The Chinese AI boom ignites the capital market, with Hong Kong stocks reaching a five-year high in financing scale in Q1.

Driven by the continuous growth of the Chinese artificial intelligence sector, the financing scale of the Hong Kong stock market in the first quarter of 2026 hit a five-year high, ranking among the top on major exchanges globally, reaffirming its position as the preferred destination for Chinese companies seeking overseas listings. According to data from Dealogic and LSEG, Hong Kong's new listings and additional fundraising in the first quarter of 2026 raised a total of approximately $14 billion, marking the best first quarter performance since 2021, surpassing exchanges such as Nasdaq, New York, and Mumbai. The two most prominent new listings this year - AI companies KNOWLEDGE ATLAS (02513) and MiniMax (00100) - have seen cumulative gains of over 400% since their debut, reflecting investors' strong desire to invest in the Chinese AI sector. Jason Lui, Head of Stock and Derivatives Strategies in the Asia Pacific region at BNP Paribas, stated that when DeepSeek attracted market attention in 2025, investors mainly accessed the AI exposure through Chinese tech stocks in major indexes. However, this year has seen the emergence of pure AI laboratories and AI hardware listings, providing more precise tools for investors looking to directly invest in the Chinese artificial intelligence industry. The rise of pure AI listings leads Hong Kong in fundraising globally Technology hardware and software companies are leading the way in this year's Hong Kong IPO statistics, highlighting Hong Kong's strategic value as a hub for Chinese companies seeking overseas financing - these companies urgently need funding for overseas expansion and research and development. The outstanding performance of KNOWLEDGE ATLAS and MiniMax signifies a deepening evolution in the market's investment logic for Chinese AI: since its listing in Hong Kong in January this year, KNOWLEDGE ATLAS's stock price has surged by over 400%. Jason Lui pointed out that compared to 2025 when investors indirectly participated in the AI market through major tech indexes, this year's emergence of pure AI laboratories and AI hardware listed companies has provided investors with more targeted tools for expressing a bullish stance on the Chinese artificial intelligence industry. Currently, more than 400 companies are in the IPO pipeline in Hong Kong, and agrochemical company Sinopharm is also considering listing in Hong Kong, indicating that overall market enthusiasm remains high. Mainland market regains attractiveness, STAR Market welcomes back AI companies At the same time, the mainland capital market is quietly re-entering the list of potential IPO destinations for some technology companies. According to two capital market advisors cited by the media, some technology companies are considering switching their listing destinations back to Shanghai or Shenzhen. An investment manager from a Beijing venture capital firm mentioned that some of their invested companies - mainly in the AI, quantum computing, and neural technology sectors - are evaluating the feasibility of listing on the Shanghai STAR Market. While listing on the mainland still faces relatively high regulatory thresholds, technology companies with strategic intellectual property rights can receive expedited approvals through a green channel policy, which is increasing the attractiveness of the STAR Market for cutting-edge technology companies. This article is reprinted from "Wall Street News", author: Zhang Yaqi; GMTEight editor: Huang Xiaodong.