Global Market: Chinese tech firms raise over $27 billion in Hong Kong to fuel AI, chip expansion

Chinese technology companies are accelerating their fundraising efforts in Hong Kong, tapping buoyant capital markets to finance growth in artificial intelligence, semiconductors, advanced manufacturing and autonomous driving, Reuters reported.

According to Reuters, firms spanning AI startups, robotaxi developers, chip designers and industrial manufacturers have collectively raised HK$214.39 billion (about $27.34 billion) in Hong Kong so far this year through listings and share sales. The fundraising wave underscores investors' continued appetite for technology companies despite broader market volatility.

AI and semiconductor firms dominate fundraising

Artificial intelligence and semiconductor companies account for a significant share of the capital raised, reflecting China's strategic focus on strengthening domestic technology capabilities.

AI startup Zhipu AI launched a HK$31.41 billion share sale in Hong Kong, according to a term sheet seen by Reuters. The company has emerged as one of China's leading large language model developers and is widely regarded as a major domestic challenger to U.S.-based AI companies.


MiniMax Group also expanded its fundraising plans, seeking HK$16.04 billion through a combination of new share issuance and zero-coupon bonds to support the growth of its AI business. The company had previously raised HK$4.82 billion in its January Hong Kong initial public offering and develops multimodal AI models capable of generating text, images, video, audio and music.

Shanghai Biren Technology, another AI chip startup, secured HK$5.58 billion in a Hong Kong listing, with most of the proceeds earmarked for research, development and commercialization of AI processors.

Chipmakers step up investments

Several semiconductor companies have turned to Hong Kong to finance research and production expansion.

GigaDevice Semiconductor raised HK$4.68 billion earlier this year, with plans to invest in research and development, strategic investments and potential acquisitions. Its shares surged nearly 40% on their Hong Kong trading debut.

Montage Technology raised HK$7.04 billion through a share sale to support research, commercialization efforts, strategic investments and working capital. The offering attracted a broad group of cornerstone investors.

Nexchip Semiconductor priced its Hong Kong offering at the top end of its marketed range, targeting HK$6.98 billion. The company plans to direct more than half of the proceeds toward research and development while also investing in AI-powered systems to improve its research and manufacturing processes.

Shanghai-based Iluvatar CoreX Semiconductor launched a share sale targeting approximately HK$7.07 billion. The GPU designer said the proceeds would fund research, product upgrades and technology development.

OmniVision Integrated Circuits, one of the world's largest digital image sensor suppliers, raised HK$4.80 billion in its Hong Kong listing and intends to devote roughly 70% of the proceeds to research and development, Reuters reported.

Manufacturing and industrial companies tap investors

Beyond AI and semiconductors, advanced manufacturing companies have also raised substantial capital.

Battery giant CATL completed a HK$39.2 billion share sale after pricing 62.4 million H shares at HK$628.20 each. The world's largest electric vehicle battery manufacturer supplies major automakers including Tesla, BMW, Volkswagen, Xiaomi and Nio.

Electronic ceramic materials producer Chaozhou Three-Circle raised about HK$7.16 billion after pricing its offering at the top end of the marketed range.

Wind power equipment maker Dajin Heavy Industry raised HK$5.77 billion and plans to use the majority of the proceeds to strengthen deep-sea wind power services and build an assembly and operations facility in Europe.

Smart device manufacturer Huaqin raised HK$4.6 billion through a Hong Kong share offering. The company manufactures products for leading technology brands across smartphones, laptops, servers and wearable devices, with its shares climbing 17% on their market debut.

Apple supplier Lingyi iTech secured approximately HK$8.3 billion through its initial public offering, with part of the proceeds allocated toward expanding AI-related production capacity.

Autonomous driving gains investor backing

Autonomous driving companies have also attracted investor interest.

Mercedes-Benz-backed robotaxi developer Momenta Global raised around HK$5.89 billion through its Hong Kong listing. Although the stock debuted flat, the proceeds will support the company's autonomous driving business, which supplies assisted-driving solutions to automakers including Toyota Motor and BYD.

Larger deals remain in the pipeline

According to Reuters, optical components maker Zhongji Innolight is aiming to raise up to HK$55.05 billion ($7.02 billion) in what could become Asia's second-largest share sale this year. If completed, the transaction would also mark Hong Kong's biggest equity offering in nearly seven years, according to LSEG data.

The strong pipeline of technology listings highlights Hong Kong's renewed role as a preferred fundraising destination for Chinese companies seeking capital to accelerate development in AI, semiconductors and advanced manufacturing.