China’s Unitree open to Hong Kong IPO as Auntea Jenny, tech firms move ahead with listings

Surge in listing plans augurs well for city’s effort to claw way back to top of global ranking of fundraising destinations

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Shanghai-based Auntea Jenny aims to raise up to US$35 million in a Hong Kong share listing. Photo: Sohu

Published: 1:59pm, 28 Apr 2025Updated: 4:19pm, 28 Apr 2025

A number of mainland China companies are making plans for initial public offerings (IPOs) or secondary listings in Hong Kong, a trend that augurs well for the city’s effort to claw its way back to the top of the global league table of fundraising destinations.

Wang Xingxing, the founder of humanoid-robotics start-up Unitree, told Hong Kong’s chief executive John Lee Ka-chiu during his visit to Hangzhou last week that a listing in the city remains a future consideration, local media reported.

Companies with firm plans to list in the city, according to recent exchange filings, include Shanghai-listed Suzhou Novosense Microelectronics, China’s fifth-largest analogue chipmaker, and Shenzhen-listed Fibocom Wireless, a producer of wireless communication modules for Internet of Things applications.

On Monday, mainland bubble-tea chain Auntea Jenny launched its Hong Kong IPO, aiming to raise up to HK$270 million (US$35 million) at a maximum offer price of HK$113.12 per share, according to a stock exchange filing.

It will be the third mainland tea drink maker to debut in Hong Kong this year, following the HK$3.45 billion listing of Mixue in March and the HK$1.8 billion share sale by Guming in February. Another tea firm, Chagee, raised US$411 million with a Nasdaq listing in New York this month.

Auntea Jenny, one of the mainland’s largest tea sellers, posted a 2 per cent drop in revenue last year to 3.3 billion yuan (US$453 million), while its adjusted net profit edged up to 418 million yuan.

The wave of technology firms jumping on the Hong Kong listing bandwagon comes after Beijing’s large-scale stimulus measures in the second half of last year and a recovery in investor confidence spurred by the emergence of breakthrough technologies from artificial-intelligence developers like DeepSeek.