Core Viewpoint - The recent surge in IPOs on the Hong Kong Stock Exchange (HKEX) reflects a favorable market environment for technology companies, particularly in the semiconductor and AI sectors, driven by a more flexible registration system and financing mechanisms [1][12]. Group 1: Recent IPO Activity - Shanghai Birun Technology Co., Ltd. became the first domestic GPU company to list on HKEX on January 2, followed by TianShu ZhiXin and Beijing ZhiPu HuaZhang Technology Co., Ltd. on January 8, and MiniMax, the world's first AI company with a market value exceeding 100 billion, on January 9 [1]. - As of January 13, 11 companies had completed IPOs on HKEX, raising a total of HKD 33.1 billion, with sectors including semiconductors, AI, pharmaceuticals, and non-ferrous metals [1]. Group 2: Financial Performance of Listed Companies - Birun Technology reported revenues of RMB 0.499 million in 2022, RMB 62.03 million in 2023, RMB 337 million in 2024, and RMB 58.903 million in the first half of 2025, but has not yet achieved profitability [3]. - TianShu ZhiXin's net losses from 2022 to 2024 were RMB 5.54 billion, RMB 8.17 billion, and RMB 8.92 billion, totaling over RMB 22 billion in losses [4]. Group 3: Market Dynamics and Listing Preferences - The HKEX offers a quicker IPO process compared to A-shares, with an average listing cycle of approximately 393 days in 2024, compared to A-shares which can take up to 719.3 days [8][9]. - Companies prefer HKEX for its more lenient listing requirements and faster access to capital, which is crucial for survival in capital-intensive sectors like AI and semiconductors [11][12]. Group 4: Future Trends and Market Outlook - The HKEX is expected to continue attracting IPOs, with projections indicating that 2025 will see significant activity, particularly from semiconductor and biopharmaceutical companies [16]. - The trend of A+H listings is likely to persist, although the proportion may decrease, and international capital is expected to play a larger role in the market [16].
350余家排队，国产大模型和算力企业扎堆港交所
3 6 Ke·2026-01-26 12:04