China's domestic technology IPO market is experiencing a robust revival in the first half of 2026, fueled by Beijing's strategic push to accelerate listings in artificial intelligence and semiconductor sectors. According to LSEG data, technology companies have raised a combined $3.1 billion through stock market listings in China between January and June 18, marking a more than fivefold increase compared to the same period last year.
IPO Pipeline Expands with Major Listings
The recovery is underpinned by a growing pipeline of companies preparing to go public. Nearly 50 firms—including robotics startups and semiconductor manufacturers—have submitted IPO applications in Shanghai and Shenzhen, collectively targeting at least 126.1 billion yuan ($18.7 billion) in proceeds, based on Reuters calculations of regulatory filings.
Among the largest planned offerings is memory-chip manufacturer ChangXin Memory Technologies, which is preparing a 29.5 billion yuan ($4.4 billion) IPO in Shanghai. LSEG data indicates this would be the largest domestic listing this year and could lift total IPO proceeds to their highest level in three years.
Policy Support Strengthens Listing Activity
The improvement in China's onshore IPO market follows fresh policy support from regulators. On June 17, Chinese regulators announced they would support listings by startups in "future industries," including quantum technology, nuclear fusion, and brain-computer interfaces. The Shanghai Stock Exchange has also introduced rules to simplify public listings for large-language-model companies on the STAR Market, part of broader efforts to encourage domestic AI growth.
This renewed momentum marks a reversal from the slowdown seen in 2024, when many Chinese companies opted to list in Hong Kong to access offshore capital. Annual proceeds from technology IPOs in mainland China fell 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 through Hong Kong listings in 2025.
AI and Chip Companies Prepare New Listings
Several prominent technology companies are now pursuing mainland listings alongside their Hong Kong fundraising plans. Zhipu AI, which raised HK$4.35 billion ($555.2 million) through its Hong Kong IPO in January, announced plans to raise an additional 15 billion yuan via a STAR Market listing. Meanwhile, Baidu's chip business, Kunlunxin, is awaiting regulatory approval for a $2 billion Hong Kong listing.
Ho-Yin Lee, Asia-Pacific co-head of technology and communications at Citigroup, noted that mainland listings could provide Hong Kong-listed companies with wider access to domestic investors. The China Securities Regulatory Commission also indicated earlier this month that it would support qualified Hong Kong-listed companies seeking secondary listings on mainland exchanges.
Investor Demand Remains Strong
Investor appetite for Chinese technology listings has been robust. Shares of SJ Semiconductor Corp have climbed more than eight times above their IPO price, while Semight Instruments has delivered an even stronger performance, with shares rising nearly 28 times their IPO price. This strong demand is supporting the market's recovery and attracting more companies to the IPO pipeline.
For investors seeking exposure to this trend, the iShares MSCI China ETF (MCHI) and focused bets via STAR Market AI/semiconductor ETFs offer potential avenues, though risks remain if regulators tighten IPO approvals or chip pricing deteriorates. The broader context of US-China tech rivalry continues to shape the landscape, as highlighted by debates over OpenAI and Google AI access for Chinese firms and the impact on semiconductor equipment demand, as seen with Applied Materials' recent surge.
This article is for informational purposes only and does not constitute financial advice.
