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IPO underwriting is the mechanism that converts government-backed ambition into tradeable equity, and in China's current AI listings cycle, that mechanism runs predominantly through one institution.
China International Capital Corporation has become the dominant financier in Beijing's drive to develop an AI sector that can compete with the United States.
The bank's position at the center of that capital pipeline makes its deal flow a direct readout of China's AI commercialization pace.
The underwriting mechanism A technology company's path to a public listing runs through an investment bank's underwriting desk.
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