China’s IPO Boom Gains Momentum as AI, Robotics Fuel Investor Appetite

China’s stock market is witnessing a renewed IPO boom, fuelled by strong investor demand for artificial intelligence, robotics, semiconductors and other advanced technologies, while more Chinese companies are turning to Hong Kong and Shanghai for public listings.

The latest major offering is from China-founded e-commerce and fast-fashion company Shein, whose shares are scheduled to debut in Hong Kong on Tuesday following a USD 1.7 billion initial public offering, one of the city’s largest share sales this year.

In July, Chinese memory-chip maker CXMT raised more than USD 8.6 billion in Shanghai, marking the second-largest IPO for the STAR Market. Its shares surged 466% on the first trading day, reflecting intense retail investor demand.

Humanoid robot maker Unitree also recorded a spectacular debut in Shanghai in August, with its shares climbing 460% on the first day. However, the stock subsequently fell more than 40% from its debut-day peak, highlighting concerns over the sustainability of such sharp valuations.

“The current IPO boom is powered by investor appetite for AI and robotics,” said Ruiying Zhao, senior research analyst at S&P Global Market Intelligence.

According to LSEG, IPOs and secondary listings on the Hong Kong and Shanghai exchanges have raised more than USD 54 billion so far in 2026, surpassing the more than USD 46 billion raised during the whole of last year. Their combined share accounts for about 21% of global IPO proceeds, second only to Nasdaq.

China’s restrictions on foreign investment in mainland exchanges and tighter US-China scrutiny of listings in strategically important technology sectors have encouraged companies to remain closer to home.

However, analysts warn that the rally may face a reality check. Investors will increasingly seek sustainable revenues, stronger profit margins and realistic valuations rather than relying solely on AI-driven optimism.

Shein’s listing values the company at around USD 27 billion, well below its previous peak valuation.