AI Lists on Two Separate Capital Markets — On June 17 CSRC chair Wu Qing extended the STAR Market's "fifth set" listing standard (for unprofitable firms) to AI large-model companies; the SSE issued 15 review guidelines the same day. Zhipu (already HK-listed in January, code 2513) filed June 1 for a STAR Market listing raising ≤¥15B (¥12B into foundation-model R&D) — an "A+H" dual listing; MiniMax signed CITIC Securities guidance May 29 to start its A-share IPO. Same week in the US: OpenAI tilts its IPO to 2027 (Altman rejects sub-$1T valuations); Anthropic, median target Dec 15 at ~$1.1T, may list first (~October). Judgment: "bilateral AI nationalization" extends from R&D/compute to the exit & pricing layer — where an AI company lists is now a function of state capital-market policy, not pure market choice. Chinese-model valuation anchor migrates from USD-VC/HK to A-share STAR (policy pricing — same structure as ENTRY 78's state-guaranteed demand curve, this time guaranteeing the exit channel). Exit channels fork into two parallel rails — US $1T+ private IPOs vs China STAR fifth-set — so RMB-fund + onshore-exit gains a premium while USD/offshore-bound Chinese AI assets take a "channel discount." Rollback: if the STAR fifth-set opening for models proves token and few actually list, discount the "onshore pricing power" call.