Chinese AI IPO rush: Moonshot, DeepSeek target $30B+ and $71B valuations, onshore-offshore split

Chinese AI labs accelerating toward IPOs: Moonshot (Kimi) targeting Hong Kong at $30B+ valuation, DeepSeek aiming for Shanghai STAR market at up to $71B. Onshore-offshore split: national champions like DeepSeek and Unitree choose mainland, consumer internet companies go Hong Kong. DeepSeek's unusual funding structure (state fund with voting rights, commercial investors with lock-up) signals strategic control. State capital now dominates 90%+ of China's PE market, making AI startups policy-driven rather than market-driven, with implications for global competition and overcapacity. This matters for tracking global AI capital flows and competition with US frontier labs.