Core Viewpoint - The AI "Six Little Tigers" are facing unique challenges as they prepare for IPOs, with varying degrees of readiness and market conditions impacting their prospects [3][9]. Group 1: Market Dynamics - The AI landscape is evolving rapidly, with major players like Alibaba and ByteDance pushing the boundaries, forcing smaller companies to adapt quickly [4][20]. - The "Six Little Tigers" are experiencing pressure from larger firms, which have raised their valuations and created a challenging environment for smaller companies to secure funding or acquisitions [20][21]. Group 2: IPO Readiness - Two companies, Zhipu and MiniMax, are leading the charge towards IPO, while Moonlight is also reportedly preparing for a listing [7][9]. - Recent policy changes in Hong Kong and the Science and Technology Innovation Board have made it easier for early-stage tech companies, including AI firms, to go public [11][12][13]. Group 3: Individual Company Challenges - Baichuan Intelligence and Zero One Wanwu are showing signs of lagging behind, with difficulties in their IPO pursuits due to overexpansion and competition [15]. - Zhipu is seen as the most prepared for an IPO, having secured significant funding and a clear strategy, but faces uncertainties due to market conditions [16][17]. - MiniMax is focusing on overseas markets to boost revenue but risks being categorized as a software company, limiting its growth potential [17]. Group 4: Long-term Viability - The long-term success of the "Six Little Tigers" post-IPO will depend on their technological advantages, commercialization efficiency, and investor patience [27][28]. - Historical precedents from the "Four Little Dragons" in AI highlight the risks of failing to convert technological investments into profitable business models, with significant losses reported [29][30][31].