China’s AI-fueled IPO boom hits $54 billion this year, with chipmakers and Shein’s $1.7 billion IPO

Chinese markets are experiencing a surge in new public stock offerings, driven by the popularity of artificial intelligence and other advanced technologies, as well as a growing inclination to list shares in Hong Kong and Shanghai. Among the notable recent listings, shares in Chinese e-commerce and fashion retailer Shein are set to debut on Tuesday in Hong Kong, raising $1.7 billion and marking one of the biggest share sales of the year.

In July, China's largest memory chipmaker, CXMT, raised over $8.6 billion in Shanghai, the second-largest IPO for its Nasdaq-style STAR market. Unitree, a leading Chinese humanoid robot maker, also made its debut in Shanghai in August, with shares jumping 460% on the first day of trading.

Ruiying Zhao, a senior research analyst at S&P Global Market Intelligence, attributes the current IPO boom to investor appetite for AI and robotics. Shanghai's stock market is heavily influenced by retail investors. Perris Lee, head of APAC equity capital markets for ION Analytics, notes that CXMT's Shanghai IPO positioned China in a strategically significant role in AI-related tech manufacturing, highlighting China's self-sufficiency ambitions in technology.

As of now, IPO proceeds in Hong Kong and Shanghai this year have surpassed last year's funding, totaling over $54 billion according to the financial data platform LSEG. This surpasses the total of more than $46 billion raised last year. Combined Hong Kong and Shanghai proceeds so far in 2026 account for roughly 21% globally, ranking them second only to the Nasdaq's roughly 55% share, as reported by LSEG. SpaceX's mega $75 billion IPO in June made the U.S. exchange the world's largest IPO market this year.

Regulatory scrutiny has led many Chinese companies to prefer parallel listings in Hong Kong for raising international capital. Fewer big Chinese companies are listing overseas, as it typically takes longer compared to doing IPOs in China. Recent public stock listings of Apple-supplier Luxshare Precision Industry and Zhongji Innolight in Hong Kong reflect investor demand for advanced technologies. Robotics firms AGIBOT and Deep Robotics are also exploring IPOs in Hong Kong.

Investors are cautious about the possibility of an AI bubble in China. Some companies, such as Chinese robot maker Unitree, have experienced a decline in share value following their IPOs. According to Zhao from S&P, the AI sentiment alone may not be sufficient for a sustainable market cycle, as investors will demand sustainable revenue, visible profit margins, and realistic valuations.

Jacob Cooke, CEO of WPIC Marketing + Technologies, adds that the global AI frenzy has drawn attention away from companies like Shein, whose AI investment cycle is now absorbing much of the risk appetite that would have otherwise led to a more diversified market.