In 2026, Hong Kong is entering an IPO cycle led by artificial intelligence companies.
Compared with last year’s rush of hard tech companies and A-share dual listings, the main theme for Hong Kong IPOs this year has clearly shifted toward AI. The market is also showing greater tolerance for high valuations and stronger investor enthusiasm.
Since the start of the year, the Hong Kong Stock Exchange has seen a succession of AI companies reach RMB 100 billion (USD 14.7 billion) in market capitalization. Large model developers such as Zhipu AI (also known as Z.ai) and MiniMax have risen to valuations in the hundreds of billions of RMB. Xunce Technology once surged 500% this year to join the RMB 100 billion club, while chip companies such as Iluvatar CoreX and Biren Technology have also crossed that threshold.
From a financial perspective, these companies’ revenue and profit are still limited. The more important change is that AI commercialization is moving from expectation to delivery. Compute, data, and models are beginning to connect more deeply with real-world demand, and the market is pricing in future performance earlier.
These IPOs are setting a precedent for leading industrial AI companies to enter the capital markets. The filings of companies such as SmartMore have not only expanded Hong Kong’s AI landscape, but also brought a more practical question to the foreground:
