This positive performance highlights China’s ambitions to compete with the U.S. in high technology. Notably, all three companies traded above their initial offer prices.
- Zhipu AI (Knowledge Atlas Technology) opened 3.3% higher, trading around HK$126.00 (offer price HK$116.20).
- Shanghai Iluvatar CoreX, a semiconductor company, started 31.6% higher, trading at about HK$162.50 (offer price HK$144.60).
- Shenzhen Edge Medical, specializing in surgical robotics, saw a 36.4% increase, trading at around HK$56.00 (offer price HK$43.24).
These listings brought in a combined HK$9.3 billion and come amid a surge in listings as Chinese authorities promote domestic alternatives to advanced U.S. technology. Companies like Huawei’s AI spin-off xFusion and chipmaker ChangXin Memory Technologies are also preparing for potential IPOs.
Zhipu AI, founded in 2019 and recognized as a leading player in China’s AI development, plans to allocate most of its raised funds to research and development. Its CEO expressed that the listing would provide significant capital for future growth.
The recent IPOs reflect optimism in Hong Kong’s market, which raised $37.2 billion from 115 listings in 2025, marking the region’s most active year since 2021. Upcoming listings include MiniMax Group and OmniVision Integrated Circuits, further indicating a promising year for new entrants into the market.
