China’s domestic technology initial public offering market is witnessing a strong recovery as Beijing steps up efforts to support listings by semiconductor and artificial intelligence (AI) companies.
The renewed momentum comes as the country pursues technological self-reliance amid its ongoing rivalry with the United States.
Technology companies have raised a combined $3.1 billion through stock market listings in China between January and June 18, according to LSEG data.
The figure is more than five times higher than the amount raised during the same period a year earlier.
IPO pipeline continues to expand
The recovery is being supported by a growing pipeline of companies preparing to go public.
According to Reuters calculations based on regulatory filings, nearly 50 companies have submitted IPO applications in Shanghai and Shenzhen.
The applicants include robotics startups and semiconductor firms. Together, they are planning to raise at least 126.1 billion yuan ($18.7 billion).
Among the largest planned offerings is memory-chip manufacturer ChangXin Memory Technologies.
The company is preparing a 29.5 billion yuan IPO in Shanghai.
LSEG data showed that the offering would be the largest domestic listing this year and would lift total IPO proceeds to their highest level in three years.
Policy support strengthens listing activity
The improvement in China’s onshore IPO market follows fresh policy support from regulators.
On June 17, Chinese regulators announced they would support listings by startups operating in what they described as “future industries.”
These sectors include quantum technology, nuclear fusion, and brain-computer interfaces.
The Shanghai Stock Exchange has also introduced rules designed to simplify public listings for large-language-model companies on the STAR Market.
The move forms part of broader efforts to encourage the growth of domestic AI businesses.
Recovery follows the previous slowdown
The renewed IPO activity marks a reversal from the slowdown seen in 2024.
During that period, several Chinese companies chose to list in Hong Kong instead of mainland exchanges to access offshore capital.
According to LSEG data, annual proceeds from technology IPOs in mainland China fell to $2.7 billion in 2024 from $15.7 billion in 2023.
The market recovered to $3.6 billion in 2025.
By comparison, Chinese technology companies raised $6.6 billion through Hong Kong listings in 2025.
The China Securities Regulatory Commission also indicated earlier this month that it would support qualified Hong Kong-listed companies seeking secondary listings on mainland exchanges.
AI and chip companies prepare new listings
Several prominent technology companies are now pursuing mainland listings alongside their Hong Kong fundraising plans.
Zhipu AI, which raised HK$4.35 billion ($555.2 million) through its Hong Kong IPO in January, said earlier this month that it intends to raise another 15 billion yuan through a STAR Market listing.
Meanwhile, Baidu’s chip business, Kunlunxin, is awaiting regulatory approval for a $2 billion Hong Kong listing.
Ho-Yin Lee, Asia-Pacific co-head of technology and communications at Citigroup, said mainland listings could provide Hong Kong-listed companies with wider access to domestic investors.
Investor demand remains strong
Investor appetite for Chinese technology listings has also supported the market’s recovery.
Shares of SJ Semiconductor Corp have climbed more than eight times above their IPO price.
Semight Instruments has delivered an even stronger performance, with its shares rising nearly 28 times their IPO price.
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