June 26, 2026, (Inside AI) — Chinese onshore technology IPOs are surging toward their strongest year since 2023, as Beijing aggressively backs chip and AI listings to fuel tech self-reliance. Technology firms have raised $3.1 billion from domestic listings so far this year, more than five times the volume in the same period last year, according to LSEG data.
Nearly 50 companies, spanning robotics startups and semiconductor makers, have filed for IPOs in Shanghai and Shenzhen. Their combined fundraising targets exceed 126.1 billion yuan ($18.7 billion), Reuters calculations show. The rebound marks a sharp reversal from a listing drought that began in 2024, reigniting a market that had been overshadowed by Hong Kong.
The push aligns with China’s strategic rivalry with the U.S. and a regulatory pivot to champion "future industries." On June 17, Chinese regulators pledged support for startups in quantum technology, nuclear fusion, and brain-computer interfaces. The Shanghai Stock Exchange also eased rules for large-language-model firms on its STAR Market, explicitly targeting homegrown AI champions.
Memory-chip maker ChangXin Memory Technologies (CXMT) is planning a 29.5 billion yuan Shanghai IPO, which would be the year’s largest and push total listing value to a three-year high. Meanwhile, Zhipu AI, fresh from a HK$4.35 billion Hong Kong IPO in January, now aims to raise 15 billion yuan on the STAR Market. Baidu’s chip unit Kunlunxin, still awaiting approval for a $2 billion Hong Kong listing, is also preparing a smaller domestic float, a person familiar with the matter said.
The revival is unlocking exits for venture capital and private equity backers. Li He, co-head of law firm Davis Polk’s Asia practice, said:
“The acceleration of technology IPOs has provided long-awaited exit opportunities for private equity and venture capital funds that have backed these companies.”
China’s tech IPO proceeds had collapsed to $2.7 billion in 2024 from $15.7 billion in 2023, before recovering to $3.6 billion in 2025. By contrast, Chinese tech firms raised $6.6 billion in Hong Kong in 2025. Now, mainland regulators are courting Hong Kong-listed companies to list domestically, broadening access and deepening liquidity.
Kenny Ng, a strategist at China Everbright Securities International, said:
“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.”
Recent mainland tech IPOs have fueled the optimism. SJ Semiconductor Corp has surged more than eightfold from its IPO price, while Semight Instruments has jumped nearly 28-fold. Such returns are drawing global attention to China’s AI and chip sectors as part of a broader wave.
James Wang, head of Asia ex-Japan equity capital markets at Goldman Sachs, said:
“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.”
For domestic investors, a mainland listing offers more than capital. Ho-Yin Lee, Asia-Pacific co-head of technology at Citigroup, said:
“They would get access to a deep pool of capital, funding to grow businesses and great domestic branding.”
The listing drive underscores Beijing’s determination to build a self-reliant tech ecosystem, even as geopolitical tensions simmer. With regulatory support, a pipeline of ambitious firms, and strong retail demand, China’s onshore IPO market is reclaiming its role as a critical funding engine for the country’s AI and semiconductor ambitions.
