China’s tech IPO market rebounds on AI, chip support

China’s onshore technology IPO market showed renewed activity in the first half of the year, with companies raising $3.1 billion through domestic listings by June 18 and nearly 50 firms filing IPO applications in Shanghai and Shenzhen planning to raise at least 126.1 billion yuan ($18.7 billion).

Regulators on June 17 said they would support listings by startups in designated future industries, including quantum technology, nuclear fusion and brain-computer interfaces. The Shanghai Stock Exchange introduced rules intended to simplify public listings for large-language-model companies on the STAR Market.

Regulatory filings show close to 50 companies have submitted IPO applications across the two exchanges. Memory-chip maker ChangXin Memory Technologies plans a 29.5 billion yuan listing in Shanghai; if completed, it would be the largest domestic IPO this year and would raise onshore proceeds to their highest level in three years.

The rebound follows a slowdown in 2024, when annual proceeds from technology IPOs onshore fell to $2.7 billion from $15.7 billion in 2023. Onshore proceeds recovered to $3.6 billion in 2025. Chinese technology firms raised $6.6 billion through Hong Kong listings in 2025.

Regulators have indicated support for qualified Hong Kong-listed companies seeking secondary listings on mainland exchanges. Several companies are pursuing both Hong Kong and mainland fundraising. Zhipu AI, which raised HK$4.35 billion in a Hong Kong listing in January, plans a STAR Market listing to raise around 15 billion yuan. Baidu’s chip unit Kunlunxin is awaiting approval for about a $2 billion Hong Kong offering while exploring onshore options.

Investor demand for recent onshore listings has been strong for some issuers. Shares of SJ Semiconductor Corp have traded at more than eight times their IPO price. Semight Instruments’ stock has risen nearly 28 times its initial offering price.

Ho-Yin Lee, Asia-Pacific co-head of technology and communications at Citigroup, noted that mainland listings could provide Hong Kong-listed companies with wider access to domestic investors.

Planned offerings remain subject to regulatory approvals and market demand.