China’s onshore technology listings are on track for their strongest year since 2023, driven by a deliberate push from Beijing to nurture homegrown chipmakers, artificial intelligence companies, and other strategic tech firms as the country seeks greater self-reliance in its intensifying rivalry with the United States.
Technology companies have already raised $3.1 billion through stock market listings in China this year as of June 18 — more than five times the amount raised in the same period last year, according to LSEG data. Nearly 50 companies, spanning robotics startups to semiconductor players, have filed for initial public offerings in Shanghai and Shenzhen, with combined fundraising plans totaling at least 126.1 billion yuan ($18.7 billion), based on Reuters calculations from regulatory filings.
One of the most anticipated debuts is memory-chip maker ChangXin Memory Technologies, which is planning a 29.5 billion yuan Shanghai IPO — the largest this year and a deal that would help push total tech listing proceeds to a three-year high. The momentum marks a sharp reversal from the listing drought that gripped China’s domestic markets in 2024, when many firms instead rushed to Hong Kong to tap offshore capital.
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The revival is no accident. On June 17, Chinese regulators signaled strong support for listings of startups in “future industries” such as quantum technology, nuclear fusion, and brain-computer interfaces. The Shanghai Stock Exchange has also introduced new rules to streamline public share sales by large-language-model companies on its STAR Market, part of a broader effort to champion domestic AI development.
“The acceleration of technology IPOs has provided long-awaited exit opportunities for private equity and venture capital funds that have backed these companies,” said Li He, co-head of law firm Davis Polk’s Asia (ex-Japan) practice.
Annual proceeds from tech listings in China fell to $2.7 billion in 2024 from $15.7 billion in 2023, before rebounding to $3.6 billion last year. In comparison, Chinese tech companies raised $6.6 billion in Hong Kong in 2025. The shift back onshore reflects both improved domestic market conditions and Beijing’s strategic preference for keeping critical technology firms under closer national oversight.
Policy Support Meets Strong Investor Appetite
The China Securities Regulatory Commission (CSRC) has gone further, saying it would support qualified Hong Kong-listed companies seeking secondary listings on the mainland. This could open the door for firms like Zhipu AI, which raised HK$4.35 billion ($555.2 million) in Hong Kong in January and is now targeting a 15-billion-yuan STAR Market listing. Baidu’s chip unit Kunlunxin, awaiting approval for a $2 billion Hong Kong float, is also planning a smaller domestic listing, according to a person familiar with the matter cited by Reuters.
Kenny Ng, a strategist at China Everbright Securities International, said such moves could significantly improve liquidity and broaden investor access.
“If companies from other regions listed in Hong Kong can be included in the future, it can provide investors with more diversified choices and bring better liquidity to the market.” Ng said.
Ho-Yin Lee, Asia-Pacific co-head of technology and communications at Citigroup, highlighted the appeal of mainland listings for Hong Kong-traded firms.
“They would get access to a deep pool of capital, funding to grow businesses and great domestic branding,” Lee said.
Recent debuts have shown robust demand. SJ Semiconductor has surged more than eightfold from its IPO price, while Semight Instruments has jumped nearly 28-fold, demonstrating strong investor appetite for quality tech names.
“The pickup in Chinese tech issuance is part of a broader global AI wave, with China and the U.S. the two markets that set the tone,” said James Wang, head of Asia ex-Japan equity capital markets at Goldman Sachs.
The surge in domestic listings aligns with Beijing’s long-term goal of reducing dependence on foreign technology amid escalating rivalry with Washington. Export controls on advanced chips and AI tools have accelerated China’s push for self-sufficiency, making domestic capital markets a vital channel for funding innovation in semiconductors, AI, robotics, and other strategic sectors.
For private equity and venture capital investors who poured money into Chinese tech over the past decade, the reopening of onshore IPO windows offers much-needed exit liquidity after years of limited options. This could encourage fresh capital deployment into emerging technologies that align with national priorities.
However, challenges remain. Geopolitical tensions continue to cast a shadow, with analysts noting that success will now depend on sustained investor confidence, regulatory predictability, and the ability of these companies to deliver commercial breakthroughs. The focus on “future industries” suggests Beijing is prioritizing sectors with both economic and strategic importance, potentially creating a more resilient domestic tech ecosystem over time.