From semiconductors to artificial intelligence and robotics, more mainland Chinese technology firms plan to list in Hong Kong, which would serve as their launch pad to expand overseas and transform into global businesses.
Some of the mainland firms currently looking to list in the city include China Micro Semicon (Shenzhen), Suzhou Dongshan Precision Manufacturing and Mech-Mind Robotics Technologies.
The increased interest from mainland tech firms to list in Hong Kong reflects how the city regained its status as the world’s largest market for initial public offerings (IPOs) this year.
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“The Hong Kong market has had a strong rally this year, with international investors chasing mainland technology companies, particularly semiconductor, AI and robotics companies,” said Tom Chan Pak-lam, permanent honorary president of the Institute of Securities Dealers, an industry body for brokers.
“This trend will continue as Hong Kong is an international financial centre and a connector between China and the world,” he said. “It is natural for mainland technology companies to use Hong Kong as a platform to go global.”
As of Friday, some 60 companies had collectively raised US$18.5 billion in Hong Kong, a 158 per cent increase from the previous year.
That surge enabled the city to reclaim its status as the world’s largest IPO market in terms of funds raised for the first time since 2019, according to data from the London Stock Exchange Group.
Chinese semiconductor companies are eyeing Hong Kong as a base to raise funds and pursue international expansion. Photo: Shutterstock alt=Chinese semiconductor companies are eyeing Hong Kong as a base to raise funds and pursue international expansion. Photo: Shutterstock>
China Micro Semicon, which designs chips for smart household products, on Tuesday filed a listing application to the main board of Hong Kong Exchanges and Clearing. The firm went public on Shanghai‘s Star Market in 2022.
“We intend to leverage Hong Kong’s strategic position as a gateway to international markets – along with its robust research-and-development ecosystem and abundant talent pool – to build a regional base supporting our global expansion,” the company’s filing said.
The Shenzhen-based company planned to use part of the funds it expected to raise to establish a global operations and research and development centre in Hong Kong, according to its filing.
The centre will also serve as a platform to enhance the firm’s sales and service coverage, while helping elevate its global brand.
“Specifically, we will continue to expand our overseas sales and service network to strengthen our international market presence,” the filing said. The size and timing of the planned share sale were not disclosed.
China Micro Semicon was founded in 2001 by chairman and chief engineer Yang Yong, with an initial funding of 1 million yuan (US$140,000) and a focus on designing microcontrollers.
It had a market capitalisation of 15.1 billion yuan as of Wednesday. Its shares in Shanghai closed 12 per cent higher on Wednesday, reaching a one-year high of 37.94 yuan.
The Connect Hall at HKEX in Central. Photo: Jonathan Wong alt=The Connect Hall at HKEX in Central. Photo: Jonathan Wong>
Shenzhen-listed Suzhou Dongshan on Tuesday also announced its plan to list in Hong Kong, which brokers said could involve raising up to US$1 billion. The company sells electronic circuit products, precision components and touch display modules.
“This forms part of our international expansion strategy, as we upgrade our competitiveness and international reputation,” the company said in a filing in Shenzhen.
Another IPO prospect is Meituan-backed AI robotics firm Mech-Mind, which plans to raise about US$200 million, according to a Bloomberg report on Wednesday, citing unidentified people familiar with the matter.
Mech-Mind did not immediately reply to a request for comment.
With dual headquarters in Beijing and Shanghai, the company specialises in AI-powered robotics solutions, including advanced industrial 3D cameras and software for a wide range of applications, according to its website.
Founded in 2016, Mech-Mind raised a total of US$300 million during its Series C+ funding round, with backers that include Intel and other global investors, the company said on its website.
Mech-Mind has confidentially filed for a share sale in Hong Kong, according to the Bloomberg report. It said other prospective listing candidates included Chinese unicorn Z.ai, formerly known as Zhipu, and Guangdong Huayan Robotics.
The Hang Seng Index has risen 32 per cent this year, after rising 18 per cent in 2024, driven mainly by news of AI breakthroughs on the mainland and technology stocks.
This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP’s Facebook and Twitter pages. Copyright © 2025 South China Morning Post Publishers Ltd. All rights reserved.
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