China Has Yet to See Large Independent AI Data Companies

China has long accumulated vast amounts of data, but has yet to see the emergence of large independent AI data companies similar to Surge AI, Scale AI, and Mercor in the United States. Relevant background includes the formation of cutting-edge models and upstream data markets primarily in the U.S., the tendency of major Chinese firms to keep data within closed ecosystems, and the fragmentation of data among enterprises and traditional industries, with state-owned enterprises reluctant to easily hand over data to external suppliers. According to data from the National Data Bureau, China is expected to generate 52.26 ZB of data by 2025, with only 22.13% of the stored data classified as structured data. There are approximately 2,000 to 3,000 labeling companies in China, with the top three accounting for about 20% to 30% of the market, while the top three in the U.S. account for about 70% to 80%. The Information reported that Beijing-based company UniPat completed financing with a pre-investment valuation of $1 billion, while its competitor Humanlaya reached a valuation close to $1 billion after financing, both receiving investments from HSG and serving clients like Alibaba and ByteDance. A Hong Kong Stock Exchange announcement from Qianbaidu shows that the company will acquire approximately 90.91% of Benyuan Zhishu for 300 million RMB in June 2026. Haitan Ruisheng's 2025 annual report indicates a year-on-year revenue increase of 59% to 377 million RMB.

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