China’s onshore technology IPO market is experiencing a robust resurgence, driven by a wave of artificial intelligence and semiconductor companies seeking public capital. According to data from LSEG, technology firms have raised $3.1 billion from mainland stock market listings in the year to June 18, 2026, more than five times the volume recorded during the same period last year.
This surge marks the strongest year for Chinese tech IPOs since 2023 and signals a successful pivot in Beijing’s capital markets strategy. After a prolonged listing hiatus and a period where domestic tech giants favored offshore listings in Hong Kong or New York, the Chinese government’s concerted effort to channel domestic capital toward strategic technologies is bearing fruit.
The Push for Tech Self-Reliance
The revival of the onshore IPO market is deeply intertwined with China’s broader geopolitical and economic objectives. Amid an intensifying tech war with the United States, Beijing has prioritized technological self-reliance, particularly in foundational sectors like semiconductors, artificial intelligence, and advanced manufacturing.
To support this goal, Chinese regulators have actively facilitated the listing process for companies operating in these critical domains. On June 17, regulators explicitly stated they would support listings of startups in “future industries,” including quantum technology and brain-computer interfaces. Furthermore, the Shanghai Stock Exchange has implemented specific rules to streamline public share sales by large language model (LLM) companies on the tech-heavy STAR Market.
“The acceleration of technology IPOs has provided long-awaited exit opportunities for private equity and venture capital funds that have backed these companies,” noted Li He, co-head of law firm Davis Polk’s Asia practice, in comments to Reuters. This liquidity is crucial for sustaining the venture capital ecosystem that funds early-stage innovation in China.
A Massive Pipeline
The $3.1 billion raised so far is likely just the beginning. According to Reuters calculations based on public filings, nearly 50 companies—ranging from robotics startups to semiconductor designers—have applied for initial public offerings in Shanghai and Shenzhen. The combined fundraising plans for these companies total at least 126.1 billion yuan ($18.7 billion).
The crown jewel of this IPO pipeline is ChangXin Memory Technologies (CXMT), China’s leading dynamic random-access memory (DRAM) manufacturer. CXMT is planning a massive 29.5 billion yuan ($4.1 billion) IPO on the Shanghai STAR Market. If successful, it would be the largest listing of the year and significantly boost the total value of onshore tech IPOs to a three-year high.
The strong performance of recent tech listings is fueling investor appetite. For example, shares of SJ Semiconductor Corp have surged more than eightfold from their IPO price, while Semight Instruments has seen its stock jump nearly 28-fold. These spectacular returns are drawing deep pools of domestic retail and institutional capital into the tech sector.
The Dual-Listing Strategy
While the onshore market is booming, Chinese tech companies are not abandoning offshore markets entirely. Instead, a dual-listing strategy is emerging as the preferred approach for mature tech firms.
The China Securities Regulatory Commission (CSRC) recently announced its support for qualified Hong Kong-listed companies seeking mainland listings. This policy shift allows companies to tap into the deep liquidity and high valuations of the domestic market while maintaining access to international capital through Hong Kong.
Zhipu AI, one of China’s leading generative AI startups, exemplifies this trend. After raising HK$4.35 billion ($555.2 million) in a Hong Kong IPO in January 2026, the company is now aiming to raise an additional 15 billion yuan ($2.2 billion) through a STAR Market listing. Similarly, Baidu’s AI chip unit, Kunlunxin, is reportedly planning a domestic float alongside its pending $2 billion Hong Kong listing.
“They would get access to a deep pool of capital, funding to grow businesses and great domestic branding,” Ho-Yin Lee, Asia-Pacific co-head of technology and communications at Citigroup, told Reuters regarding the benefits of a mainland listing.
A Global AI Wave
The resurgence of Chinese tech IPOs is not happening in a vacuum; it is part of a broader global frenzy surrounding artificial intelligence. “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.
However, the Chinese IPO boom is distinct in its heavy reliance on domestic capital and its explicit alignment with state industrial policy. By successfully reopening the onshore IPO spigot for AI and chip firms, Beijing is ensuring that its most critical technology companies have the financial resources necessary to compete in the global tech race, insulating them from the volatility of international capital markets and the pressure of US sanctions.
