{"url":"https://www.ft.com/content/77736111-3975-41a7-a0a3-d9d482ea2679","title":"AI stocks' 400% surge lifts Hong Kong IPOs to 5-year high","domain":"ft.com","imageUrl":"https://images.pexels.com/photos/4651145/pexels-photo-4651145.jpeg?auto=compress&cs=tinysrgb&h=650&w=940","pexelsSearchTerm":"Hong Kong stock exchange","category":"Business","language":"en","slug":"6d475c99","id":"6d475c99-e439-45f2-81f6-f7778fd79f62","description":"Hong Kong IPOs hit a 5-year high driven by 400% gains in AI stocks like Zhipu and MiniMax.","summary":"## TL;DR\n- **Hong Kong** IPOs hit a **5-year high** driven by **400%** gains in AI stocks like **Zhipu** and **MiniMax**.\n- **Zhipu** shares soared **400%** since January listing, fueling market frenzy.\n- AI hype boosts fundraising to record Q1 levels, outpacing Nasdaq and NYSE.\n\n## The story at a glance\n**Hong Kong** IPO proceeds reached a **five-year high** in early **2026**, propelled by explosive gains in Chinese AI stocks amid a broader tech listing boom.[[1]](https://www.ft.com/content/77736111-3975-41a7-a0a3-d9d482ea2679) **Zhipu** (listed as **Knowledge Atlas Technology**) and **MiniMax** delivered over **400%** returns since debuting in January, drawing global capital to the exchange.[[1]](https://www.ft.com/content/77736111-3975-41a7-a0a3-d9d482ea2679) This resurgence follows **2025**'s record **$37bn** global IPO lead, with AI firms now dominating the pipeline despite profitability concerns.[[2]](https://www.caixinglobal.com/2026-04-02/hong-kong-fundraising-hits-five-year-high-on-tech-surge-102430330.html)\n\n## Key moments & milestones\n- **Jan 2026**: **Zhipu AI** (Knowledge Atlas, 2513.HK) lists on **HKEX**, raising **HK$4.35bn** at **HK$116.2**/share; shares open +13%, later surge **>400%** YTD.[[3]](https://www.scmp.com/tech/tech-trends/article/3348699/what-zhipu-and-minimaxs-first-post-ipo-earnings-say-about-2-chinese-ai-start-ups)\n- **Jan 2026**: **MiniMax** (0100.HK) follows, raising **HK$4.8bn**; debuts +109%, joins **Zhipu** above **400%** gains, market caps hit **HK$400bn+** and **HK$330bn**.[[4]](https://www.reuters.com/world/asia-pacific/chinas-zhipu-posts-132-rise-annual-revenue-ai-boom-2026-03-31)\n- **Q1 2026**: IPO/secondary listings raise **$13.3-14bn** (**HK$110bn**), **489%** YoY surge; AI+semiconductors lead, topping **Nasdaq** (**$5.7bn**) and **NYSE** (**$5bn**).[[2]](https://www.caixinglobal.com/2026-04-02/hong-kong-fundraising-hits-five-year-high-on-tech-surge-102430330.html)\n- **Mar 2026**: **China** curbs low-quality listings to temper boom, blocking opaque structures while keeping market open.[[5]](https://www.ft.com/hong-kong)\n\n## Signature highlights\n**Zhipu** and **MiniMax**, China's leading independent AI model developers, exemplify the frenzy: **Zhipu**'s API requests jumped **400%** in Q1 despite **83%** price hikes, revenue doubled to **Rmb724m** in 2025, though losses widened on R&D.[[4]](https://www.reuters.com/world/asia-pacific/chinas-zhipu-posts-132-rise-annual-revenue-ai-boom-2026-03-31) **MiniMax** hit market caps rivaling **Kuaishou** and **JD.com** despite unprofitability, trading at **400x** revenue multiples.[[3]](https://www.scmp.com/tech/tech-trends/article/3348699/what-zhipu-and-minimaxs-first-post-ipo-earnings-say-about-2-chinese-ai-start-ups)\n\n| Company | IPO Date | Funds Raised | YTD Gain | Market Cap Peak |\n|---------|----------|--------------|----------|-----------------|\n| **Zhipu** (2513.HK) | Jan 2026 | **HK$4.35bn** | **>400%** | **HK$408bn**[[3]](https://www.scmp.com/tech/tech-trends/article/3348699/what-zhipu-and-minimaxs-first-post-ipo-earnings-say-about-2-chinese-ai-start-ups) |\n| **MiniMax** (0100.HK) | Jan 2026 | **HK$4.8bn** | **>400%** | **HK$332bn**[[3]](https://www.scmp.com/tech/tech-trends/article/3348699/what-zhipu-and-minimaxs-first-post-ipo-earnings-say-about-2-chinese-ai-start-ups) |\n\nOver **27** AI firms listed in past year, but **80%** lack ≥3 analysts, leaving investors \"flying blind\" amid volatility.[[6]](https://www.businesstimes.com.sg/companies-markets/capital-markets-currencies/chinas-ai-listings-boom-leaves-investors-flying-blind) **HKEX** pipeline tops **400** applicants; regulators eye quality amid **A+H** mega-deals like **Muyuan** (**HK$10bn+**).[[7]](https://finance.biggo.com/news/N5sPUp0Bga3fZL9Mv-EO)\n\n## Key quotes\n> \"Shares in AI company **Zhipu** are up by **400 per cent** since their Hong Kong listing.\" – **Financial Times**[[1]](https://www.ft.com/content/77736111-3975-41a7-a0a3-d9d482ea2679)\n\n## Why it matters\nHong Kong's IPO revival, led by AI, reclaims its crown as Asia's fundraising hub, channeling billions into China's tech self-reliance amid US curbs.  \nDecision-makers gain diversified exposure to explosive AI growth via liquid listings, though sparse coverage risks volatility.  \nWatch Q2 mega-IPOs like **Kunlunxin** (**$2-3bn**), regulatory tweaks, and profitability tests as **400x** multiples face earnings scrutiny.[[8]](https://www.bloomberg.com/news/articles/2026-03-30/hong-kong-ipo-revival-hits-snags-raising-stakes-for-big-deals)","hashtags":["#hongkong","#ipo","#ai","#zhipu","#minimax","#hkex"],"sources":[{"url":"https://www.ft.com/content/77736111-3975-41a7-a0a3-d9d482ea2679","title":"Original article"},{"url":"https://www.caixinglobal.com/2026-04-02/hong-kong-fundraising-hits-five-year-high-on-tech-surge-102430330.html","title":""},{"url":"https://www.scmp.com/tech/tech-trends/article/3348699/what-zhipu-and-minimaxs-first-post-ipo-earnings-say-about-2-chinese-ai-start-ups","title":""},{"url":"https://www.reuters.com/world/asia-pacific/chinas-zhipu-posts-132-rise-annual-revenue-ai-boom-2026-03-31","title":""},{"url":"https://www.ft.com/hong-kong","title":""},{"url":"https://www.businesstimes.com.sg/companies-markets/capital-markets-currencies/chinas-ai-listings-boom-leaves-investors-flying-blind","title":""},{"url":"https://finance.biggo.com/news/N5sPUp0Bga3fZL9Mv-EO","title":""},{"url":"https://www.bloomberg.com/news/articles/2026-03-30/hong-kong-ipo-revival-hits-snags-raising-stakes-for-big-deals","title":""}],"viewCount":3,"publishedAt":"2026-04-05T09:00:14.977Z","createdAt":"2026-04-05T09:00:14.977Z","articlePublishedAt":null}