AI and robotics appetite powers Hong Kong and Shanghai IPO boom

Investor appetite for artificial intelligence, robotics and advanced manufacturing is helping fuel one of the busiest periods for Chinese listings in years. In an Associated Press report published by ABC News on August 31, market participants described a wave of IPO and secondary listing activity in Hong Kong and Shanghai, as companies tied to strategic technologies find receptive investors closer to home.

The most visible names span several parts of China’s technology supply chain. Shein, the fast-fashion company founded in China and now based in Singapore, is expected to debut in Hong Kong after raising $1.7 billion. ChangXin Memory Technologies, or CXMT, raised more than $8.6 billion in Shanghai in July, while robotics company Unitree listed in Shanghai in August. Both stocks surged more than 400% on their first day of trading, according to the AP report, highlighting the intensity of demand for companies connected to AI infrastructure and robotics.

The investor logic is straightforward. AI models need chips, memory, servers, sensors, power systems and automation equipment, not only software. That makes companies in semiconductors, robotics and precision manufacturing part of the broader AI trade. AP cited S&P Global Market Intelligence analyst Ruiying Zhao, who said the current IPO boom is powered by appetite for AI and robotics. It also cited Perris Lee of ION Analytics, who pointed to the strategic significance of AI-related technology manufacturing as China works toward greater self-sufficiency.

CXMT’s results show why investors are watching the hardware layer closely. AP reported that the memory-chip maker’s revenue rose more than 700% year over year to 50.8 billion yuan, about $7.5 billion, in the first three months of 2026, helped by demand for AI chips. Memory is critical to AI training and inference because large models need high-bandwidth access to data during computation. Even when the most visible AI products are chatbots or enterprise copilots, the supply chain behind them includes memory, packaging, networking and manufacturing capacity. That has turned previously specialized suppliers into public-market AI proxies.

The listing venue matters as much as the sector. Data from LSEG cited by AP showed IPOs and secondary listings in Hong Kong and Shanghai raised more than $54 billion in 2026, surpassing last year’s total of more than $46 billion and accounting for about 21% of global activity. Nasdaq still held a larger share because of the SpaceX IPO, but the rebound in Chinese venues signals that domestic and regional capital markets are again important funding channels for technology companies. At the same time, tighter scrutiny between the United States and China has made overseas listings more complex, encouraging some issuers to remain closer to home.

There are signs of caution. AP noted that Unitree later traded more than 40% below its peak, while Shein’s valuation has been watched closely after shifting market conditions. The global AI rally has increased risk appetite, but it has also made investors more sensitive to whether growth expectations can be supported by revenue, margins and durable technology advantages. In that sense, the Hong Kong and Shanghai listing boom is not only a financing story. It is also a test of how public markets value the physical infrastructure behind AI, from memory chips to robots. If demand remains strong, more Chinese AI-adjacent companies may use domestic exchanges to fund expansion. If valuations cool, the market will quickly distinguish between firms with real AI demand and those merely benefiting from the label.