Chinese AI and Chip Firms Surge in Hong Kong Debut Amid US Tech Rivalry
Three mainland Chinese tech companies—Zhipu AI, Shanghai Iluvatar CoreX, and Shenzhen Edge Medical—made strong debuts on the Hong Kong stock exchange, collectively raising HK$9.3 billion ($1.19 billion). The robust performance signals investor confidence in China's tech ambitions as competition with the US intensifies.
Zhipu AI, the country's first large language model firm to go public, opened 3.3% above its IPO price of HK$116.20 and closed up 13.2% at HK$131.50. Shanghai Iluvatar CoreX, a GPU designer, surged 31.6% at open before settling at an 8.4% gain, while surgical robot Maker Shenzhen Edge Medical jumped 36.4% initially and closed 30.9% higher.
The successful listings have prompted Chinese officials to accelerate approvals for domestic chip and AI companies, aiming to strengthen local alternatives to US technology. The momentum reflects growing capital flows into China's strategic tech sectors despite global macroeconomic headwinds.
