Why Hong Kong is now the launch pad for mainland China’s AI champions
City emerges as a price-discovery hub, with mainland AI firms reversing a decades-old dual-listing order to secure global benchmarks
AI model developer MiniMax Group and peer Knowledge Atlas Technology, also known as Zhipu, spearheaded the new trend, saying they hired brokerages to prepare for mainland China stock offerings after completing Hong Kong listings in January.
“Rather than viewing Hong Kong as a secondary destination after domestic success, many high-growth AI firms now see it as the natural first stop for establishing an internationally recognised valuation and investor franchise before expanding their domestic shareholder base through an A-share [domestic] listing,” said Stephen Innes, managing partner at SPI Asset Management.
“Listing first in Hong Kong allows companies to be valued alongside international AI peers rather than purely domestic technology firms.”
Listing in Hong Kong first may set a reference anchor for onshore investors to value such firms, while helping to pre-empt speculative trading in AI stocks, which remains under close scrutiny from mainland’s regulators.