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China’s AI IPO Boom Leaves US in the Dust

Chinese AI firms dominate Hong Kong IPOs with $22 billion in exits, while US tech listings lag amid investor skepticism.

China’s artificial intelligence companies are driving a sharp divergence in global IPO markets, dominating first-quarter listings in Hong Kong and outpacing U.S. tech peers as investor sentiment fractures across regions.

Consider the trend: Chinese AI firms listed in Hong Kong accounted for four of the largest public listings in the first quarter. According to new data from PitchBook, these companies — Z.ai, MiniMax, Biren Technology and Iluvatar CoreX Semiconductor — collectively helped drive more than $22 billion in AI-related exit value during the quarter.

Adding Edge Medical, a surgical robotics company, brings the total for all five Chinese listings to over $24 billion.

The performance stands in sharp contrast to the muted reception many U.S. technology IPOs have faced. Investors have grown increasingly skeptical of richly valued software companies amid concerns that AI could disrupt traditional software business models.

“It’s genuinely a confluence of factors rather than any single driver,” Harrison Rolfes, senior research analyst at PitchBook, told Global Finance. “The DeepSeek moment in early 2025 fundamentally shifted investor perception of Chinese AI capability, and that rerating carried momentum into these listings.”

Rolfes said geopolitical considerations also played a major role, creating what he described as a “national champion premium” among investors in Hong Kong and broader Asian markets.

“Structurally, these companies came to market at more digestible valuations relative to their growth profiles compared to U.S. tech IPOs, which have repeatedly disappointed at high entry multiples,” he said.

Investor enthusiasm surrounding Chinese AI firms has emerged as U.S. IPO performance deteriorates.

A Record Stretch of IPO Underperformance

According to PitchBook data, the median U.S. IPO has underperformed its benchmark by 42 percentage points within 120 days of listing over the trailing 12 months.

“That’s historically the worst stretch in our dataset,” Rolfes said.

PitchBook noted that 2025 already represented a record low, with median IPOs trailing benchmarks by 35.6 percentage points after 120 days. Early 2026 listings are performing even worse, according to the report.

The closest comparison, Rolfes said, was the post-boom correction in 2021, when median U.S. IPOs lagged their benchmarks by 32 percentage points following aggressive pricing during the .

Globally, the median venture capital-backed IPO has underperformed the Morningstar U.S. Market Broad Growth Extended Index—a broad U.S. equity benchmark—by nearly seven percentage points over the past year. In the U.S., the index as a growth-stock yardstick shows that the gap widens sharply to 42 percentage points within 120 days of listing.

Roughly 66% of companies that have gone public since the start of 2025 are currently trading below their IPO prices, PitchBook found.

“The deterioration is progressive, suggesting that initial pricing optimism is giving way to fundamental reassessment as lockup expirations approach and more information reaches the market,” according to the May 5 report.

The divergence in performance has been particularly stark among high-profile tech listings.

SaaSpocalypse to Blame?

CoreWeave, based in Livingston, New Jersey, saw its shares nearly triple since its debut as investor demand for AI computing infrastructure accelerated. But many other venture-backed listings have struggled—badly.

Among the U.S.-listed laggards are shares of eToro, down 45.2%; Netskope, down 61%; Klarna, down 67.1%; Figma, down 85.7%; and Gemini Space Station, down 86.3%.

PitchBook said broader public SaaS markets have also weakened as investors increasingly treat AI as a threat to incumbent software firms rather than a growth catalyst.

“Public markets appear to be treating AI not as a tailwind for existing software but as a displacement risk, which many are calling a ‘SaaSpocalypse,’ in which incumbents are repriced downward even as private AI unicorns command record valuations,” according to the report.

For investors, the divergence raises questions about whether U.S.-listed AI companies still offer the best risk-adjusted exposure to the global AI boom.

“The companies leading Hong Kong’s surge — semiconductor designers, applied AI platforms and robotics-adjacent businesses — are generating real revenue with defensible vertical positioning, and they have outperformed their U.S. counterparts by a wide margin,” Rolfes said.

What’s Next?

Expect investors to take a closer look at how heavily their portfolios are tilted toward specific geographies, considering AI-related valuation premiums are persisting longer in Hong Kong than in New York.

Rolfes also cautioned that some of the highest-valued Chinese AI names could eventually face corrections. Still, the underlying businesses are stronger than many Western investors have assumed, he argued.

“The broader takeaway,” he said, “is that Chinese AI has likely graduated from a risk to monitor to a market to understand.”

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Samsung draws crowds for hiring test amid semiconductor boom

A supervisor conducts a preparatory session for applicants taking the GSAT exam at Samsung Electronics’ Human Resources Development Center in Suwon, Gyeonggi Province. Graphic by Asia Today and translated by UPI

April 26 (Asia Today) — Thousands of young job seekers took part in Samsung’s flagship hiring exam over the weekend, highlighting continued demand for positions at South Korea’s largest conglomerate despite broader labor market challenges.

The test, known as the GSAT, was conducted Saturday and Sunday for applicants across 18 affiliates, including Samsung Electronics, Samsung SDI and Samsung Electro-Mechanics.

Often referred to as the “Samsung exam,” the GSAT is a standardized aptitude test used in the company’s large-scale recruitment system, which has been maintained for 70 years – the longest among major South Korean firms.

Samsung said the exam has been conducted online since 2020 following the COVID-19 pandemic, allowing candidates to take the test remotely using personal computers. The company conducted system checks in advance to ensure stable network and device conditions for all applicants.

While the exact number of test-takers was not disclosed, analysts said strong participation reflects the company’s global leadership and profitability, particularly amid a boom in the semiconductor sector.

Samsung began accepting applications in March and will proceed with interviews in May, followed by medical screenings before finalizing hires.

The conglomerate’s open recruitment system, introduced in 1957, remains unique among South Korea’s largest business groups. While many companies have shifted toward experienced hires, Samsung continues to offer regular entry-level recruitment twice a year, providing more predictable opportunities for graduates.

According to a 2025 survey by the Federation of Korean Industries, university students cited reduced entry-level hiring as the biggest challenge in job searches. Samsung’s continued use of open recruitment has helped sustain its reputation as one of the most desirable employers in the country.

Lee Jae-yong has repeatedly emphasized job creation and talent development, saying earlier this year that the company has capacity to expand hiring. He has also pledged continued investment in high-value industries alongside overseas expansion.

Samsung plans to continue recruiting talent in semiconductors, as well as emerging sectors such as artificial intelligence and biotechnology, as it seeks to strengthen its global competitiveness.

The GSAT was first introduced in 1995 under former chairman Lee Kun-hee, who called for an objective and globally competitive hiring system. Since then, other major South Korean companies have developed similar aptitude tests for recruitment.

— Reported by Asia Today; translated by UPI

© Asia Today. Unauthorized reproduction or redistribution prohibited.

Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260426010008138

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Prep talk: Another book is out from running coach Martin Dugard

Martin Dugard is a prolific author and writer. He’s also an assistant cross-country coach at Santa Margarita after being head coach at JSerra for 15 years.

His newest book is “The Long Run,” which discusses the 1970s running boom and is a narrative history of four who sparked the marathon boom: Steve Prefontaine, Frank Shorter, Joan Benoit Samuelson and Grete Waitz.

He’s going to have a book signing on Saturday at 1 p.m. at Barnes & Noble, 26751 Aliso Creek Rd., Aliso Viejo.

Don’t be surprised if he tries to run from Rancho Santa Margarita to his book signing.

This is a daily look at the positive happenings in high school sports. To submit any news, please email eric.sondheimer@latimes.com.

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How streaming platforms reignited the YA boom: TSITP to Heated Rivalry

The “Heartstopper” universe began as a small web comic that gained traction on Tumblr nearly a decade ago. It’s now a global phenomenon.

Alice Oseman’s fictional world, where LGBTQ+ teenagers freely explore love, friendship and identity, expanded first to graphic novels before being turned into a hugely popular Netflix series.

The rom-com, which debuted in 2021, is part of a growing portfolio of young adult book adaptations that have flooded streaming platforms in recent years. Hulu’s college drama “Tell Me Lies” and HBO Max’s hockey romance “Heated Rivalry” have become pop culture sensations, joining hits like Amazon Prime Video’s “The Summer I Turned Pretty” and the “To All the Boys” trilogy on Netflix.

“We really thought it was going to be quite a niche show that was seen by a specific group of people,” Oseman said of “Heartstopper.” “It kind of blasted up beyond our expectations.”

After three seasons on the streaming giant, the British coming-of-age series will conclude with a film later this year.

Corinna Brown and Kizzy Edgell on a roof in "Heartstopper."

Corinna Brown and Kizzy Edgell starred in Alice Oseman’s queer romance “Heartstopper.”

(Teddy Cavendish / Netflix)

These adaptations often tell tales as old as time of young love and emotional turmoil, but it’s the diverse representation that draws audiences in, said Yalda T. Uhls, founder and chief executive of UCLA’s Center for Scholars & Storytellers.

Audiences gravitate toward authenticity, Uhls added. Young people increasingly want to see stories that reflect their lives, according to a survey administered by Uhls’ nonprofit last year.

“It has to resonate and feel authentic to the time,” Uhls said. “This generation really sees stereotypes pretty quickly … they’ll see inappropriate behavior quickly, and they will call it out.”

Viewers are hungry for diverse casting and storylines across Hollywood. Last year, audiences showed up to the theater at higher rates for movies that had people of color in the cast, according to the annual UCLA Hollywood Diversity Report, released in March.

Netflix’s focus on YA adaptations has paid off, driving more than 1.2 billion total views worldwide in 2025. Audiences are drawn to the platform’s fresh and inclusive interpretations of the genre, said Jinny Howe, Netflix’s head of scripted series for the U.S. and Canada.

“It is still harder to get marginalized stories sort of made and seen by people, but ‘Heartstopper’ is part of that journey,” said Oseman, who also serves as series creator and executive producer.

Lovie Simone texts while laying in bed "Forever."

Lovie Simone plays track star Keisha Clark in “Forever,” a reimagining of Judy Blume’s 1975 novel.

(Elizabeth Morris / Netflix)

“Forever,” a reimagining of Judy Blume’s 1975 book that debuted on Netflix last year, follows two young Black protagonists who fall in love in Los Angeles. The audience had “such a fervent passion for that story, I think, because of the specificity of those perspectives,” Howe said. “Los Angeles was really seen through these eyes.” The show’s second season will reportedly start filming in May.

Prime Video has leaned heavily into the genre, platforming hits like “Maxton Hall,” “Red, White & Royal Blue” and “The Summer I Turned Pretty,” which wrapped up a three-season run last year and has a film in the works.

Young adult adaptations are at the core of the platform’s broader efforts to champion diversity in storytelling, said Peter Friedlander, Prime Video’s head of global TV.

“We’re always looking for shows that give a reflection or a window into other people’s stories,” said Friedlander, also former head of U.S. and Canadian scripted series at Netflix. “This business has been building for a long time, and it’s exciting to see what’s coming out of it.”

Representation in these shows, however, is still far from perfect, said Nicholas Rickards, a doctoral candidate at Brock University in Ontario, Canada, whose research focuses on YA adaptations. Many shows that center a woman of color often still feature white male love interests, he said.

“Studios aren’t totally prepared to tell that story yet,” he said.

Filling a YA void

Streaming platforms’ focus on YA adaptations came as cable TV, which previously dominated the genre, tapered off.

YA retellings had long captivated audiences, finding widespread success during the 2010s. Networks like the CW and Freeform reigned then, airing now-classic teen dramas like “Pretty Little Liars” and “The Vampire Diaries.” The “Twilight” and “Hunger Games” universes and John Green book adaptations also dominated the box office.

Then the entertainment landscape changed. Social media and streaming became preferred modes of content consumption for young audiences, paving the way for platforms like Netflix, Prime Video, Hulu, Disney+ and HBO Max. Diverse storylines, coupled with the global reach of streaming platforms, have reignited an explosion of YA adaptations, and it’s a race that isn’t slowing down.

Younger generations are often difficult to attract, and YA reimaginings are just one way platforms are trying to break into the teenage demographic, said Jennifer Hessler, an assistant professor of cinema and media studies at the University of Southern California.

Lola Tung and Gavin Casalegno stand next to a red car in "The Summer I Turned Pretty."

Lola Tung’s Belly is in a love triangle with Gavin Casalegno’s Jeremiah and Christopher Briney’s Conrad in “The Summer I Turned Pretty.”

(Erika Doss / Prime Video)

Netflix’s initial breakout success in the genre came with the release of “To All the Boys I’ve Loved Before,” a movie trilogy adapted from books written by Jenny Han, who’s also behind “The Summer I Turned Pretty.” The movies became massive hits and continue to drive viewership, drawing more than 55 million views globally last year, nearly eight years after the first film’s release, according to Netflix.

Younger generations are the target demographic of YA series at Prime Video, but the shows attract audiences of all ages, Friedlander said. Identifying and helping cultivate fresh storylines driven by relatable characters are integral to that success.

“If you really make the best version of a story, it can ripple out among different fandoms,” Friedlander said. “I do think that’s the ability of what streaming platforms can achieve as well, because you can really introduce the narrative to wider audiences.”

Made for streaming

Netflix doesn’t have a formula for a breakout success, Howe said, but strong voices that feel universal must be at the show’s core.

Jeff Norton, whose work focuses on book-to-screen adaptations, said he looks for characters he can fall in love with when choosing books to pitch for development.

“That’s the most important thing — to find a main character or a set of characters that I think the audience will resonate with,” said Norton, who is an executive producer of Netflix’s “Geek Girl,” which was greenlit for a second season.

The structures of young adult novels “lend themselves really nicely” to short TV series, Howe said, because it allows fans “to have more time as they’re living inside of these worlds and these experiences — it’s just that much more enriching.”

Streaming platforms usually release shorter seasons, often with six to 10 episodes — about half the episode order of a typical cable TV series.

Balancing the expectations of a book’s existing fandom while trying to attract a new audience is a major component of Friedlander’s role, he said, adding that “the television medium will often demand that you do change some of the journey along the way so it fits the rhythm.”

Norton, the showrunner of Netflix’s “Finding Her Edge,” said much of that show’s plot diverges from Jennifer Iacopelli’s novel. However, he focused on maintaining the book’s tone and found “the readership is actually very forgiving if you keep the characters whole and intact, but give them more to do.”

Oseman’s shift from novelist to TV writer — and now screenwriter — came with a steep learning curve. The growing pains were worth it, she said, because her story reached audiences who might never have picked up her books. Visual media has been crucial in bridging that gap.

“I want young queer people to be able to see themselves in the stories that they’re consuming,” she said. “I really hope that the existence of ‘Heartstopper’ will encourage people who are commissioning TV and movies … to take a chance.”

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Iran war triggering British staycation boom as bookings ‘up 235%’

British holiday firms are reporting a boom in bookings up to 235% compared to this time last year, as the Iran war forces people to cancel far-flung destinations and look closer to home instead

Brits are looking again at holidays closer to home this summer as fears grow that the Iran war could ground flights and spike plane ticket prices by up to 50%.

Aviation bosses are said to be growing increasingly worried that the closure of the Strait of Hormuz could spell jet fuel shortages within weeks – and are struggling to get guarantees of supply beyond the next month. ⁠

Contingency plans being drawn up would see holidaymakers hit by airlines ‘rationing’ their operations, including a reduced schedule, higher prices and cancellation of less profitable routes.

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It comes as other destinations beloved by British tourists have ended up Iran’s crosshairs.

Cyprus, Turkey and Abu Dhabi are some of the destinations thrown into doubt this year thanks to the Middle East crisis – but holidaymakers are already making ‘staycation’ bookings instead for the likes of Norfolk, Pembrokeshire and the Isle of Wight as they eye up a safer, more certain getaway.

David Land, who works at the University Technical College in Durham, was forced to cancel upcoming stays in Dubai and the Maldives for his wife Barbara’s birthday – and has lined up “sunny Cornwall” as an alternative.

“I’m a bit of a foodie, so I quite like the idea of seeing how many restaurants I can go to, in terms of Paul Ainsworth’s, Rick Stein’s”, he said, aiming to spend four or five days “at least” in the Land of Saints.

David and his wife, who are both in their 70s and tied the knot in 1979, went on one of their first holidays together on the beaches of Northumberland – and he’s also considering a return there this year.

“I would say the majority of our holidays have been abroad, in Europe, the Middle East, the Indian Ocean – but we’ve been saying ‘Why can’t go on a holiday more in the UK’?”, he told the Mirror. “Apart from the need to pack appropriate clothing, it’s a lovely place to go – as long as the people doing it don’t try to rip us off, as happened a bit around Covid.”

‘We’re not going to listen to Donald Trump’

Asked why he hasn’t chosen to simply reschedule his existing foreign holidays, he said: “We’re not going to listen to Donald Trump when he says the war’s going to be over in ‘three or four weeks’. There’s no confidence that we would be able to go back, not until the war stops, and even then we’d have to know that it’s not going to start again.”

Businesses across the UK tourism industry are already reporting a boom in bookings not seen since the pandemic, with Google searches for ‘best staycations’ up 40% since Trump launched his bombardment of Iran.

Business is booming, say British travel firms

Samantha Evans, founder of Humphreys of Henley, said her luxury travel firm has experienced the “busiest start to the year on record”, with the “safe and deeply enriching” surrounds of the English countryside attracting both domestic guests and those from further afield, particularly the United States.

She told the Mirror: “Luxury hotels are reporting an increase in domestic demand over the next three months. British guests are choosing to stay closer to home, but still want exceptional, experience-led travel – so they’re trading airports for the countryside rather than cancelling plans altogether.”

Rental agency Habitat Escapes told the Mirror that their bookings are up 235% this week compared to the same date last year, with the majority for Silverlake Estate in Dorset and the remainder for Lower Mill Estate in the Cotswolds.

And industry expert Emily Keogh, a former judge for The Hotel Magazine Awards, said there was renewed interest in “spontaneous countryside escapes and coastal getaways that can be booked at relatively short notice” because of the new difficulties in international travel.

Others believe this is part of a movement back towards British holidays that began well before the Middle East crisis, as Matthew Price, CEO of travel firm Awaze, said: “This trend of staying closer to home is part of a broader pattern of behaviour we’ve seen in the UK for a number of years, where holidaymakers are choosing staycations over going abroad. From coastal to countryside getaways, the quality and variety on offer in the UK means a domestic break can feel just as exciting as going overseas.

He revealed bookings were up 26% for Cottages.com, alongside a 10% rise in summer bookings for Hoseasons. While the South West remains a popular destination, regions like the North West and Southern Scotland are seeing “the strongest year-on-year growth for the peak summer period”, Mr Price said.

And the Great British holiday may benefit too from rising jet fuel prices, which experts have warned could push up the cost of plane tickets very soon.

Jet fuel shortages threaten cancellations and price hikes

European jet fuel prices reached an all-time high of $1,698 per tonne this week – more than double the $830 per tonne before the air strikes on Iran – and the closure of the Strait of Hormuz is sending alarm bells ringing among airline bosses.

While European airlines have stressed that they are currently operating with normal levels of fuel, Scandinavia’s SAS became the first this week to admit it had introduced a “temporary price adjustment” in response to the soaring prices, with more expected to follow.

Experts now predict a potential 30% to 50% hike in plane tickets for European summer holidays if the fuel crisis drags on, potentially costing an extra £600 for a family of four heading to the Canary Islands, Greece or Morocco.

Long-haul flights would see even steeper price increases, with a family trip to Australia going up by an eye-watering £2,400.

James Noel-Beswick, head of commodities at market intelligence firm Sparta Commodities, told the BBC: “I think we’re weeks away from maybe flight cancellations or delays due to lack of jet fuel, rather than months.”

An end to the age of cheap foreign holidays is likely to help tip the balance back in favour of domestic holidays when it comes to cost, as ‘staycations’ have long been criticised for poor value for money – especially when it comes to accommodation.

You can expect to pay at least £500 for five nights in a budget holiday let near St Ives – but in Malaga, the equivalent would set you back just £350.

Air travel chaos threatens holiday favourites

British holidaymakers preparing to head to Spain on their Easter getaways have meanwhile been warned to expect chaos at airports, with a national baggage handler strike threatening to cause missed connections and delayed boarding.

And there’s mounting uncertainty around Turkey, where three Iranian missiles have been intercepted since the beginning of the conflict, and popular Brit destination Cyprus, which saw the RAF base on the island’s southern coast come under drone attack.

Foreign Office chiefs currently advise anyone travelling to either country to be aware of the risks of ‘regional escalation’.

The Citizens Advice Bureau say holidaymakers who are unsure over a trip they have booked in the months ahead should get in touch with their travel provider – but don’t cancel before speaking to them, as you may lose your right to a refund.

Top 10 destinations for British summer holidays:

The top 10 UK destinations for summer staycations, based on consumer research of 2,000 UK adults by Sykes Holiday Cottages:

  1. St Ives (Cornwall)
  2. Isle of Skye (Inner Hebrides, Scotland)
  3. Bath (Somerset)
  4. Whitby (North Yorkshire Coast)
  5. Ambleside (Lake District, Cumbria)
  6. Brighton (East Sussex)
  7. Cambridge (Cambridgeshire)
  8. Bourton-on-the-Water (Cotswolds)
  9. Padstow (Cornwall)
  10. Anglesey (North Wales)

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