Illustration: Liu Xidan/GT

At the start of 2026, Hong Kong witnessed a continuous wave of listings by Chinese mainland technology companies, reflecting the deepening alignment between the city's capital market and the mainland's artificial intelligence (AI) advancement as they jointly cultivate a premier financing hub for the tech sector.

GPU maker Shanghai Biren Technology Co, GPU designer Shanghai Iluvatar CoreX Semiconductor Co, large-model developers Knowledge Atlas Technology Joint Stock Company (Zhipu) and MiniMax, and semiconductor company GigaDevice Semiconductor have all made their trading debuts in Hong Kong since the beginning of this year.

This wave of listings not only addresses the pressing financing needs of the AI industry but also, by leveraging the institutional and international strengths of the Hong Kong stock market, charts a clear path for the city to establish itself as a leading hard-tech financing center.

Amid an increasingly complex and competitive global technology landscape, China's AI industry is shifting from exploratory research to accelerated commercialization. Both the AI computing power industry chain and the AI software sector, including large models, require sustained and massive R&D investment support. 

However, uncertainties in the international environment have created risks and difficulties for their financing paths. It is in this context that Hong Kong's unique position as an international marketplace has made it a pivotal nexus linking mainland AI companies with global capital.

Hong Kong's advantages in this role are multifaceted. Its highly internationalized stock market is based on mature financial infrastructure, a well-developed regulatory system, and deep investor liquidity. It adheres to internationally accepted financial rules while also maintaining close ties with the Chinese mainland market. This enables Chinese AI companies to seek financing in a relatively stable and open environment. By listing in Hong Kong, businesses can open up a stable financing channel, and obtain sufficient funds for R&D investment, talent introduction, and business expansion, thereby accelerating technological iteration and industrial advancement.

Hong Kong also offers overseas institutional investors a vital gateway to share China's AI growth dividends. China's AI industry has developed rapidly in recent years, achieving remarkable results in algorithm innovation and application scenario expansion, and demonstrating enormous development potential. Overseas investors are paying increasing attention to Chinese AI businesses, and the Hong Kong stock market offers them a convenient, transparent, and standardized investment platform, allowing them to participate in China's technological progress by investing in the country's dynamic AI companies.

Moreover, the influx of AI firms is reshaping the structure of Hong Kong's equity market. Long dominated by the traditional finance, property, and consumption sectors, Hong Kong's market is now steadily pivoting toward a new structure led by hard technology. As a core field within hard tech, AI is characterized by high innovation intensity, exponential growth potential, and significant value-added capacity. Unlike traditional industries, the valuation of AI businesses depends less on current profitability and more on future potential, technological prowess, and addressable market scope. This shift in valuation logic encourages a more nuanced appreciation of innovation-driven value, steering capital more efficiently toward firms with a genuine scientific and competitive edge.

For Hong Kong's capital market, attracting AI listings also represents a strategic opportunity. Against the backdrop of global technological competition and industrial transformation, tech finance has emerged as a new arena of international financial rivalry. By embracing mainland AI leaders and building a robust hard-tech financing ecosystem, Hong Kong can strengthen its competitiveness and influence in global tech finance, drawing more international investors and high-quality companies, and further consolidating its role as a key global financial hub.

In conclusion, the wave of AI-related listings at the start of 2026 is a vivid manifestation of the in-depth integration of Chinese mainland AI industry development and the advantages of the Hong Kong stock market. It offers mainland AI companies a platform to overcome capital constraints and achieve leapfrog growth, while furnishing Hong Kong with renewed momentum for market transformation and upgrading. Together, this synergy is poised to contribute to China's technological advancement and financial market construction.