Chinese chipmakers are rushing to the IPO market, raising funds that are key to the nation’s goal of technological self-reliance and winning the global race on artificial intelligence.
The surge in listings is coming on the back of two blockbuster trading debuts in Shanghai that signaled insatiable demand for future national champions that analysts say could one day even rival the likes of Nvidia. While some of these firms are already domestic industry leaders, they remain an obscurity to many international investors, making their share sales in Hong Kong a crucial test of confidence.
“China is catching up very quickly in the chip war. It wouldn’t surprise me if in 2026 or 2027 we have a DeepSeek moment for chips where a low-cost competitive chip is being produced by China,” said Matt Toms, head of cash equity execution for Asia-Pacific at Barclays. “This would be disruptive for Nvidia and their supply chain.”
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