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Chinas Tech IPOs Surge as Beijing Pushes for Self-Reliance
In the first half of 2026, mainland China’s technology sector has outpaced its own record‑setting 2023, with onshore initial public offerings (IPOs) generating more than five times the proceeds seen a year earlier. The surge reflects Beijing’s push to bolster domestic chip and artificial‑intelligence (AI) firms amid the broader U.S.–China technology rivalry.
According to data compiled by Reuters from the London Stock Exchange Group (LSEG), Chinese tech companies raised $3.1 billion from listings in Shanghai and Shenzhen up to June 18. Nearly 50 firms—ranging from robotics start‑ups to semiconductor makers—have filed for IPOs, targeting a combined fundraising goal of at least 126.1 billion yuan ($18.7 billion) according to Reuters calculations.
The most prominent applicant is ChangXin Memory Technologies (CXMT), a memory‑chip developer that plans a 29.5 billion‑yuan Shanghai IPO. If approved, the offering would be the largest onshore tech listing this year and would lift the total value of mainland tech IPOs to a three‑year high, LSEG data shows.
The uptick follows a June 17 regulatory announcement in which Chinese authorities pledged support for start‑ups in “future industries” such as quantum technology, nuclear fusion and brain‑computer interfaces. At the same time, the Shanghai Stock Exchange (SSE) introduced new rules to ease share sales by large‑language‑model companies on its STAR Market, a science‑and‑technology‑focused board launched in 2019.
This policy shift comes after a period of listing hesitation that began in 2024, when many domestic firms moved to Hong Kong to tap offshore capital. In 2024, annual proceeds from Chinese tech listings fell to $2.7 billion from $15.7 billion in 2023, but recovered to $3.6 billion in 2025. In contrast, Hong Kong raised $6.6 billion from Chinese tech companies in 2025.
In a speech at a high‑level financial forum in Shanghai, the China Securities Regulatory Commission (CSRC) announced it would back qualified Hong Kong‑listed companies that seek mainland listings. Kenny Ng, a strategist at China Everbright Securities International, said the support could broaden access to mainland markets and improve liquidity. He noted that companies already listed in Hong Kong, such as Zhipu AI, could raise additional capital on the STAR Market.
Zhipu AI, which raised HK$4.35 billion ($555 million) in a Hong Kong IPO in January, has said it aims to raise 15 billion yuan from a STAR Market listing. Baidu’s chip unit, Kunlunxin, is awaiting regulatory approval for a $2 billion Hong Kong listing but plans a smaller domestic float, according to a source who declined to be named.
Investor enthusiasm for recent mainland tech IPOs has helped revive the domestic market. Shares of SJ Semiconductor Corp surged more than eightfold from their IPO price, while Semight Instruments jumped nearly 28‑fold. The strong demand reflects a broader global AI wave, with China and the United States setting the tone, said James Wang, head of Asia ex‑Japan equity capital markets at Goldman Sachs.
The current landscape shows a clear shift toward onshore listings for high‑growth tech firms. The CSRC’s support for Hong Kong‑listed companies, the SSE’s new STAR Market rules for AI and frontier‑technology firms, and the robust investor appetite all point to a sustained rebound in mainland tech IPO activity. Upcoming listings, such as CXMT’s memory‑chip offering and potential STAR Market debuts by Zhipu AI and other AI developers, will test the new regulatory framework and the market’s capacity to absorb large‑scale issuances.
In short, China’s tech IPO market is poised for a significant uptick in 2026, driven by regulatory backing, investor demand, and a strategic push for domestic self‑reliance in critical technologies. The next few months will determine whether the momentum translates into sustained growth and whether the new rules for AI and frontier industries prove effective in attracting capital and fostering innovation.
According to data compiled by Reuters from the London Stock Exchange Group (LSEG), Chinese tech companies raised $3.1 billion from listings in Shanghai and Shenzhen up to June 18. Nearly 50 firms—ranging from robotics start‑ups to semiconductor makers—have filed for IPOs, targeting a combined fundraising goal of at least 126.1 billion yuan ($18.7 billion) according to Reuters calculations.
The most prominent applicant is ChangXin Memory Technologies (CXMT), a memory‑chip developer that plans a 29.5 billion‑yuan Shanghai IPO. If approved, the offering would be the largest onshore tech listing this year and would lift the total value of mainland tech IPOs to a three‑year high, LSEG data shows.
The uptick follows a June 17 regulatory announcement in which Chinese authorities pledged support for start‑ups in “future industries” such as quantum technology, nuclear fusion and brain‑computer interfaces. At the same time, the Shanghai Stock Exchange (SSE) introduced new rules to ease share sales by large‑language‑model companies on its STAR Market, a science‑and‑technology‑focused board launched in 2019.
This policy shift comes after a period of listing hesitation that began in 2024, when many domestic firms moved to Hong Kong to tap offshore capital. In 2024, annual proceeds from Chinese tech listings fell to $2.7 billion from $15.7 billion in 2023, but recovered to $3.6 billion in 2025. In contrast, Hong Kong raised $6.6 billion from Chinese tech companies in 2025.
In a speech at a high‑level financial forum in Shanghai, the China Securities Regulatory Commission (CSRC) announced it would back qualified Hong Kong‑listed companies that seek mainland listings. Kenny Ng, a strategist at China Everbright Securities International, said the support could broaden access to mainland markets and improve liquidity. He noted that companies already listed in Hong Kong, such as Zhipu AI, could raise additional capital on the STAR Market.
Zhipu AI, which raised HK$4.35 billion ($555 million) in a Hong Kong IPO in January, has said it aims to raise 15 billion yuan from a STAR Market listing. Baidu’s chip unit, Kunlunxin, is awaiting regulatory approval for a $2 billion Hong Kong listing but plans a smaller domestic float, according to a source who declined to be named.
Investor enthusiasm for recent mainland tech IPOs has helped revive the domestic market. Shares of SJ Semiconductor Corp surged more than eightfold from their IPO price, while Semight Instruments jumped nearly 28‑fold. The strong demand reflects a broader global AI wave, with China and the United States setting the tone, said James Wang, head of Asia ex‑Japan equity capital markets at Goldman Sachs.
The current landscape shows a clear shift toward onshore listings for high‑growth tech firms. The CSRC’s support for Hong Kong‑listed companies, the SSE’s new STAR Market rules for AI and frontier‑technology firms, and the robust investor appetite all point to a sustained rebound in mainland tech IPO activity. Upcoming listings, such as CXMT’s memory‑chip offering and potential STAR Market debuts by Zhipu AI and other AI developers, will test the new regulatory framework and the market’s capacity to absorb large‑scale issuances.
In short, China’s tech IPO market is poised for a significant uptick in 2026, driven by regulatory backing, investor demand, and a strategic push for domestic self‑reliance in critical technologies. The next few months will determine whether the momentum translates into sustained growth and whether the new rules for AI and frontier industries prove effective in attracting capital and fostering innovation.
