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IPO

IPO
Latest news and analysis on initial public offerings (IPOs), with a particular focus on companies raising funds on the Hong Kong Stock Exchange.
The X2 flying car designed by Xpeng affiliate Aridge is seen at an auto show in Tangerang, Banten, Indonesia, on July 26, 2025. Photo: Shutterstock
Electric & new energy vehicles

Xpeng’s flying car unit readies Hong Kong IPO for take-off

Aridge, formerly AeroHT, eyes listing this year as it aims to accelerate its efforts in the low-altitude market, sources say.

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Banking & finance

Opinion | Hong Kong’s fertile ground for AI IPOs aligns with China’s tech strategy

Artificial intelligence

MiniMax and Zhipu’s stellar Hong Kong IPOs supercharge China’s AI ambitions

Artificial intelligence

Chinese AI start-up MiniMax shines on Hong Kong IPO debut

The shares jump as much as 113.2 per cent to HK$351.80 before ending the day 109.1 per cent higher at HK$345.

Executives of MiniMax Group, Suzhou Ribo Life Science, Yunnan Jinxun Resources and HKEX at the IPO listing ceremony on Friday. Photo: Jonathan Wong
Banking & finance

TCM firms eye Hong Kong IPOs to fuel global expansion

Over the past year, 34 innovation and technology, life and health science companies set up or expanded their operations in Hong Kong.

Artificial intelligence

Meta-Manus probe shows risks to China’s AI boom

A review of Facebook owner Meta’s plan to buy AI agent Manus and a reported move to deter imports of Nvidia H200 chips show that China is moving to shore up both ends of its AI ecosystem amid US competition.

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Hong Kong stock exchange

3 Chinese AI, robotics stocks gain in Hong Kong debuts

Zhipu AI, Iluvatar CoreX and Edge Medical raised US$1.2 billion in their share offerings.

Zhipu AI is the first pure-play Chinese AI large language model developer traded on the Hong Kong stock exchange. Photo: Shutterstock
McDonald's

McDonald’s Philippine rival Jollibee to list global business in the US by 2027

The spin-off and potential US listing of Jollibee Foods Corporation would include all of the company’s businesses outside its home market.

Banking & finance

MiniMax’s Hong Kong IPO set to hit US$538 million amid Chinese AI sector frenzy

The Alibaba-backed firm is set to price its 25.4 million shares at HK$165 each, the top end of its marketed range, sources say.

Banking & finance

The ‘biology winter’ thaws: why investors are buying Hong Kong’s biotech IPOs

A wave of China out-licensing deals is feeding a biotech comeback in Hong Kong, where IPOs and follow-on placements are surging.

Healthcare firms now account for about a fifth of the more than 300 listing applications in the city. Photo: Shutterstock
Hong Kong economy

Hong Kong to boost tech, financial services integration during AI boom: Paul Chan

Minister hails city’s role as global capital market for mainland Chinese tech firms, citing AI chipmaker Biren’s 82 per cent gains at debut.

Financial Secretary Paul Chan (second from right) attends the listing ceremony for Biren Technology with the firm’s CEO Zhang Wen (second from left). Photo: Jonathan Wong
China stock market

Turning point: China doubles IPOs in 2025 amid eased curbs to boost tech push

CSRC reforms revive fundraising momentum with 115 firms generating US$18.3 billion across mainland China’s exchanges.

Artificial intelligence

China takes confident strides to develop more AI innovation in 2026

‘China’s tech innovation is poised for policy-driven growth in 2026, with AI placed at the centre of the country’s economic agenda,’ NYU’s Winston Ma says.

Banking & finance

More issuers turn to Dubai listings as yuan bonds gain traction in Middle East

Dubai’s dim sum bond momentum points to investor confidence in China and diversification from the US dollar, says regulator.

Financial centres like Dubai are the key centrepoints of the quickly growing corridor between China and the Middle East, according to the Dubai Financial Services Authority. Photo: AFP
Artificial intelligence

Biren surges, China military drills, CES technology show

This week: Biren Technology jumps on Hong Kong debut, PLA holds drills off Taiwan and factory activity returns to expansion. Next week: Chinese tech firms at CES, December CPI release, HSBC-Hang Seng Bank buyout vote, and more.

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HKEX

Hong Kong’s IPO dominance in 2025 set to carry on into new year

The city’s exchange secures global bragging rights after 114 companies raised US$37.22 billion on the main board in 2025, according to LSEG.

Banking & finance

Hong Kong retakes IPO crown

Hong Kong topped global initial public offerings (IPOs) for the first time in six years in 2025 after fundraising more than tripled aided by deals from battery maker CATL and miner Zijin Gold.

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Hong Kong stock exchange

Shares in Chinese GPU start-up Biren soar in Hong Kong listing

Shares leap 82 per cent in debut after retail investors’ demand exceeds supply by 2,347 times.

Zhang Wen, chairman and CEO of Biren, bangs the gong at the company’s listing ceremony in Hong Kong on January 2, 2026, as HKEX CEO Bonnie Chan (left) and Financial Secretary Paul Chan (second from right) look on. Photo: Jonathan Wong
Mergers & Acquisitions

China’s M&A revival points to deeper investor confidence in growth prospects

Deal value is expected to rise, with strategic transactions and overseas ambitions driving momentum.

Banking & finance

Macroscope | What to expect from Chinese stocks in 2026

While the underperformance of Chinese equities in the last financial quarter warrants scrutiny, overall gains are likely to continue in 2026.

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Mainland China

Chinese rocket firm LandSpace moves towards US$1 billion IPO

Listing is the first accepted under a fast-track process for pre-revenue rocket companies, as China prioritises space development.

A full-size model of LandSpace’s Zhuque-1 rocket, is displayed at its factory in Huzhou, Zhejiang province, on December 17, 2025. Photo: Reuters
Artificial intelligence

China’s Moonshot AI raises US$500 million in latest funding round: report

The Kimi AI model developer is now valued at US$4.3 billion, with cash reserves worth US$1.4 billion.

Kimi developer Moonshot AI is in no rush to go public after raising a hefty sum in its latest funding round. Photo: Shutterstock
Hong Kong economy

Editorial | Hong Kong’s IPO market rings in 2026 on a high note

The city catapulted itself into the global top spot for initial public offerings in 2025, with another strong pipeline of listings expected this year.

Shanghai

China’s DRAM giant CXMT plans US$4.2 billion IPO on Shanghai’s Star Market

Listing aims to fund wafer expansion and DRAM upgrades as Beijing drives tech self-reliance.

Artificial intelligence

China AI start-up MiniMax kicks off US$538 million Hong Kong IPO

Start of Shanghai-based company’s share sale follows launch of rival Zhipu’s US$560 million IPO a day earlier.

The company said it would start trading under stock code 0100 on January 9, with pricing expected on January 7. Photo: Shutterstock
Hong Kong

China’s Zhipu AI launches US$560 million share sale amid heated IPO tech race

The company, marketed overseas as Z.ai, eyes US$6.6 billion valuation with Hong Kong’s first large language model listing.

Zhipu AI is moving closer to becoming the first large language model developer listed in Hong Kong. Photo: Shutterstock
Insilico

China vital to Insilico’s plan to build biotech’s AI ‘Einstein’ for new drugs

US firm, backed by Fosun and Tencent, expands research base in China as it develops an AI-powered drug-discovery tool.

Banking & finance

Insilico Medicine leads 6 Hong Kong IPOs, capping banner fundraising year

Debutants raise total of US$899 million as exchange wraps up one of the most active months for IPOs since 2021.

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