Author：Wall Street CN
Driven by the continued rise of China's artificial intelligence sector, Hong Kong's stock market raised a five-year high in the first quarter of 2026, ranking among the top major exchanges globally and reaffirming its position as the preferred destination for Chinese companies to list overseas.
According to data from Dealogic and LSEGIn the first quarter of 2026, Hong Kong IPOs and additional share offerings raised approximately US$14 billion, marking the best first quarter performance since 2021 and surpassing Nasdaq, the New York Stock Exchange, and the Bombay Stock Exchange.The two best-performing IPOs this year—AI companies Zhipu and MiniMax—have both seen cumulative gains of over 400% since their listings, reflecting investors' strong desire to gain exposure to China's AI sector.
Jason Lui, Head of Equities and Derivatives Strategy for Asia Pacific at BNP Paribas, said that when DeepSeek attracted market attention in 2025, investors mainly sought AI exposure through large-cap Chinese tech stocks in the index; however, this year has seen the emergence of pure AI labs and AI hardware listings, providing investors who want to directly bet on China's artificial intelligence industry with more precise tools.
Pure AI companies are rising, with Hong Kong IPOs leading the world in fundraising.
Technology hardware and software companies dominated Hong Kong IPO statistics this year, highlighting Hong Kong's strategic value as a financing hub for Chinese companies seeking overseas funding—these companies urgently need capital to support their overseas expansion and R&D investment. The outstanding performance of Zhipu and MiniMax signifies a deepening evolution in the market's investment logic regarding Chinese AI.Since its listing in Hong Kong in January this year, Zhipu's stock price has increased by more than 400%.
Jason Lui points out that compared to 2025 when investors indirectly participated in the AI market through broad-based technology indices, the emergence of pure AI labs and listed AI hardware companies this year has provided investors who wish to express a clear bullish stance on China's artificial intelligence industry with more targeted investment tools.
Currently, over 400 companies are in the application process for IPOs on the Hong Kong Stock Exchange, and agrochemical company Syngenta is also considering listing in Hong Kong, indicating that overall market enthusiasm remains high.
The mainland market is regaining its appeal, and the Science and Technology Innovation Board is welcoming back AI companies.
Meanwhile, mainland capital markets are quietly re-entering the IPO shortlist of some technology companies. According to media reports citing two capital market advisors, some technology companies are considering switching their listing destination back to Shanghai or Shenzhen.
An investment manager at the aforementioned Beijing-based venture capital firm stated that some of their portfolio companies—primarily involved in AI, quantum computing, and neurotechnology—are assessing the feasibility of listing on the Shanghai Stock Exchange's STAR Market. While listing on the mainland still faces high regulatory hurdles, technology companies with strategic intellectual property rights can receive expedited approval through a green channel. This policy preference is making the STAR Market more attractive to cutting-edge technology companies.
