The dark side of the moon is going public in Hong Kong this month. With Zhipu and MiniMax, the Four Little Dragons are almost all gathered in Hong Kong. Just missing DeepSeek—probably coming soon too. Plus Alibaba, Tencent, and Kuaishou's Keling. Aside from Doubao, all of China's major AI models are listed in Hong Kong. Looks like the AI bull market won't end until the U.S.'s OpenAI and Anthropic go public. At most, hardware will keep adjusting, while the hype shifts to these AI software plays. So, it's possible that Tencent, Alibaba, Kuaishou, Zhipu, and MiniMax will rebound for a while in August-September.