China's quartet of AI giants walk through the 'valley of death'

SenseTime, Megvii, CloudWalk and Yitu thirst for IPO cash as investors dry up

20211109 Caixin AI AP_19347453657366

China's four leading AI companies are starting to lose their luster amid the ongoing Sino-U.S. faceoff and waning investor confidence. © AP

HE SHUJING, ZHAI SHAOHUI, WEI YIYANG and HAN WEI, Caixin

China's leading artificial intelligence companies are racing to go public even as investor appetite for new stocks wanes, making it hard for these ultra-high-tech firms to find funds needed for sustained growth.

The road to initial public offerings has been rocky for the country's largest AI companies, as the trade and technology faceoff between China and the U.S. complicates prospects. Broader market volatility and loss of patience with AI's commercial outlook also pose challenges.

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