AI Frenzy Drives China Tech Valuations Above US Peers

China’s Star 50, compiled by the Shanghai Stock Exchange, tracks 50 large, liquid companies on the technology-focused Star Market and has become a key gauge of the country’s semiconductor and AI-hardware trade. Beijing is using the market to channel capital toward technological self-reliance as US export controls restrict access to advanced chips. On June 17, 2026, China Securities Regulatory Commission Chairman Wu Qing said the board’s fifth listing standard would be extended to AI, opening a route for promising but unprofitable model developers.

As of Aug. 14, 2026, the Star 50 was up 29% for the year despite a recent selloff. Its aggregate price-to-earnings ratio remained above 150, compared with about 35 for the Nasdaq 100. ChangXin Memory Technologies, or CXMT, raised 57.92 billion yuan ($8.6 billion) in its July 27 Star Market debut and by Aug. 13 had overtaken Tencent as China’s most valuable company. Retail demand for humanoid-robot maker Unitree Robotics’ offering exceeded the available allocation by more than 5,500 times, underscoring both investor enthusiasm and valuation risk.