With the global explosion of generative AI and deep tech ecosystems, the private equity secondary market is experiencing unprecedented transaction activity. The latest secondary market bulletin reveals that institutional buyers are pooling significant capital to acquire shares of unicorns in large language models, AI chips, embodied AI, and advanced semiconductors.
1. Compute Infrastructure & Semiconductors
Compute remains the highest priority for capital deployment. Buyers are aggressively targeting leading chip and memory players:
- ChangXin Memory (CXMT): Seeking secondary shares of ~50M RMB, open to anchored shares and structured entry.
- Kunlun Xin: Two buy-side interests registered. One seeks ~50M RMB in direct secondary shares; another seeks 30M-50M RMB at a 70B RMB valuation, accepting structured entry.
- Enflame (燧原科技): Seeking secondary shares of ~50M RMB via direct transaction.
- Iluvatar CoreX (天数智芯): Seeking secondary shares of ~50M RMB via direct transaction.
- SiCarrier (新凯来): Seeking secondary shares of ~50M RMB, open to structured entry.
- Dongfang Suanxin: Sellers transferring fund LP shares (portfolio valuation at 12.6B RMB) with an asset size of ~50M RMB, subject to management fees and carry.
2. Frontier Large Language Models & Generative AI
Shares of top-tier Chinese AI innovators (such as Moonshot AI and DeepSeek) are highly scarce, driving active secondary trading:
- DeepSeek: Buyers actively seeking secondary shares of ~50M RMB, accepting anchored shares and structured entry.
- Moonshot AI: Direct seller transferring fund LP shares worth ~10M USD, requiring structured entry, subject to management fees and carry.
- ByteDance: Buyers seeking secondary shares of 30M-50M USD at a ~530B USD valuation, preferring 1st-tier LP shares.
- Xiaohongshu: Buyers seeking secondary shares worth 50M-100M USD via direct transaction.
3. Embodied AI & Intelligent Hardware
The intersection of AI and physical interaction (Robotics, AR, and Brain-Computer Interfaces) represents a critical growth node:
- Lingxin Qiaoshou (Dextrous Hand): Direct seller transferring fund LP shares of ~30M RMB via a double-layer LP structure.
- Leju Robot: Buyers seeking secondary shares of ~30M RMB, accepting anchored shares.
- BrainCo (强脑科技): Buyers seeking secondary shares of ~30M RMB at a 1.6B USD valuation, requiring RMB transaction structures.
- Rokid: Buyers seeking secondary shares of ~10M USD via direct transaction.
4. Commercial Aerospace & Hard Tech
Capital is also highly active in aerospace and industrial software, with notable listings including SpaceX (seeking 30M-50M USD shares), Tianbing Technology, Oriental Space, and Shenkai Hongxin.
[AgentUpdate Depth Analysis] The high secondary market demand for DeepSeek, Moonshot AI, and next-gen robotics chips signals a profound shift in capital allocation toward full-stack AI Agent infrastructure. By targeting large models alongside embodied AI components (like Lingxin Qiaoshou's robotic hands) and compute fabric (Enflame, Kunlun Xin), investors are stitching together the physical-digital loop of AI Agents. The unit economics of AI Agents have drastically improved, driven by DeepSeek's low-cost reasoning breakthroughs. Consequently, the commercialization inflection point for autonomous agents is arriving sooner than expected. This secondary trading wave represents a strategic front-running by smart money to monopolize core assets—ranging from cognitive reasoning backbones to physical actuation platforms—before Agents become ubiquitous across global industries.
