Abstract

Conventional approaches fail to capture how AI creates value in FinTech. This study develops a multidimensional AI adoption index and examines its relationship with firm value through comparative analysis of Tonghuashun, East Money Information, and Wind Information. Building on a comparative case analysis of three leading FinTech firms, complemented by panel data regression on firm–quarter observations (2018–2024), we find a U–shaped relationship–value emerges only after a threshold of AI integration is reached. Tonghuashun, the highest adopter, achieved 180% market capitalization growth since 2020, reaching RMB 169.94 billion, with monthly active users double its closest competitor. The findings indicate that strategic AI depth drives superior valuation, offering a replicable framework for evaluating AI value creation in emerging markets and extends the application of corporate valuation models to incorporate AI adoption as a measurable driver of firm value.

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