Hong Kong Stock Exchange: Chapter 18C Companies Strongly Focused on Financing in Hong Kong First quarter financing of $2.5 billion exceeds total of past two years.

The Hong Kong Stock Exchange stated that since the beginning of 2026, special technology companies have been active in the Hong Kong IPO market. In the first quarter alone, companies under Chapter 18C (specialized technology listing chapter) have raised $25 billion, exceeding the total for the past two years. As we enter April, the number of related IPO applications continues to increase, reflecting Hong Kong's increased capacity to support innovative enterprises. In the first quarter of 2026, Hong Kong's equity capital market raised more than one-third of the global total amount, ranking at the forefront of the global IPO financing market, with market activity significantly higher than the same period last year. The total fundraising amount in the first quarter of Hong Kong's equity capital market reached $30.6 billion, a 45% year-on-year increase. The IPO fundraising amount reached $13.3 billion, a 454% year-on-year increase, with nearly one-fifth coming from Chapter 18C specialized technology companies. Six companies were listed under Chapter 18C in the first quarter, exceeding the total for the entire year of 2025; raising a total of $25 billion, more than double the total amount raised in 2024 and 2025. The issuers cover a wide range of industries including Siasun Robot & Automation, autonomous driving, artificial intelligence, and aerospace. Among them, companies related to artificial intelligence have performed outstandingly. Since the beginning of the year, several AI platforms, Siasun Robot & Automation, and chip design companies have been listed in Hong Kong, with strong subscription for new shares. The overall performance on the first day of listing has been good, showing an increasing market interest in the AI industry chain-related companies, and Hong Kong's ability to absorb such companies is also improving. Currently, TMT (technology, media, and telecommunications) sector stocks account for over 40% of the trading volume in the Hong Kong cash market. In the first quarter of 2026, Hong Kong ranked first in the global TMT and AI company IPO financing markets. As of the end of April, eight out of the top ten TMT new listings globally were listed in Hong Kong, including two specialized technology companies listed under Chapter 18C. Enriching the AI company ecosystem in Hong Kong Since the introduction of Chapter 18C, the Hong Kong market has seen a more diverse range of AI industry chain-related companies. By the end of April 2026, out of the 15 companies listed under Chapter 18C, 14 are distributed across different sectors of the AI industry chain. These companies cover AI platforms, computing infrastructure, and application deployment in various fields. For example, MiniMax and KNOWLEDGE ATLASHUAZHANG TECH, listed in January 2026, became the world's first listed large language modeling companies; BIREN TECH and Shanghai ILUVATAR COREX Semiconductor, listed at the same time, represent the direction of AI computing infrastructure; ONEROBOTICS, CIDI, and other companies demonstrate the commercial potential of AI in scenarios such as Siasun Robot & Automation and autonomous driving. Continuation of related fundraising momentum As we enter the second quarter, the Hong Kong IPO market remains active. In April alone, the IPO fundraising amount reached $5.2 billion, a significant increase compared to the same period last year. The fundraising activities related to Chapter 18C are also continuing. After six companies were listed under this chapter in the first quarter, in April, an AI computing chip developer, Shanghai Xizhi Technology, completed its listing. As the world's first listed "AI light computing power" company, its fundraising amount reached $323 million, with the participation of several cornerstone investors. Both in terms of fundraising performance and the reserve of IPO applications, Chapter 18C has gradually evolved into an important channel for specialized technology companies to list in Hong Kong. As of the end of April 2026, 14 companies have submitted public listing applications under this chapter. With the continuous improvement of the listing system, the fundraising ecosystem for Hong Kong's innovative enterprises is gradually expanding. From Siasun Robot & Automation, autonomous driving to AI, semiconductors, more and more cutting-edge technology companies are choosing Hong Kong as their listing destination. For investors, this means a further expansion of the range of innovative assets that can be covered; for the market, it also helps to consolidate Hong Kong's international financing platform function.