",
        "nativeName": "智谱 GLM"
      },
      {
        "name": "Z.ai Chat",
        "description": "Consumer and developer-facing GLM chatbot and agent workspace.",
        "link": "https://chat.z.ai/"
      },
      {
        "name": "Z.ai Open Platform",
        "description": "API and model platform for GLM models.",
        "link": "https://open.bigmodel.cn"
      }
    ],
    "competitors": [
      "DeepSeek",
      "Moonshot AI",
      "01.AI"
    ],
    "nativeName": "智谱AI",
    "sourceUrls": [
      "https://z.ai/",
      "https://autoclaw.z.ai/blog/model/glm-5.3-flash/",
      "https://stockanalysis.com/quote/hkg/2513/market-cap/",
      "https://ycharts.com/indicators/us_dollar_to_hong_kong_dollar_exchange_rate"
    ],
    "fundingRounds": [
      {
        "date": "2026-01",
        "round": "IPO",
        "amount": "HKEX 2513",
        "sourceUrl": "https://stockanalysis.com/quote/hkg/2513/"
      }
    ],
    "valuationBasis": "market-cap",
    "valuationAsOf": "2026-09-30",
    "valuationSourceUrl": "https://stockanalysis.com/quote/hkg/2513/market-cap/",
    "valuationNote": {
      "en": "Approximate USD equivalent using September 30, 2026 reference FX; the original-currency value and its observation date are retained. This is a snapshot, not a live quote.",
      "ko": "2026년 9월 30일 참고 환율로 환산한 달러 근사치입니다. 원화폐 금액과 해당 기준일을 함께 보존합니다. 실시간 시세가 아닙니다."
    }
  },
  {
    "id": "infervision",
    "name": "Infervision (推想医疗)",
    "nativeName": "推想医疗",
    "location": "Beijing, China",
    "employees": "500+",
    "founded": 2016,
    "valuation": "Private",
    "marketCap": "Not disclosed",
    "totalFunding": "$213M across 8 rounds",
    "stage": "Series D",
    "category": "Healthcare AI",
    "description": "Chinese medical-imaging AI company whose InferRead suite handles lung, chest and stroke triage inside hospital PACS. Reports ~20,000 lung-cancer screening scans daily and deployment past its 200th hospital, making it the most-used Chinese imaging AI platform by disclosed scan volume.",
    "founder": {
      "name": "Chen Kuan",
      "title": "Founder & CEO"
    },
    "website": "https://global.infervision.com/",
    "competitors": [
      "Lunit",
      "VUNO",
      "Airdoc",
      "United Imaging"
    ],
    "products": [
      {
        "name": "InferRead",
        "description": "AI imaging triage for lung, chest and stroke workflows.",
        "link": "https://global.infervision.com/"
      }
    ]
  },
  {
    "id": "united-imaging",
    "name": "United Imaging (联影医疗)",
    "nativeName": "联影医疗",
    "location": "Shanghai, China",
    "employees": "5,000+",
    "founded": 2011,
    "valuation": "Public",
    "marketCap": "$12.32B (CNY 82.56B)",
    "totalFunding": "Public",
    "stage": "Public",
    "category": "Healthcare AI",
    "description": "Shanghai medical-imaging manufacturer building CT, MRI, PET/CT and radiotherapy systems with an embedded AI layer (uAI). Holds the largest share of NMPA-approved AI medical devices in China — 17 of 154 approvals from 2020 to 2025 — with FDA and CE clearance on flagship systems and overseas revenue growing 42% year over year.",
    "founder": {
      "name": "Xue Min",
      "title": "Founder & Chairman"
    },
    "website": "https://www.united-imaging.com/en/",
    "competitors": [
      "Siemens Healthineers",
      "GE HealthCare",
      "Philips",
      "Samsung Medison"
    ],
    "products": [
      {
        "name": "uAI",
        "description": "AI layer across United Imaging's scanner and radiotherapy fleet.",
        "link": "https://www.united-imaging.com/en/product-service/uai/"
      }
    ],
    "valuationBasis": "market-cap",
    "valuationAsOf": "2026-09-18",
    "valuationSourceUrl": "https://stockanalysis.com/quote/sha/688271/market-cap/",
    "valuationNote": {
      "en": "Approximate USD equivalent using September 30, 2026 reference FX; the original-currency value and its observation date are retained. This is a snapshot, not a live quote.",
      "ko": "2026년 9월 30일 참고 환율로 환산한 달러 근사치입니다. 원화폐 금액과 해당 기준일을 함께 보존합니다. 실시간 시세가 아닙니다."
    },
    "valuationUpdated": "2026-10-01",
    "sourceUrls": [
      "https://stockanalysis.com/quote/sha/688271/market-cap/",
      "https://wise.com/us/currency-converter/usd-to-cny-rate/history/30-09-2026"
    ]
  },
  {
    "id": "airdoc",
    "name": "Airdoc (鹰瞳科技)",
    "nativeName": "鹰瞳科技",
    "location": "Beijing, China",
    "employees": "300+",
    "founded": 2015,
    "valuation": "Public",
    "marketCap": "$0.11B (HK$0.85862B)",
    "totalFunding": "Public",
    "stage": "Public",
    "category": "Healthcare AI",
    "description": "Beijing retinal-imaging AI company screening for diabetic and hypertensive retinopathy and other chronic-disease markers from fundus photographs. Listed on HKEX in November 2021 as the first AI medical-imaging company on that exchange, distributing through hospitals, health-check centres, pharmacies and optical chains.",
    "founder": {
      "name": "Zhang Dalei",
      "title": "Founder & CEO"
    },
    "website": "https://www.airdoc.com/en/",
    "competitors": [
      "Mediwhale",
      "Lunit",
      "Eyenuk",
      "Infervision"
    ],
    "products": [
      {
        "name": "Airdoc Retinal AI",
        "description": "Retinal image analysis for chronic-disease screening.",
        "link": "https://www.airdoc.com/en/"
      }
    ],
    "valuationBasis": "market-cap",
    "valuationAsOf": "2026-09-11",
    "valuationSourceUrl": "https://stockanalysis.com/quote/hkg/2251/market-cap/",
    "valuationNote": {
      "en": "Approximate USD equivalent using September 30, 2026 reference FX; the original-currency value and its observation date are retained. This is a snapshot, not a live quote.",
      "ko": "2026년 9월 30일 참고 환율로 환산한 달러 근사치입니다. 원화폐 금액과 해당 기준일을 함께 보존합니다. 실시간 시세가 아닙니다."
    },
    "valuationUpdated": "2026-10-01",
    "sourceUrls": [
      "https://stockanalysis.com/quote/hkg/2251/market-cap/",
      "https://ycharts.com/indicators/us_dollar_to_hong_kong_dollar_exchange_rate"
    ]
  },
  {
    "id": "webank",
    "name": "WeBank (微众银行)",
    "nativeName": "微众银行",
    "location": "Shenzhen, China",
    "employees": "3,000+",
    "founded": 2014,
    "valuation": "Private",
    "marketCap": "Not disclosed",
    "totalFunding": "Not disclosed",
    "stage": "Private",
    "category": "Financial AI",
    "description": "China's first digital-only bank, backed by Tencent, running an AI-native stack for SME and consumer credit risk, fraud detection and service. Discloses 115,000+ trained models over 126PB of data and was named Best AI-Driven Bank of the Year in Asia Pacific for 2026. Also the origin of the FATE federated-learning framework.",
    "founder": {
      "name": "Ma Zhitao",
      "title": "Chairman & CIO"
    },
    "website": "https://www.webank.com/en/",
    "competitors": [
      "Ant Group",
      "KakaoBank",
      "Toss",
      "Du Xiaoman"
    ],
    "products": [
      {
        "name": "WeBank AI Banking",
        "description": "AI-native risk, lending and service stack for digital banking.",
        "link": "https://www.webank.com/en/"
      }
    ]
  },
  {
    "id": "udesk",
    "name": "Udesk (沃丰科技)",
    "nativeName": "沃丰科技",
    "location": "Beijing, China",
    "employees": "1,000+",
    "founded": 2015,
    "valuation": "Private",
    "marketCap": "Not disclosed",
    "totalFunding": "Not disclosed",
    "stage": "Private",
    "category": "Customer Service AI",
    "description": "Chinese omnichannel customer-service software company providing AI agents, ticketing, live chat and voice, with multilingual coverage aimed at Chinese enterprises operating overseas. Names BYD, Shell and China Merchants Group among its customers.",
    "founder": {
      "name": "Not disclosed",
      "title": ""
    },
    "website": "https://www.udeskglobal.com/",
    "competitors": [
      "Channel Corp",
      "Sendbird",
      "Zendesk",
      "Intercom"
    ],
    "products": [
      {
        "name": "Udesk",
        "description": "Omnichannel AI customer service and agent platform.",
        "link": "https://www.udeskglobal.com/"
      }
    ]
  },
  {
    "id": "mech-mind-robotics",
    "name": "Mech-Mind Robotics",
    "nativeName": "梅卡曼德机器人",
    "location": "Beijing, China",
    "employees": "Not disclosed",
    "founded": 2016,
    "valuation": "Public (HKEX: 9615, listed Sep 2026)",
    "marketCap": "$1.27B (HK$9.95B)",
    "totalFunding": "$300M IPO proceeds (Sep 2026)",
    "stage": "Public",
    "category": "Physical AI",
    "description": "Public physical-AI company providing standardized 3D cameras, machine-vision and robot-planning software, deep-learning tools, inspection systems, dexterous hands, and production-ready robotic stations. Mech-Mind listed on the Hong Kong Stock Exchange on September 1, 2026 under ticker 9615.",
    "founder": {
      "name": "Shao Tianlan",
      "title": "CEO"
    },
    "website": "https://www.mech-mind.com/",
    "products": [
      {
        "name": "Mech-Vision & Mech-Viz",
        "description": "3D machine-vision, deep-learning recognition, robot communication and motion-planning suite.",
        "link": "https://www.mech-mind.com/products/mech-vision-machine-vision-software.html"
      },
      {
        "name": "Mech-Station",
        "description": "Production-ready embodied-AI robotic stations for logistics and manufacturing material handling.",
        "link": "https://www.mech-mind.com/products/mech-station-series.html"
      }
    ],
    "competitors": [
      "Cognex",
      "Keyence",
      "Intrinsic",
      "SEER Robotics"
    ],
    "sourceUrls": [
      "https://www.hkex.com.hk/Services/Trading/Securities/Trading-News/Newly-Listed-Securities?sc_lang=en",
      "https://www.hkex.com.hk/eng/market/sec_tradinfo/tradarng/tradarng_news/currentmonth/e9615a_260828.htm",
      "https://www.mech-mind.com/products/mech-vision-machine-vision-software.html",
      "https://www.mech-mind.com/products/mech-station-series.html",
      "https://stockanalysis.com/quote/hkg/9615/",
      "https://ycharts.com/indicators/us_dollar_to_hong_kong_dollar_exchange_rate"
    ],
    "valuationUpdated": "2026-10-01",
    "valuationBasis": "market-cap",
    "valuationAsOf": "2026-09-30",
    "valuationSourceUrl": "https://stockanalysis.com/quote/hkg/9615/",
    "valuationNote": {
      "en": "Approximate USD equivalent using September 30, 2026 reference FX; the original-currency value and its observation date are retained. This is a snapshot, not a live quote.",
      "ko": "2026년 9월 30일 참고 환율로 환산한 달러 근사치입니다. 원화폐 금액과 해당 기준일을 함께 보존합니다. 실시간 시세가 아닙니다."
    }
  },
  {
    "id": "seer-robotics",
    "name": "SEER Robotics",
    "nativeName": "仙工智能",
    "location": "Shanghai, China",
    "employees": "Not disclosed",
    "founded": 2015,
    "valuation": "Public (HKEX: 6106, listed Jun 2026)",
    "marketCap": "$0.95B (HK$7.49B)",
    "totalFunding": "$136.7M IPO proceeds (HK$1.067B, Jun 2026)",
    "stage": "Public",
    "category": "Physical AI",
    "description": "Public embodied-intelligence infrastructure company built around its Robot Brain controller and software platform. SEER supplies controllers, fleet software, autonomous forklifts and other industrial mobile robots to more than 2,500 companies worldwide, and listed on the Hong Kong Stock Exchange on June 24, 2026 under ticker 6106.",
    "founder": {
      "name": "Zhao Yue",
      "title": "Founder and CEO"
    },
    "website": "https://cn-cdn.seer-group.com/en/",
    "products": [
      {
        "name": "SEER Robot Brain",
        "description": "SRC robot controllers, RDS fleet management and M4 logistics orchestration for industrial mobile robots.",
        "link": "https://cn-cdn.seer-group.com/en/robot-build"
      }
    ],
    "competitors": [
      "Mech-Mind Robotics",
      "Geek+",
      "Hai Robotics",
      "Quicktron"
    ],
    "sourceUrls": [
      "https://cn-cdn.seer-group.com/en/media/333",
      "https://cn-cdn.seer-group.com/en/robot-build",
      "https://www1.hkexnews.hk/search/titlesearch.xhtml?category=0&lang=EN&market=SEHK&stockId=1000307107",
      "https://stockanalysis.com/quote/hkg/6106/market-cap/",
      "https://ycharts.com/indicators/us_dollar_to_hong_kong_dollar_exchange_rate"
    ],
    "valuationUpdated": "2026-10-01",
    "valuationBasis": "market-cap",
    "valuationAsOf": "2026-09-17",
    "valuationSourceUrl": "https://stockanalysis.com/quote/hkg/6106/market-cap/",
    "valuationNote": {
      "en": "Approximate USD equivalent using September 30, 2026 reference FX; the original-currency value and its observation date are retained. This is a snapshot, not a live quote.",
      "ko": "2026년 9월 30일 참고 환율로 환산한 달러 근사치입니다. 원화폐 금액과 해당 기준일을 함께 보존합니다. 실시간 시세가 아닙니다."
    }
  }
]