A major rebound is underway in China's IPO market, driven by artificial intelligence and semiconductor firms. Blockbuster listings on the Shanghai STAR Market and Hong Kong Exchange are seeing extraordinary first-day gains.
The numbers are staggering. Moore Threads Technology raised roughly $1.1 billion in its Shanghai IPO in December 2025, with shares surging over 400% on the first day. MetaX Integrated Circuits, debuting on the same exchange, saw a nearly 700% first-day pop with thousands-fold oversubscription.
January 2026 marked a record month. Six Chinese AI and chip firms listed in Hong Kong, collectively raising $3.6 billion-nearly 60% more than all Hong Kong IPOs combined in the first quarter of 2025. AI chip designer Biren Technology raised about $717 million, with shares closing up 76% on the first day. Retail subscription for its listing exceeded 2,300 times.
Heightened US export restrictions on advanced semiconductor technology to China have acted as a growth catalyst. The push for tech self-sufficiency has turned homegrown chip and AI companies into national champions, funneling both policy support and investor enthusiasm their way.
The pipeline includes robotics company Unitree, memory chip manufacturers CXMT and YMTC, and Baidu's Kunlunxin chip unit, estimated at a $3 billion valuation.