June 29: China’s technology sector is witnessing its strongest domestic initial public offering (IPO) revival since 2023, as Beijing accelerates efforts to strengthen self-reliance in artificial intelligence and semiconductor technologies amid ongoing competition with the United States.
According to LSEG data, Chinese technology companies have raised $3.1 billion through onshore stock market listings between January and June 18 this year, more than five times the amount raised during the same period last year.
Nearly 50 technology companies, including AI startups, robotics firms and semiconductor manufacturers, have filed IPO applications on the Shanghai and Shenzhen stock exchanges, with combined fundraising plans exceeding 126.1 billion yuan ($18.7 billion).
Among the largest proposed listings is memory chip manufacturer ChangXin Memory Technologies (CXMT), which is preparing a 29.5 billion yuan IPO in Shanghai. If completed, it would become China’s biggest domestic IPO of the year and help push annual technology fundraising to a three-year high.
The renewed momentum follows a series of policy measures aimed at supporting advanced technology companies. Chinese regulators recently announced plans to encourage public listings by startups working in strategic sectors such as artificial intelligence, quantum technology, nuclear fusion and brain-computer interfaces.
The Shanghai Stock Exchange has also introduced new listing rules to simplify IPOs for companies developing large language models (LLMs), reinforcing China’s strategy to build a competitive domestic AI ecosystem.
Industry experts believe the IPO recovery will also provide much-needed exit opportunities for private equity and venture capital investors that have backed China’s growing technology sector over the past several years.
The surge marks a turnaround from 2024, when many Chinese technology firms opted to raise capital in Hong Kong amid slower domestic approvals. Annual fundraising by China’s technology companies fell from $15.7 billion in 2023 to $2.7 billion in 2024, before recovering to $3.6 billion in 2025, according to LSEG data.
As China continues investing heavily in advanced technologies, the revival of its domestic IPO market is expected to play a key role in financing innovation and strengthening the country’s long-term technological competitiveness.
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