China Channels $28 Trillion Capital Markets into AI

China is shifting from predominantly state-directed subsidies toward capital-market financing for AI infrastructure, chips, and robotics. More than $200 billion has reportedly been raised, with CXMT’s roughly 466% IPO surge and the listings of Moore Threads, Fangqing, and ModelBest symbolizing the hardware pivot. Unitree’s 5,500x oversubscribed IPO and circular-financing allegations expose speculative excess, while domestic compute remains a stronger investment thesis than robotics.