Artificial intelligence has emerged as a key theme in Hong Kong's new stock market this year. Hong Kong Exchanges and Clearing Limited's Global Listing Services Department Head, Xu Jingwei, stated that new companies from various segments of the AI value chain have successively listed in Hong Kong, including AI applications and AI infrastructure. In December last year and January this year, a total of 12 related companies were listed, raising over $4.9 billion (approximately HK$38.22 billion) collectively and fostering a more mature ecosystem within the Hong Kong market. He believes the recent wave of AI stock listings is just beginning, as market conditions are expected to become increasingly favorable. As more AI enterprises list in Hong Kong, international investors gain direct access to invest in pioneering companies within China's AI value chain, moving beyond mere investment in "concept stocks." He revealed that among the currently submitted listing applications, there are approximately 20 companies from various domains of the AI value chain, with the majority belonging to platform-oriented sectors such as enterprise AI, marketing AI, data and business intelligence solutions, and other software-centric applications. Regarding other sectors, Xu Jingwei noted that robotics, spatial and spatiotemporal intelligence, and intelligent security are also AI innovation technologies focused on industrial applications, albeit on a somewhat smaller scale, yet they represent innovative groups. These include teams specializing in developing computational models that deeply integrate AI algorithms with chips or infrastructure. AI companies BIREN TECH (06082), KNOWLEDGE ATLAS (02513), ILUVATAR COREX (09903), and MINIMAX-WP (00100) were listed last month, raising a combined $2.5 billion. Xu Jingwei indicated that long-only funds involved were not solely from Chinese investors but also included institutions from the UAE, Singapore, South Korea, Switzerland, and the United States, demonstrating that China's leading AI companies are highly favored by international capital. Furthermore, the cornerstone investors for these four new stocks subscribed to approximately $1.3 billion, with an average cornerstone subscription rate reaching 58% of the total base offering size, clearly showcasing Hong Kong market's capability to act as a "super-connector" and attract diverse capital for frontier technologies. He believes Hong Kong's listing regime is highly attractive, and its advantages—such as diverse asset products and its role in connecting international and mainland China's active capital markets—are leading more technology companies to choose listings in Hong Kong. Industries like biotechnology, new energy, autonomous vehicles, and robotics are also forming healthy ecosystems, trends that reinforce Hong Kong's position as a leading global fundraising center for innovative companies. As of January 23, funds raised from new listings in Hong Kong have reached $3.7 billion, a 3.6-fold increase year-on-year, and the exchange is currently processing over 350 listing applications.
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