Hong Kong Stock Exchange: From early December last year to the end of May this year, the total amount of funds raised by AI value chain companies' new listings reached HK$97.9 billion, with 70 companies currently still waiting to go public.

Xu Jingwei, head of the Global Listing Services Department of HKEX (00388), stated that as companies spanning various categories of the AI value chain continue to list in Hong Kong, the AI sector in Hong Kong is no longer confined to a single theme or conceptual level, but has evolved into a more in-depth listing sector and ecosystem. There are currently 70 AI value chain companies waiting to list. According to HKEX data, from December 2025 to the end of May, a total of 62 new companies were listed in Hong Kong, an increase of 1.13 times or 33 companies compared to the previous year, with a total fundraising amount of HK$166.8 billion, an increase of 1.14 times from the previous year. Among them, the total fundraising amount of new AI value chain companies has reached HK$97.9 billion, spanning platforms, infrastructure, and application layers, accounting for 55% of the total fundraising amount of new listings in the Hong Kong stock market during the same period. He pointed out that technological advancements are moving from infrastructure towards platforms and intelligence, and industrial value is shifting between various categories of the industrial chain over time. He believes that the current AI era is similar to the internet boom of the past, with an increasing number of companies from different categories of the value chain listing in Hong Kong, indicating higher comparability within the industry and a more diverse range of innovative issuers in the market. This not only showcases the breadth of AI innovation, but also further consolidates Hong Kong's position as the preferred financing center for a new generation of technology companies. The explosion of the AI ecosystem in the Hong Kong stock market is inseparable from the continuous improvement of the listing system. Xu Jingwei pointed out that since the introduction of Chapter 18C of the Listing Rules specifically designed for pre-profit special technology companies in March 2023, it has become a listing pathway for companies in the new generation of information technology and AI fields. In order to reduce the concerns and challenges faced by companies when applying for listing, HKEX has recently implemented various measures such as the "Tech Connect" simplification process, allowing for confidential submissions, and improving listing efficiency and optimizing price discovery. He hinted that more improvement measures are being prepared, including market consultations on enhancing listing competitiveness, suggesting lowering market capitalization thresholds and expanding the definition of "innovative biotech companies" to attract more issuers in the AI and special technology fields.