Chinese tech listings shine in Hong Kong, fuelled by Beijing’s self-reliance push

New share listings by Chinese technology firms in Hong Kong have delivered above-average returns on their debuts so far in 2026, as investors faced with a challenging macro environment bet on Beijing’s push for technology self-reliance.

Graphics processing unit (GPU) maker Shanghai Biren Technology, semiconductor maker OmniVision Integrated Circuit Group and three others rose by an average of 30 per cent on their debuts, beating the 24 per cent return of the 11 total initial public offerings (IPOs) on the city’s stock market this year.

The outperformance underlines that the tech self-reliance trade is extending its momentum into 2026 – the first year of China’s latest five-year development plan, which emphasises artificial intelligence and other cutting-edge technologies.

Chasing tech IPOs would help institutional investors gain more exposure to sectors like AI and advanced manufacturing, thanks to an abundance of companies seeking listings this year, according to market participants including global index compiler FTSE Russell and Futu Securities.

“Accessing investor capital will help drive the expected growth in these markets,” said Indrani De, head of global investment research at FTSE. “Chinese companies may have more listings in Hong Kong, in addition to the onshore market and dual listing with other exchanges. These could provide interesting opportunities for investors to gain exposure to new companies without having a significant impact on exposure to established companies.”

Buying into Chinese tech stocks or IPOs may be a safe bet for investors thanks to policy support and growth prospects at a time when the macro dynamics are growing less favourable to risk assets. China’s growth is showing signs of slowing down, pummelled by sluggish consumer spending and perennial declines in home prices. A record-setting increase in gold prices indicates that geopolitical tensions remain an overhang even though the US dropped a tariff threat against Europe over the Greenland kerfuffle.

All five tech companies that started trading in Hong Kong this year rose on their debuts. The best performer was GPU maker Shanghai Biren, which surged 76 per cent on its first day of trading on January 2. GigaDevice Semiconductor, which makes memory cards and flash chips, took the second spot with a 38 per cent jump on January 13. Even the worst performer of the five, Shanghai Iluvatar CoreX Semiconductor, delivered an 8.4 per cent gain when it debuted on January 8.

South China Morning Post