今年最大上市潮

At this year’s Lujiazui Forum, the China Securities Regulatory Commission (CSRC) announced two major IPO policy adjustments that are expected to spark a new wave of tech listings in China. Key takeaways are as follows:

1. Core policy details: First, the application scope of the STAR Market’s fifth listing standard will be expanded to include the AI large model sector. The reform will also enable more hard tech enterprises in quantum technology, biomanufacturing, embodied intelligence and other cutting-edge fields to list on the STAR Market, and deepen ChiNext reforms to increase support for new consumption and modern service industries. Second, eligible Hong Kong-listed companies will be supported to relist in mainland China, promoting deeper connectivity between the two capital markets.

2. Current industry progress: Multiple leading large model developers have already cleared listing barriers. DeepSeek is theoretically eligible to list on the STAR Market, and other leading players including Moonshot AI and StepFun have made rapid progress in financing, with their IPOs only a matter of time. Two major Hong Kong-listed large model firms, Zhipu AI and MiniMax, have already initiated their A-share relisting processes. Dozens of companies in quantum technology and robotics are also queuing for IPOs, meaning the listing wave is imminent.

The latest IPO policy adjustment unlocks significant growth dividends for the hard tech sector, bringing new opportunities for both technology and consumer brands. Key benefits are outlined below:

1. Financing environment: The policy opens up listing pathways for hard tech enterprises including AI large model developers, lowering financing barriers for cutting-edge technology brands. Brands will gain greater access to capital from public markets to sustain product R&D investment, which will noticeably accelerate overall industry growth. Brands in new consumption and modern services will also gain capital support from ChiNext to speed up their expansion.

2. Brand development: For technology brands already listed in Hong Kong, relisting on the A-share market not only brings additional R&D capital, but also effectively boosts brand influence and discourse power in the mainland market, earning greater recognition from consumers and business partners. With capital backing, the industry will see a faster emergence of a new batch of RMB 100 billion-class technology brands, and the advantages of leading brands will be further amplified.

The CSRC’s new IPO policies release new growth opportunities for sellers serving technology-related sectors, while also highlighting notable risks to watch for. Key takeaways are as follows:

1. Opportunities: The new policies explicitly support IPO financing for enterprises across AI large models, quantum technology, embodied intelligence, biomanufacturing, new consumption and other sectors. Primary market capital has already flowed heavily into these tracks, driving noticeable demand growth across the entire industrial chain. Both upstream supply chain sellers and downstream supporting service providers can capture dividends from industry expansion. Entrepreneurial sellers already positioned in these tracks will also find it easier to secure financing to accelerate growth, and the relisting of Hong Kong-based technology enterprises in mainland China will bring additional opportunities for industrial chain collaboration.

2. Risks: The opening of the IPO window will draw a flood of new entrants into high-potential tracks, leading to rapid intensification of industry competition. Sellers need to build differentiated advantages in advance to avoid the risk of homogeneous competition.

The latest IPO policy adjustment brings new business opportunities and clear transformation directions for Chinese manufacturing factories, especially those focused on hard tech-related production. Key insights are as follows:

1. Business opportunities: A new listing wave is coming to hard tech sectors including AI large models, embodied intelligence, quantum technology and biomanufacturing. Massive primary market capital inflows have left sector players well-funded to accelerate product commercialization and expansion, driving demand growth in the upstream manufacturing segment. Factories specializing in AI hardware, core robotics components and new biological materials in particular will see a sharp increase in order opportunities, enabling rapid industry scale expansion.

2. Transformation insights: Policy support for hard tech development is pushing supply-side factories to speed up digital and intelligent transformation. Factories can proactively engage with hard tech startups to secure demand and build first-mover advantage by expanding relevant production capacity. In addition, by fulfilling supply chain demand from leading hard tech enterprises, factories can leverage the opportunity to advance their own digital upgrading, improving production efficiency and core competitiveness.

This policy adjustment signals a clear upcoming period of high-speed growth for China’s hard tech sector, bringing new business volume growth for industrial chain service providers. Key details are as follows:

1. Industry trend: Hard tech fields including AI large models, quantum technology, embodied intelligence and biomanufacturing will see a wave of concentrated IPOs. After securing capital support, large numbers of startups will generate widespread new demand for third-party services. Service providers across IPO consulting, compliance services, brand marketing, supply chain integration, enterprise SaaS and other segments will all enter a new period of growth.

2. Business opportunities: Previously, the core pain point for hard tech enterprises was high listing barriers and limited financing access. Now that barriers have been lowered, core corporate demand has shifted to IPO compliance consulting, domestic operation supporting services, brand communication, supply chain integration and other areas. Service providers can develop customized solutions tailored to the needs of hard tech enterprises to capture growth. At the same time, the wave of Hong Kong-listed firms relisting on the A-share market has created new demand for compliance and operation services, allowing service providers to capture share in this emerging market.

The latest IPO policy adjustment brings new opportunities for China’s domestic capital market platforms, while also putting forward new operational requirements. Key details are as follows:

1. Demand side: Large numbers of hard tech startups (including AI large model developers) and eligible Hong Kong-listed firms seeking A-share relisting have unmet IPO financing demand. Capital market platforms including the STAR Market and ChiNext will gain access to a large pool of high-quality listing resources. Platforms can optimize their listing services and review rules accordingly to attract more leading hard tech enterprises, and improve the overall quality of their listed roster.

2. Operational management: The expansion of the STAR Market’s fifth listing standard to cover AI large models requires platforms to further refine their frameworks to improve inclusivity for hard tech enterprises, and adapt to the listing needs of different types of tech companies. At the same time, platforms need to prepare for market volatility risks brought by a wave of concentrated listings, roll out risk prevention measures in advance to maintain market stability. The deeper connectivity between mainland and Hong Kong markets also opens up new space for institutional innovation and cross-market cooperation for platforms.

The CSRC’s recent IPO policy adjustment signals a clear direction for China’s capital market to serve new-quality productive forces, bringing multiple new industrial and capital trends worthy of in-depth research. Key takeaways are as follows:

1. New industrial trends: The policy explicitly opens up listing pathways for cutting-edge hard tech fields including AI large models, quantum technology, embodied intelligence and biomanufacturing. A large number of hard tech unicorns incubated in the primary market will soon enter a concentrated exit period, which will accelerate capital inflows into cutting-edge hard tech and promote the industrial commercialization of relevant technologies. This will noticeably speed up the development of China’s hard tech industry and accelerate the cultivation of new-quality productive forces.

2. New capital trends: The policy’s explicit support for Hong Kong-listed companies to relist on the A-share market is gradually forming a new model of connected development between the two markets. China’s capital market has steadily increased its inclusivity for hard tech, gradually forming a positive cycle where the primary market nurtures unicorns, and secondary market exits feed back into primary market investment. This new model of capital serving the real economy carries high research value.