Chinese AI start-up ModelBest kicks off pre-IPO tutoring process for mainland listing

Company says it has hired Citic Securities to guide pre-listing preparation but has not announced further details of plans Chinese AI start-up ModelBest has kicked off its pre-initial public offering (IPO) tutoring process for a listing in mainland China, capitalising on growing demand for compact artificial intelligence models that run locally on devices like smartphones and laptops, and in cars. The four-year-old company also appears to be banking on its small-model strategy to overcome China’s acute shortage of advanced American computing chips by training lightweight systems optimised for domestic processors. ModelBest hired Citic Securities to guide its pre-listing preparation, Citic said in a filing to China’s securities regulator on Wednesday. ModelBest has not disclosed its targeted fundraising size, timeline or where it plans to list. The mandatory tutoring process takes at least three months – potentially paving the way for an IPO next year.

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