China’s onshore technology initial public offering (IPO) market is staging a notable recovery, with a wave of chip and artificial intelligence-related listings helping push this year’s fundraising to levels not seen since 2023. Beijing’s stated intention to support homegrown tech firms, along with new rules to ease AI-related listings, has coincided with a surge in applications and sizable planned share sales on the Shanghai and Shenzhen bourses.
Data compiled by LSEG shows technology companies have raised $3.1 billion from listings in China so far this year through June 18, a more than fivefold increase compared with the same period a year earlier. Reuters calculations based on prospectus filings indicate nearly 50 companies have sought IPO approval in Shanghai and Shenzhen, with intended fundraising totaling at least 126.1 billion yuan ($18.7 billion).
Among the prominent applicants is ChangXin Memory Technologies (CXMT), a memory-chip manufacturer that is planning a 29.5 billion yuan Shanghai listing. Such an offering would be the largest domestic tech IPO so far this year and would lift the aggregate planned listing value to the highest point in three years, according to LSEG figures.
Regulatory encouragement appears to be a key catalyst. On June 17, Chinese regulators announced support for listings by startups operating in sectors described as "future industries," including quantum technology, nuclear fusion and brain-computer interfaces. Separately, the Shanghai Stock Exchange has published measures intended to facilitate public share sales by companies developing large language models on the STAR Market, as part of efforts to cultivate domestic AI champions.
Legal and capital markets advisors say the increase in IPO activity is unlocking exits for private investors after a prolonged slowdown. "The acceleration of technology IPOs has provided long-awaited exit opportunities for private equity and venture capital funds that have backed these companies," said Li He, co-head of law firm Davis Polk’s Asia (ex-Japan) practice.
The recent pickup represents a reversal of a listing pause that followed 2024, a year in which many domestic technology firms sought listings in Hong Kong to tap offshore capital. LSEG data show annual proceeds from technology listings on mainland exchanges fell to $2.7 billion in 2024 from $15.7 billion in 2023, before recovering to $3.6 billion in 2025. By contrast, Chinese technology companies raised $6.6 billion in Hong Kong in 2025.
Regulatory openness to cross-listings could further broaden the market. In remarks at a high-level financial forum in Shanghai earlier this month, the China Securities Regulatory Commission (CSRC) said it would support qualified Hong Kong-listed companies seeking mainland listings. Market strategists say such support could expand investor access and enhance liquidity onshore.
"If companies from other regions listed in Hong Kong can be included in the future, it can provide investors with more diversified choices and bring better liquidity to the market," said Kenny Ng, a strategist at China Everbright Securities International.
Examples of companies navigating dual-market ambitions include Zhipu AI, which raised HK$4.35 billion ($555.2 million) in a Hong Kong IPO in January and has indicated plans 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 offering and, according to a person with knowledge of the matter who spoke on condition of anonymity, is also planning a smaller domestic float.
Neither Baidu nor Kunlunxin responded to emailed requests for comment.
Bankers argue that a mainland listing can give Hong Kong-traded technology companies access to a deeper pool of domestic capital and raise their profiles among onshore investors. "They would get access to a deep pool of capital, funding to grow businesses and great domestic branding," said Ho-Yin Lee, Asia-Pacific co-head of technology and communications at Citigroup.
Investor appetite for recent mainland tech listings has been strong, amplifying hopes for a sustained revival in domestic issuance. SJ Semiconductor Corp has climbed more than eightfold from its IPO price, while Semight Instruments shares have risen nearly 28-fold from their offering level.
For equities professionals involved in capital formation, the rebound in issuance is being interpreted as part of a global wave tied to AI investment. "The pickup in Chinese tech issuance is part of a broader global AI wave, with China and the U.S. the two markets that set the tone," said James Wang, head of Asia ex-Japan equity capital markets at Goldman Sachs.
Currency conversions: ($1 = 6.7573 Chinese yuan renminbi) ($1 = 7.8352 Hong Kong dollars)