It's the first time I've ever been to a temple in China.
QbitAI is public.
Over the past two weeks, the global AI industry has been releasing signals at the funding level: OpenAI has lowered its latest round of funding from $30 billion to about $20 billion, adjusting its valuation from $14 trillion to $125 trillion; in anthropic's chip financing case, it may be the first non-investment rated chip to fall below market expectations...
This is not the individual volatility of a company.
A more structured problem emerged when the first-tier market recalibrated the spillover effect of the second-tier market on AI concepts and the pricing of leading model companies became more prudent:Capital is shifting from nickel for parameters to nickel for return pricing。
In order to understand these signals, it is necessary to extend the timeline and see how far the industry itself has gone.
Technology is no longer a bottleneck, connectivity is
Over the past three years, the large model has completed the transition from demonstrating aluminum to producing aluminum.
Multimodal understanding, reasoning capabilities, and reliability in the execution of Agent tasks have all crossed the fundamental thresholds of industrial applications; the cost of reasoning has dropped on a quantitative basis, transforming the model from a precious tool kit to a silicon infrastructure kit.
It is clear that the technical side of the problem is being solved by the technical side.
The picture on the industrial side is different: visual quality checks into the production line, video assistance into hospitals, scheduling optimization into ports, algorithm governance into cities...
Applications are running on a daily basis, but the depth and breadth of penetration is far from matching technical readiness.
But the reason is not the model, but outside the model: a company that does industrial quality checks, can't find the next factory; a team that does large models, can't afford the cost of compliance in the overseas market; a startup that has taken several rounds of financing and doesn't wait for the next money in the revaluation cycle.
So the list of problems in the industry was rewritten.
In 2023, practitioners are asking the question of whether the mold model is working; after 2025, more and more businesses are asking: Where is the scene, where is the money, where is the market, what are the rules?
These four problems have one thing in common: they're not all technical, they're all technical.Connection issues- They are.It can't be solved by continuing to train the model, it can only be solved by enabling the enterprise to meet the scenario, capital, the market, the system of rules.
And when you meet a motherfucker, you need a physical, institutional interface.
Where this interface is, Chinese companies have already voted twice.The first one was sent to Shanghai.
Shanghai smelting: Bringing technology from the laboratory into industry
The market was first launched in Shanghai because the city's core capabilities were so strong that it was able to manufacture pottery.
The so-called "melting pot" is to bring technology from the laboratory to the city from the exhibition hall.
More importantly, there are two solid strawberries that grow under such industrial soil:Local businesses are flooding into the capital markets here, and local authorities are also moving their headquarters and research institutes.
Look at the bottom of the country. In less than a month from the end of 2025 to the beginning of 2026,Shares of aluminum、Wallpaper technology、The core of the universe、MiniMaxFour Shanghai-based AI companies are heavily involved in startup and port exchanges; MiniMax was only available for four years from its inception to the completion of its IPO in port shares. On the smart racetrack, the shipping volume of Xiao robots in 2025 exceeded 5,100 units, accounting for about 39% of the global market share of humanoid robots.
The choice of outer city forces is also consistent with this.XREALIt is one of the most representative. The company, founded in Beijing, has been the world's leading consumer-grade AR glasses sales company for four consecutive years. In early 2025, it announced that Pudong had received a $200 million exclusive investment from Pudong Investments Group in March and officially opened its global headquarters in Zhangjiang Science City in October, positioning it as the strategic core of the company's global R&D, operations and ecological collaboration.
Founded in Shanghai in 2020, the Turing Prize-winning Ph.D. scholarshipShanghai Institute of ThoughtThe research team is based on the research strength of the Qinghai University system, which is the same as the Shanghai Tree Chart Blockchain Research Institute, which is located in Shanghai, and also forms the physical layout of Beijing's background scientific resources in Shanghai.
It has been held at sea since 2018.The World Congress on Artificial Intelligence (WAIC) is the first of its kind in the world.It is undoubtedly the most intuitive enlargement of the magnetic field effect in the industry. It is not only a showcase, but also a trading table: only in 2026, a conference signed 32 major industrial projects, reaching an intention to purchase a sum of 20,360 million yuan.
But forging has its limits. After the rise of global shipments, the next step will be the certification of compliance in overseas markets, local services and cross-border data circulation; XREAL has its global headquarters in Shanghai, with deep supply chains and R&D, but the construction of overseas channels, brand trust, and the coupling of international capital still require another set of infrastructure...
It is said that every stage has its problems, and when these enterprises go to a certain size, the problems of the second stage naturally arise:
If the market has to go out of the country, if capital has to be connected to the world, if the rules have to be connected to the world, how can we get to the bigger world?
Hong Kong: super contacts and super value-added people
It's natural to accept this issue.Chinese Hong Kong。
Why not?
As a result of companies moving abroad, wherever they are in the marketplace, they are often faced with an unprecedented setback.Three walls: the misplacement of the international capital valuation system, the blind spot of compliance with IP when faced with the common law system, and the high cost of trust for companies entering new markets.
Businesses often find it difficult to cope with the threefold resistance of crossing the ocean directly to open the door to Europe and America, while choosing Southeast Asia or the Middle East lacks a business leap forward that is mutually recognized by both sides.
At this time, Hong Kong, which has a special development background, naturally became the preferred destination for mainland enterprises to go overseas.
The city has had two locations that have been repeatedly mentioned by the authorities and actually borrowed from businesses:Super contacts、Super value addersThe combination of the two coincides with two pathways for mainland AI enterprises to access broader resources.
Among them,Super contacts are on the rise.
First of all.Capital flowsIn 2025, the Hong Kong Stock Exchange welcomed 119 new listed companies, with a total of 28.58 billion Hong Kong shares for the first time publicly traded, topping the global list of new equity capital raised four years later, ahead of Nasdaq and New York. The 18C, 18A listing rules for specialized technology companies and non-profit biotech companies have accumulated support for the listing of 88 companies by the end of 2025.
△Hong Kong IPO returns to the top of the worldLet's see.Following the RulesHong Kong is the world's only common law jurisdiction in Chinese-English bilingual as a legal language, with a well-established international legal, accounting and intellectual property services system, and the lowest international transaction costs for cross-border businesses.
Of course, there's alsoMarket accessIn the third quarter of 2026, the Hong Kong Investment Promotion Agency assisted 550 business settlements, 60% of which came from mainland China.
Super value-added people are on the rise.
It's clear that when technology is multilingual, compliant and industry-customized,PricingIt's a step up; companies get an international backlog and then tell the overseas market about it.Confidence of customersthe cost of construction has also decreased significantly;International teamIn addition to this, there is a growing trend in the number of people with disabilities in the United States.
The Hong Kong Investment Promotion Agency launched a bidding campaign in early November for the official positioning of China's super value-added human capital as a mainland enterprise.
In addition to the two positions, Hong Kong has a layer of advantage that is often underestimated:Industrial soilIt's also simultaneously thickening.
Hong Kong's first announcement this yearFive-year planAccelerating the construction of the International Innovation Centre as a core strategy, clearly promoting cutting-edge industries such as AI, biopharmaceuticals, and financial technology; a combination of batch support, funding and tax relief policies in the northern metropolitan area; and a publicly traded ecological and biopharmaceutical industry cluster built on Chapter 18A, Hong Kong is one of the world's leading biotech companies.
△Hong Kong launches its first five-year planThese capabilities are obvious.Business and technologyFor example, the first unicorn from China's Hong Kong Science Park to grow into a park-sized enterprise, was listed on the Hong Kong Stock Exchange in 2021; in June this year, Shenzhen signed a Memorandum of Understanding (MOU) with Hong Kong Science Park to jointly build China's largest domestic AI data center in Hong Kong, with the goal of reaching 40,000P capacity by 2030.
But when the ability of contacts and value-added people became a reality, the closed circle of consultations was over, and problems arose:How can these capabilities be transformed from individual cases into channels available to all businesses?
WAIC, institutionalizing connectivity
But obviously, the corridor needs a fixed time and place.
Perhaps, when the WAIC launchedWAIC UP! is a global year-end event that will begin in Hong Kong in January this year.Since then, the time and place of this passage have had symbolic concepts and meanings.
And the concept and its meaning will continue to be deepened.From 10 to 11 DecemberIn 2027, the WAIC HONG KONG Global Opening Ceremony will be held at the Hong Kong Science Park in China.
This is the first time the World Conference on Artificial Intelligence system has landed twice in a year in Hong Kong, China, in the same park, twice a year, at the same address, and the signal given by WAIC is clear: this is not a test water, but a code after verification.
The two cities are divided into two congresses that form a constant rhythm in the same industry:
The WAIC in Shanghai in July dominated the landscape and scale.It unfolds all the issues, all the directions in the same space, and it answers not only where the cooking industry is headed, but also with global co-operation, inclusion as a coordinate, exploring the boundaries of technical ethics, global governance consensus, and how AI as a public product benefits all of humanity.
WAIC HONG KONG in Hong Kong in DecemberInstead of focusing on the real needs of business development, the macro narrative focuses on a more specific issue with fewer opportunities:The next step in business, where are the opportunities?
What is the answer?
This conference was organized by“Open to More”The theme is:Open, is an open vision to see the future of AI technology and industry; More, is a connecting resource to look for more opportunities for business development.
The two-day main forum will revolve aroundOutlining AI insights, AI trends, Pioneering Tech hardcore, technology frontier, empowering industry, empowering industry, empowering industry, navigating global waves, and global ecosystemsThe four great plates are unfolding.
The first day focuses on global trends and technology fronts, covering computing, robotics and mobile intelligence, big models and Agentic AI; the second day focuses on industry performance and the globalization ecosystem, exploring how technology transforms into industrial value and how businesses seize international opportunities.
From seeing trends to looking for opportunities,Four major exchangesTo further respond to the real needs of business development:Investing in an IPOI'm not sure if I'm going to make it.Out to seaThe focus is on exploring global markets and compliance pathways.Industrial connectivityLink to the application scenarios and orders.Talented peopleThe focus is on expanding the international network of talent.
In addition,Global partner exhibition、Innovation attraction exhibitionwithWAIC ecological exhibitionIt's open all day for two days.The seven main activitiesIt was adopted byHong Kong industrial innovation visit、Outdoor open wheat stage、The pilot experience of running、Invitation to the International Academy of AI Short Films、A bookstore is a bookstore.For example, allowing technology exhibitions and industrial exchanges to extend to more scenarios.
As you can see, the essence of this connection is: to use China's hub in Hong Kong to tell the world about China's AI practices; and then to use the world's resources in Chinese industry.
Back to the beginning of the money signal.The re-evaluation is not the industry's winter, but the industry's screening period：
The only firms that were eliminated were those that had no parameters; the only ones that were left were those that were responding to the worst-case scenario, the money, the market, where the rules were.
Open, there's more!
In 2027, WAIC HONG KONG launched a new event around the world
What time is it?10th and 11th December 2026
Location:The Hong Kong Science Park
Address of the ticketing audience:
Honorary Seats: Frontline Forum and Opening Day
Listening to the Forum: 2 days
Free access to the exhibition area: 2 days
Immersion experiences: 2 days of innovative applications
Exquisite dining: 2 business lunches
Excluded: Expert exchange. Expert exchange only accepts directed invitations or applications for review.
