(Dec 31): Chinese artificial intelligence firms are leading a wave of listings in Hong Kong, aiming to capitalise on recent market momentum.
At least 25 companies, of which about half are technology firms, have debuted their shares in the financial hub this month, making December the busiest month for deals since November 2019, according to data compiled by Bloomberg. Another 10 companies are set to start trading in Hong Kong next month.
Beijing’s support for the local semiconductor industry amid the global AI race is encouraging firms to accelerate expansion and fundraising plans. Recent blockbuster performances in some Chinese AI-related companies also underscore insatiable demand for future national champions that may rival the likes of Nvidia Corp.
AI firm MiniMax Group Inc’s offering is already several times subscribed after orders began on Wednesday (Dec 31). Other companies planning to list in Hong Kong in January include image sensor manufacturer OmniVision Integrated Circuits Group and memory device maker GigaDevice Semiconductor Inc.
“Interest on these AI names will continue in early 2026,” said Steven Leung, executive director at UOB Kay Hian Hong Kong. “It will benefit from investors switching from US AI names on recent worries of an AI bubble and obviously it’s also driven by expectations for favourable policies by the Chinese government on the sector.”
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The performances of recent IPOs in Hong Kong have been quite mixed. Crypto exchange Hashkey Holdings Ltd, whose retail tranche was oversubscribed by nearly 400 times, fell on the first day of trading. Meanwhile, shares of software producer Nuobikan Artificial Intelligence Technology (Chengdu) Co have surged more than 360% since listing on Dec 23.
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