Chinese Tech Firms Surge in Hong Kong Debut as US–China Tech Rivalry Intensifies
Three Chinese technology firms made strong market debuts in Hong Kong on Thursday, raising a combined HK$9.3 billion (US$1.19 billion) and underscoring Beijing’s determination to strengthen its position in the global high-tech race against the United States. All three stocks opened above their offer prices, reflecting solid investor confidence in China’s next wave of AI, semiconductor and robotics companies.
Strong Openings Signal Investor Optimism
Artificial intelligence developer Zhipu AI, also known as Knowledge Atlas Technology, rose 3.3% above its offer price of HK$116.20, trading at around HK$126.00. The company, which spun out of Tsinghua University, raised HK$4.35 billion and was valued at nearly HK$51 billion at listing. It plans to allocate most of its proceeds to research and development. Cornerstone investors included JSC International Investment Fund and JinYi Capital Multi-Strategy Fund.
Shanghai Iluvatar CoreX, a GPU design firm, surged 31.6% above its offer price of HK$144.60, trading near HK$162.50. The firm raised HK$3.48 billion, valuing it at about HK$36.8 billion. It intends to use the funds to advance its research across chips, accelerators and software.
Surgical robotics firm Shenzhen Edge Medical jumped 36.4% from its HK$43.24 offer price to around HK$56.00. It raised approximately HK$1.12 billion to support research, commercial expansion, manufacturing capacity and acquisitions. Among its cornerstone investors were the Abu Dhabi Investment Authority, OrbiMed, UBS AM Singapore and Tencent’s Huang River fund.
AI and Chip Listings Strengthen China’s Tech Ambitions
The listings mark a broader effort by Chinese regulators to fast-track domestic AI and semiconductor companies as alternatives to advanced U.S. technologies. Huawei’s AI server arm xFusion has already begun preparing for a mainland IPO, while chipmaker ChangXin Memory Technologies and Baidu’s AI chip division Kunlunxin are also eyeing listings.
Zhipu AI’s chief executive, Zheng Peng, said the company’s focus remains on expansion and innovation. Founded in 2019, Zhipu AI has been recognised internationally as a rising rival in the AI space. “As a frontrunner in the AI sector, this listing will provide the company with significant capital to fuel its next phase of growth,” said Dan Ouyang, partner at Baker McKenzie, which advised the IPO.
Hong Kong’s IPO Market Regains Momentum
The upbeat debuts signal renewed momentum for Hong Kong’s stock market, which saw HK$37.2 billion raised from 115 listings in 2025—its strongest performance since 2021, according to data from LSEG. Analysts believe the listings of Zhipu AI, Iluvatar CoreX and Edge Medical will serve as a benchmark for upcoming offerings.
“Early-stage investments have yet to be cashed out for profit,” said Marco Sun, chief financial market analyst at MUFG (China). “China’s AI story is only beginning to unfold, so it’s too early to draw conclusions.”
Two more Chinese tech firms—MiniMax Group and chipmaker OmniVision Integrated Circuits—are scheduled to debut on Friday, extending the positive start to Hong Kong’s 2026 IPO calendar.
with inputs from Reuters
