花旗银行一位为中国公司工作的银行家表示，中国AI供应链公司的上市预计将在估值担忧上升和审查日益严格的情况下保持稳固。
Listings of Chinese AI supply chain companies are expected to stand their ground weathering rising valuation concerns and increasingly sharper scrutiny, a Citi banker working with Chinese companies said.
尽管数据中心公司近期估值回落主要源于美国市场，但花旗中国投资银行负责人袁伟民表示，未来的AI供应链上市仍将继续在香港进行。
By Selena Li Despite recent valuation pullbacks on data centre companies, largely originating from the US market, future AI supply-chain listings would continue in Hong Kong, said Simon Yuen, Citi's head of China investment banking.
袁伟民同时担任花旗亚太地区金融机构集团负责人，他在曼谷国际货币基金组织会议期间表示，计划在香港上市的中国公司受益于国内和国际需求大致持平的支撑。
Chinese companies plan to list in Hong Kong are cushioned by a roughly even split between domestic Chinese and international demand, Yuen, who also heads Citi’s financial institutions group in APAC, said on the sidelines of the IMF meetings in Bangkok.
他指出，市场得到本地流动性池的支持，中国内地的南向资金上升正成为关键的买入力量。
The market is supported by a pool of local liquidity, with rising southbound capital from the Chinese mainland emerging as a key buying force, Yuen said.
然而，他警告称：“如果美国的AI周期出现转折——我们已经在过去几周看到一些波动——其影响将无处不在，香港亦包括在内。”
Still, "if the whole AI cycle turns in the US — and we have seen some volatility in the last few weeks — you will see an impact everywhere, Hong Kong included,” he warned.
许多中国硬件企业已主动在中国境外建立制造基地，这有助于他们更好地服务全球客户并减轻地缘政治摩擦。
Many Chinese hardware players have proactively established manufacturing footprints outside mainland China, he said, which helps them better service global clients and mitigate geopolitical friction.
袁伟民表示，中国硬件供应商受益于全球AI基础设施繁荣，既实现了销量增长，也提升了单价。
Chinese hardware suppliers have benefited from the global AI infrastructure boom, gaining both sales volume growth and higher unit prices, Yuen said.
他预计，明年香港股权资本市场的焦点将从纯硬件转向中国人工智能模型和应用开发者。
Next year, the focus in Hong Kong's equity capital markets is expected to shift away from pure hardware, toward Chinese artificial intelligence models and application developers, he said.
但他强调：“这些公司需要具备经过验证的商业模式。他们需要展示非常强劲的增长和盈利能力。”
"But these companies need to have a proven business model. They need to show very strong growth and profitability," he said.
受中国科技融资需求推动，今年前九个月有118家公司在香港上市，融资额达3880亿港元（约494亿美元），同比增长106%。
Propelled by Chinese tech funding demand, 118 firms went public in Hong Kong in the first nine months of the year, raising HK$388 billion ($49.4 billion), up 106% year-on-year.