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AI stocks' 400% surge lifts Hong Kong IPOs to 5-year high

Source: ft.com

TL;DR

Hong Kong IPOs hit a 5-year high driven by 400% gains in AI stocks like Zhipu and MiniMax.
Zhipu shares soared 400% since January listing, fueling market frenzy.
AI hype boosts fundraising to record Q1 levels, outpacing Nasdaq and NYSE.

The story at a glance

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)

Key moments & milestones

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)
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)
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)
Mar 2026: China curbs low-quality listings to temper boom, blocking opaque structures while keeping market open.[[5]](https://www.ft.com/hong-kong)

Signature highlights

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)

Company	IPO Date	Funds Raised	YTD Gain	Market Cap Peak
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)
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)

Over 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)

Key quotes

"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)

Why it matters

Hong 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.

Decision-makers gain diversified exposure to explosive AI growth via liquid listings, though sparse coverage risks volatility.

Watch 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)