Specialist tech IPOs raise $31.4b in first nine months

Chapter 18C listings jump to 19, driven by AI and semiconductor firms.

Hong Kong recorded 19 specialist technology initial public offerings (IPOs) in the first nine months, up from five in 2025 and three in 2024, generating about $31.4b (US$4b) in net proceeds, according to a Skadden report.

This brought total net proceeds raised by the 27 companies listed under the Hong Kong Stock Exchange's (HKEX) Chapter 18C regime to about $39.25b (US$5b) since its March 2023 introduction.

Skadden said the specialist technology listing regime is expanding at an accelerated pace, following increased fundraising activity amongst Chinese artificial intelligence (AI) and robotics companies.

The 19 companies that listed this year had an aggregate market capitalisation of approximately $298.3b (US$38b) at IPO, with an average valuation of $15.7b (US$2b) per company.

This compares with $13.35b (US$1.7b) in 2025 and $14.13b (US$1.8b) in 2024, the report added.

Skadden attributed the increase to three major IPOs: AI model developers Z.AI and MiniMax, and graphics processing unit semiconductor company Biren Technology.

The three companies accounted for 37.1% of the aggregate market capitalisation at IPO across all 27 companies. Each raised more than $3.925b (US$500m) in gross IPO proceeds.

Of the 27 companies, 16 were classified under AI, 11 under robotics and automation, and five each under semiconductors and electric and autonomous vehicles.

Meanwhile, no firms had been classified under the new energy and environmental protection or new food and agriculture technology sectors.

The report found that 23 of the 27 companies were incorporated in mainland China, whilst four were incorporated in the Cayman Islands. All were headquartered in China.

Recent regulatory changes could support further listings, including the HKEX's dedicated TECH Channel and revised eligibility requirements introduced in July.

The HKEX has also temporarily reduced the minimum market capitalisation requirements for commercial specialist technology companies from $6b to $4b, and for pre-commercial companies from $10b to $8b.

The reduced thresholds remain effective until 31 August 2027.

The HKEX has also temporarily reduced the minimum market capitalisation requirements for commercial specialist technology companies from $6b to $4b, and for pre-commercial companies from $10b to $8b.

 The reduced thresholds remain effective until 31 August 2027.