China's onshore technology listing market is showing renewed momentum as regulators and exchanges promote domestic offerings by chipmakers and artificial intelligence (AI) developers. Technology companies raised $3.1 billion from Chinese stock market listings through June 18 this year, more than five times the volume recorded in the same span a year earlier, according to LSEG data.
Market filings indicate that almost 50 firms - encompassing robotics start-ups and semiconductor companies - have applied to list on the Shanghai and Shenzhen exchanges, with combined fundraising plans of at least 126.1 billion yuan ($18.7 billion), Reuters calculations based on those filings show.
One of the largest contemplated deals is a proposed 29.5 billion yuan Shanghai IPO by memory-chip maker ChangXin Memory Technologies (CXMT). If CXMT proceeds at that size, it would represent the biggest listing of the year and push the aggregate value of planned domestic listings to a three-year peak, according to LSEG figures.
The revival in onshore listings has coincided with an explicit policy push. On June 17, Chinese regulators stated they would back listings for start-ups in what they called 'future industries,' naming fields such as quantum technology, nuclear fusion and brain-computer interfaces. Separately, the Shanghai Stock Exchange has released rules designed to make it easier for companies developing large language models to sell public shares on the STAR Market, part of a broader effort to cultivate locally headquartered AI businesses.
Legal advisers and market participants said the acceleration in technology IPOs is also providing long-awaited exit pathways for private equity and venture capital investors that had backed many of these firms. "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 Davis Polk's Asia (ex-Japan) practice.
The shift toward supporting domestic listings forms part of a broader trend in which Chinese authorities have signaled willingness to broaden access to mainland capital markets. The China Securities Regulatory Commission (CSRC) told a high-level financial forum in Shanghai earlier this month that it would support qualified companies already listed in Hong Kong that seek mainland listings.
Market strategists say that policy support could lift liquidity and expand the investor base for such companies. Kenny Ng, a strategist at China Everbright Securities International, said CSRC backing could open mainland markets to firms now traded in Hong Kong, providing investors with more diverse choices and improving market liquidity.
Examples of firms looking at mainland listings include Zhipu AI, which completed a Hong Kong IPO in January that raised HK$4.35 billion ($555.2 million) and is now pursuing a STAR Market listing it said could raise 15 billion yuan. Separately, Baidu's chip unit Kunlunxin is awaiting regulatory approval for a $2 billion Hong Kong float, and sources familiar with the matter said the unit plans a smaller domestic offering. Baidu and Kunlunxin did not respond to emailed requests for comment.
Advisers note that a mainland listing can provide companies traded in Hong Kong with access to a different, and potentially larger, pool of domestic capital. "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 technology IPOs has been strong and has helped fuel hopes of a sustained revival. For instance, shares of SJ Semiconductor Corp have risen more than eightfold from their IPO price, while Semight Instruments' stock has climbed nearly 28-fold since listing.
Goldman Sachs' James Wang, head of Asia ex-Japan equity capital markets, described the rebound in Chinese tech issuance as part of a wider global wave in AI-related activity, pointing to China and the United States as the two markets driving that trend.
Despite the recent uptick, the domestic tech listing market has only partially recovered from a 2024 trough. Annual proceeds from technology company listings in mainland China fell to $2.7 billion in 2024 from $15.7 billion in 2023, before recovering to $3.6 billion in 2025, LSEG data show. In contrast, Chinese technology firms raised $6.6 billion in Hong Kong in 2025, underscoring the competitiveness of offshore venues for capital-raising activity.
Exchange rates used in reporting were $1 = 6.7573 Chinese yuan renminbi and $1 = 7.8352 Hong Kong dollars.
Context and market implications
Policy signals and exchange rule changes are creating conditions conducive to larger domestic floats for technology companies, particularly those tied to semiconductors and AI. The uptick in filings and fundraising targets suggests a renewed willingness among both issuers and investors to engage with mainland capital markets after a period of outflows to Hong Kong listings. At the same time, the mix of regulatory encouragement and strong post-listing performance for some mainland IPOs is renewing confidence among venture and private equity investors seeking exits.