A New Gold Rush Begins in China’s Hard Tech Sector (AI Translation)
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文｜财新周刊 张而弛 覃敏 刘沛林 屈运栩
By Caixin Weekly's Zhang Erchi, Qin Min, Liu Peilin, and Qu Yunxu
7月13日，上海证券交易所（下称“上交所”）赶在新一周交易日前，在官网发布了五份通知和一份答记者问，正式宣告“科创成长层”的诞生。当日，32家未盈利的存量科创板上市公司被划入科创成长层，成为其首批开市交易的公司，而更多企业正在加入这一行列。
On July 13, the Shanghai Stock Exchange (SSE) issued five notices and a Q&A on its official website, just before the start of the new trading week, formally announcing the creation of the “STAR Growth Tier.” On the same day, 32 unprofitable existing companies listed on the STAR Market were reclassified into the Growth Tier, making them the first batch of companies to begin trading under the new classification—while more firms are set to join the ranks.
6月18日，中国证监会主席吴清在2025陆家嘴论坛上宣布设置科创板科创成长层，重启未盈利企业适用科创板第五套标准上市，证监会也将在创业板正式启用第三套标准，支持优质未盈利创新企业上市。这是自2023年6月20日智翔金泰-U（688443.SH）上市后，再无以第五套标准带U（未盈利企业标识）的新股上市，意味着科创板时隔两年迎来了该套标准的IPO（首次公开募股）松绑。
On June 18, Wu Qing, chairman of the China Securities Regulatory Commission, announced at the 2025 Lujiazui Forum the establishment of a new “Growth Tier” within the STAR Market, and the resumption of listings for unprofitable companies under the market’s fifth set of listing standards. The regulator will also formally activate the third set of standards for the ChiNext board, supporting IPOs of high-quality, innovative companies that are not yet profitable. This marks the first IPO relaxation for the STAR Market’s fifth set of standards since June 20, 2023, when Zhixiang Jintai-U (688443.SH) went public. Since then, no new company carrying the “U” (unprofitable enterprise label) has debuted under these standards, meaning that after a two-year hiatus, IPOs for such companies will now be restarted.
6月27日，备战科创板五年、估值超660亿元的手机芯片厂商紫光展锐，宣布在上海证监局办理辅导备案，冲刺科创板。
On June 27, Unisoc, a mobile chip manufacturer that has been preparing for a listing on the STAR Market for five years and has a valuation exceeding 66 billion yuan, announced that it has filed for coaching registration with the Shanghai Securities Regulatory Bureau, making a push for a STAR Market IPO.
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- China's STAR Market ("科创板") has resumed IPOs for unprofitable high-tech firms using the fifth listing standard, with 32 companies included in the new "Growth Layer" and more applications underway.
- Sectors involved include AI, semiconductors, biotech, robotics, and more, with companies like 长鑫 (CXMT, DRAM, 2024 valuation: ¥140B), 紫光展锐 (UNISOC, mobile chips, ¥66B), and start-ups Wangyuan and DeepSeek leading IPOs or large funding rounds.
- The HKEX and STAR Market are competing for tech listings; recent policy support and market recovery have spurred an IPO wave, but sustained success depends on continued long-term investor confidence and regulatory stability.
[para. 1] On July 13, 2025, the Shanghai Stock Exchange (SSE) officially announced the creation of the "STAR Innovation Growth Tier" (科创成长层), marking a renewed push to facilitate IPOs for unprofitable high-tech companies in China. Thirty-two unprofitable STAR Market companies were assigned to this new tier as its initial trading constituents, with more expected to join[para. 1]. This policy follows a June declaration by CSRC Chairman Wu Qing, who outlined the plan to allow loss-making innovative firms, especially in high-tech sectors, back into the STAR Market under its fifth IPO standard, and to open a similar route in the ChiNext Market[para. 2]. This is the first significant loosening of unprofitable company IPOs on the STAR Market in two years, since Zhixiang Jintai-U listed under this standard in June 2023[para. 2].
[para. 2] High-profile applicants have swiftly responded. Unisoc, valued at over 66 billion RMB, began preparatory work for its STAR Market IPO in late June[para. 3]. GPU stars Moore Threads (摩尔线程) and Muxi Integrated Circuit (沐曦股份), each previously valued at over 20 billion RMB, submitted IPO applications at the end of June, aiming to raise 8 billion RMB and 3.9 billion RMB respectively[para. 4]. DRAM leader ChangXin Memory (长鑫), with a 140 billion RMB valuation as of March 2024, also filed for IPO counseling in July following long-term preparation[para. 5].
[para. 3] The STAR Market targets "hard tech" sectors, including AI, integrated circuits, commercial aerospace, low-altitude economy, and biotechnology, which typically require heavy R&D with long payback periods and early-stage losses[para. 6]. The market emphasizes disclosure of companies' technical innovation and commercial prospects, with distinct risks and time horizons for different subsectors[para. 7]. IC companies like ChangXin and Unisoc have the greatest capital needs and longest IPO queues, while AI chipmakers face market timing issues due to US sanctions, and embodied intelligence (AI robotics) is currently overheated in private equity, raising questions about post-IPO valuation[para. 7]. Early-stage sectors like commercial aerospace and low-altitude economy are not yet ready for speculative surges, while the biomanufacturing sector, dense with complex, regulated companies, faces more cautious capital[para. 8].
[para. 4] Over the last seven years, authorities have continuously refined listing frameworks for innovative tech. In 2018, the HKEX introduced Chapter 18A for pre-revenue biotech IPOs, and the STAR Board later allowed loss-making companies to list on the A-share market. The STAR Board has since supported 54 unprofitable IPOs, 22 of which later turned profitable[para. 10]. However, from September 2023, new listings for unprofitable companies paused amid liquidity and global market challenges—Hong Kong's 2023 IPOs fell to a two-decade low and mainland VC/PE fundraising in 2024 dropped by more than 40% from the prior year[para. 12]. US investment restrictions in Chinese AI and chips have further tightened domestic funding[para. 12].
[para. 5] In the wake of these changes, CSRC restarted approvals for foreign and STAR Market IPOs, and HKEX further lowered thresholds for "specialist technology" loss-making firms[para. 13]. Many companies rushed to Hong Kong, sometimes listing at a discount to avoid investor clawback clauses, resulting in frequent post-IPO price slumps[para. 14]. Meanwhile, increased government backing and A-share policy loosening have prompted a new IPO wave, with April–June seeing an unprecedented rise in STAR Market IPO applications—from just three in April to 152 in June[para. 22].
[para. 6] In biosciences, Wuhan HY Biotech recently became the first company to pass through the revived unprofitable STAR Market pathway, even while posting net losses of over 150 million RMB a year but nearing commercialization of key products[para. 27]. The STAR Innovation Growth Tier now restricts access to the fifth standard, demanding an estimated market cap over 4 billion RMB but flexible on profit/revenue[para. 30]. This framework, most used by biomed firms, now also applies to unprofitable AI, aerospace, and other deep tech[para. 32].
[para. 7] The chip sector has seen a surge of IPO hopefuls, including Shanghai Super Silicon (raising 4.97 billion RMB), unprofitable CPU firm Zhaoxin, and the quick progress of Moore Threads and Muxi[para. 51]. Both Moore Threads and Muxi, seeking to challenge Nvidia in GPUs, have faced heavy US sanctions affecting their supply chains, yet both companies stress domestic replacements and maintain high R&D investment (Moore Threads' R&D over 626% of revenue; Muxi over 282%)[para. 60]. ChangXin Memory and Unisoc are the two largest IPOs expected, with ChangXin likely seeking over 10 billion RMB and Unisoc planning to file by year-end and list in 2026[para. 76][para. 88].
[para. 8] In AI, Zhipu AI is first among major LLM firms to pursue an IPO. Past AI stars like Cambricon and SenseTime needed years post-IPO to reach profitability[para. 102]. Embodied intelligence (humanoid robotics) has recently attracted surging VC, triggered by viral exposure such as Unitree Robotics' Spring Festival appearance, despite limited commercial maturity and potential valuation risks post-listing[para. 115]. Firms like Unitree and Shanghai ZhiYuan are vying for listing via direct IPO or acquisitions, as in ZhiYuan's attempted "backdoor" through Shanghai Resonac[para. 126][para. 133].
[para. 9] Investors express some concern about "bubble" conditions in new fields like robotics, but see more tangible prospects in industrial robotics, which have stronger market support and more sustainable valuations[para. 154].
[para. 10] The current IPO wave in hard tech is seen as a critical strategic window for China, with pervasive optimism but an awareness that the opening may be short-lived. Hong Kong capital markets are heating up—helped by policy and global investor interest—while A-shares adopt a more cautious, selective reopening. Ultimately, each market is expected to specialize: Hong Kong for higher-risk early-stage tech, A-shares for later-stage profitability and industrial support. Investors hope reforms will offer flexible listing options and stable exits, allowing the most competitive companies to emerge while market faith is carefully cultivated and preserved[para. 179][para. 198][para. 210].
- Inxmed
智翔金泰 - Inxmed, or 智翔金泰-U (688443.SH), is a biotech company listed on the STAR Market. Its listing in June 2023 was the last instance of a pre-profit company going public under the fifth set of standards before a temporary suspension of such IPOs.
- UNISOC
紫光展锐 - UNISOC, a mobile phone chip manufacturer, is pursuing a listing on China's NASDAQ-style STAR Market. The company, valued at over 66 billion yuan, announced its IPO preparation on June 27 and aims to complete the listing material submission by the end of this year, targeting a 2026 listing. UNISOC aims to achieve break-even by 2025 and is considered a relatively mature company, with an expected market value of no less than 70 billion yuan.
- Moore Threads Intelligent Technology (Beijing) Co., Ltd.
摩尔线程智能科技（北京）股份有限公司 - Moore Threads Intelligent Technology (Beijing) Co., Ltd. is a GPU company aiming to rival Nvidia, co-founded by former Nvidia China GM Zhang Jianzhong. They announced their STAR Market IPO application on June 30, 2025, seeking 8 billion yuan. The company was added to the US Entity List in October 2023.
- Muxi Integrated Circuit (Shanghai) Co., Ltd.
沐曦集成电路（上海）股份有限公司 - Muxi Integrated Circuit (Shanghai) Co., Ltd. (沐曦集成电路（上海）股份有限公司), also referred to as Muxi, is a Chinese GPU design company founded in 2020. Muxi's listing application for the SSE STAR Market was accepted by the Shanghai Stock Exchange on June 30, 2025. Muxi plans to raise 3.9 billion RMB through an IPO.
- ChangXin Memory Technologies, Inc. (CXMT)
安徽长鑫科技集团股份有限公司 - ChangXin Memory Technologies, Inc. (CXMT) is China's largest DRAM memory chip manufacturer. It recently announced its IPO preparatory filing, with an estimated valuation of 140 billion yuan. CXMT plans to raise tens of billions through its IPO, and is expanding production with new facilities in Beijing and Shanghai. It aims to increase its limited global market share beyond the current 4.6% in the "others" category.
- Suzhou Centec Communications
苏州盛科通信 - Suzhou Centec Communications (Centec) is a Chinese company mentioned in the article as having listed on Shanghai's STAR Market. It did so using the second set of criteria, which requires an expected market value of at least 1.5 billion yuan and revenue of at least 200 million yuan in the most recent fiscal year.
- Zhejiang Zhongjuxin
浙江中巨芯 - Zhejiang Zhongjuxin is a company mentioned in the article as having listed on the STAR Market under the fourth set of criteria (estimated market capitalization ≥ 3 billion yuan, and revenue ≥ 300 million yuan in the most recent year). Its listing on the STAR Market was specifically noted as occurring before the comprehensive suspension of new unlisted companies in September 2023.
- XtalPi Inc.
晶泰控股 - XtalPi Inc. (晶泰控股) is a Hong Kong-listed company. It was among the hard tech enterprises that received investments from HeXuan Capital. The company was founded by scientists from MIT, specializing in drug research and development using AI to accelerate the process.
- Horizon Robotics
地平线机器人 - Horizon Robotics, an autonomous driving chip company, has successfully listed in Hong Kong. The article highlights that investors in Hong Kong are keen on supporting long-term, R&D-driven tech companies like Horizon Robotics, which continuously upgrades its chips for advanced autonomous driving.
- Roborock
石头科技 - Roborock (石头科技), a prominent sweeping robot company, submitted its application to the Hong Kong Stock Exchange on June 27th, attracting significant investor attention. This move signifies increased interest in Hong Kong listings by mainland technology firms.
- Yonyou
用友 - Yonyou is a software vendor that was mentioned in the article as one of 16 Chinese companies that submitted applications to list on the Hong Kong Stock Exchange on June 27th.
- Geek+
极智嘉 - On July 9, 2025, Geek+ (02590.HK) was simultaneously listed on the Hong Kong Stock Exchange. It focuses on logistics and broke its issue price on the first day of listing, but ended up closing up 5.36% from its issue price, with a market capitalization exceeding HK$23.37 billion.
- Lens Technology
蓝思科技 - Lens Technology, a "fruit chain" enterprise, recently listed on the Hong Kong Stock Exchange. This move coincides with an increased interest from investors in Hong Kong's stock market, particularly in high-quality Chinese technology companies.
- Wuhan Hecheng Biotechnology Co., Ltd.
武汉禾元生物科技股份有限公司 - Wuhan Hecheng Biotechnology Co., Ltd. (禾元生物) is a biopharmaceutical company founded in 2006 by Professor Yang Daichang of Wuhan University. It focuses on producing recombinant human serum albumin using transgenic rice. The company's core product, HY1001, is expected to be approved for market this year, with two other products anticipated by 2027.
- Sinopharm Group Co., Ltd.
国药控股 - Sinopharm Group Co., Ltd. (01099.HK) is a distributor of pharmaceutical products. Wuhan Yuan Biotechnology Co., Ltd. has signed distribution agreements with Sinopharm and other drug distributors.
- Betta Pharmaceuticals Co., Ltd.
贝达药业 - Betta Pharmaceuticals (300558.SZ) is a drug distributor that signed a distribution agreement with WuHan HEALGEN Biotechnology, a biomedical enterprise. HEALGEN seeks to mass produce recombinant human serum albumin using transgenic rice, which can address China's plasma shortage.
- BeiGene
百济神州 - In 2025, BeiGene, a biopharmaceutical company, along with others, achieved profitability, aligning with the market's positive outlook on China's innovative drug sector.
- 3SBio Inc.
三生制药 - 3SBio Inc. (三生制药) is a biopharmaceutical company mentioned in the article. It has recently achieved significant new drug authorizations with multinational pharmaceutical companies, gaining recognition from European and American enterprises for its independent innovation capabilities. This success has led to market expectations that Chinese innovative medicines have entered a new era.
- Shanghai Simgui Technology Co.,Ltd.
上海超硅半导体股份有限公司 - Shanghai Simgui Technology Co.,Ltd. had its IPO application accepted by the Shanghai Stock Exchange on June 13. They plan to raise 4.965 billion yuan for projects like 12-inch wafer expansion. The company produces silicon wafers for memory and logic chips, with a global market share of around 1.6% in 2024. Despite increasing losses from 2022 to 2024, their IPO status was updated to "inquired" on July 2.
- Shanghai Zhaoxin Semiconductor Co., Ltd.
上海兆芯集成电路股份有限公司 - Shanghai Zhaoxin Semiconductor Co., Ltd. (Zhaoxin) is a Chinese CPU company founded in 2013. It designs chips using the Intel x86 architecture for computers and servers. Zhaoxin has been consistently operating at a loss, with its net loss after non-recurring items widening to 1.065 billion yuan in 2024. Its IPO application for the STAR Market was accepted on June 17, with a plan to raise 4.169 billion yuan.
- InnoGrit
天数智芯 - InnoGrit is a Chinese GPU company that emerged around the same time as Moore Threads and Muxi Inc. It is currently in the IPO counseling period, seeking long-term financing channels.
- Enflame Technology
燧原科技 - Enflame Technology (燧原科技), a Chinese GPU company, is currently in the process of preparing for its IPO. It is one of several domestic GPU firms, including Moore Threads and Muxi Inc., that are vying for long-term financing channels by seeking to go public.
- Biren Technology
壁仞科技 - Biren Technology, a Chinese GPU company founded around the same time as Moore Threads and Muxi, is also in the pre-IPO coaching phase. In October 2023, it was added to the US "entity list."
- CloudWalk Technology
云从科技 - CloudWalk Technology, a company that has been operating for a decade, is among the "AI visual four small dragons." It has yet to achieve profitability. CloudWalk was the only one among these four to successfully list on the STAR Market.
- SMIC
中芯国际 - SMIC is mentioned regarding its price-to-sales ratio, being around 10 times. This comparison is made in the context of assessing Changxin's potential valuation, suggesting that Changxin, with a projected revenue, could achieve a significant market capitalization if valued similarly.
- Black Sesame Technologies
黑芝麻智能 - Black Sesame Technologies (BST), a Chinese AI chip company, has been impacted by US sanctions, being added to the "entity list" in October 2023. This has hindered its ability to access advanced chip manufacturing at TSMC, affecting its consumer-grade products and causing delays. Despite these challenges, BST aims to prioritize its data center AI chips.
- Zhipu AI
智谱 - Zhipu AI (智谱) is a leading Chinese AI company. Established in 2019, it was the first of China's "large model" startups to begin the IPO process in April 2025. Zhipu AI actively seeks commercialization through partnerships with companies like XPeng, Honor, Samsung, and Asus.
- Cambricon
寒武纪 - Cambricon, an AI chip company, went public on the Sci-Tech Innovation Board in 2020, four years after its founding. However, it only achieved its first quarterly profit in Q4 2024. Despite its early IPO, profitability has been a long-term challenge for the company.
- SenseTime
商汤 - SenseTime, an AI visual technology company, was the first of the "AI visual four unicorns" to go public in Hong Kong, rather than on the STAR Market. Despite being the first to be accepted, another company, Cloudwalk Technology, was the only one to achieve a listing on the STAR Market.
- Unitree Robotics
宇树科技 - Unitree Robotics is a Chinese robotics company that produces humanoid robots. Its robots gained significant attention after appearing on the Spring Festival Gala. In May 2025, Unitree Robotics completed its shareholding system reform and began listing辅导 on July 18.
- StarMo Technology
星动纪元 - StarMo Technology (Xingdong Jiyuan in Chinese) is a "Tsinghua-affiliated" embodied intelligence company. It recently completed a Series A funding round of nearly 500 million yuan, co-led by Dinghui VGC and Haier Capital. Its clients include MIT, Stanford, ByteDance, Haier Smart Home, and Lenovo.
- Deep Robotics
杭州云深处 - Deep Robotics, also known as Hangzhou Yunchen Chu, secured approximately 500 million RMB in funding. Their robot dogs are currently utilized in projects such as power grid and power station inspections.
- TiShiZhiHang
上海它石智航 - Shanghai Tishi Zhihang (上海它石智航) is a company that announced the completion of a $122 million "Angel+" round of financing on July 8. This company, established in March, had previously secured the "largest angel round financing in China's embodied intelligent industry." While known for its team, it has yet to launch any products.
- Hangzhou Xinghaitu
杭州星海图 - Hangzhou Xinghaitu completed its A4 and A5 rounds of strategic financing, co-led by Today Capital and Meituan Longzhu, raising over $100 million. This company specializes in embodied AI.
- Shanghai Zhiyuan Robot
上海智元机器人 - Shanghai Zhiyuan Robot, established in February 2023, is led by Chairman and CEO Deng Taihua, former president of Huawei's computing product line. The company aims to enter the robotics market with three product lines: Yuanzheng (marketing/customer service), Jingling (industrial manufacturing), and Lingxi (R&D/education/entertainment). Zhiyuan has produced 1,000 robots by January 2025 and secured a B-round funding led by Tencent in March, valuing it at 15 billion yuan. In July, it sought to "curve" into the stock market by acquiring a 60% stake in Sci-Tech Innovation Board company Shanghai Suwei New Material.
- Swancor
上纬新材 - No information about Swancor (上纬新材) is available in the article, except that Shanghai Zhiyuan Robot (智元机器人) attempted to acquire a majority stake in the company.
- Yitu Technology
依图 - Yitu Technology is mentioned as one of the "AI visual four dragons" that garnered significant funding but struggled with unsustainable business models and continuous losses, highlighting the risks of commercializing AI technologies.
- Megvii
旷视 - Megvii, a Chinese AI company, was among the "AI visual four small dragons" that initially sought to list on Shanghai's STAR Market. However, the article notes that despite Megvii being one of the first to be accepted for listing, SenseTime ultimately became the first of these AI companies to go public in Hong Kong.
- UBTECH
优必选 - UBTECH, a Hong Kong-listed company, is recognized as the "first humanoid robot stock." In 2024, its revenue increased by 23.7% to 1.305 billion yuan. Its humanoid robot, "Walker X," is priced at 299,000 yuan. However, the majority of its revenue comes from non-humanoid robot products.
- Beijing Yunji Technology Co., Ltd.
北京云迹科技股份有限公司 - Beijing Yunji Technology Co., Ltd. is a robotics company based in Beijing. In early 2025, the company applied for a listing on the Hong Kong Stock Exchange. It is one of several industrial robotics companies that have sought to go public, aiming to capitalize on the current market window.
- Shanghai SEER Intelligent Technology Co., Ltd.
上海仙工智能科技股份有限公司 - Shanghai SEER Intelligent Technology Co., Ltd. is a Chinese robotics company. In March 2024, it applied for listing in Hong Kong. It is one of several robotics companies, along with Beijing Geekplus Technology Co., Ltd., Beijing Cloud Robotics Technology Co., Ltd., Standard Robots (Wuxi) Co., Ltd., and Zhejiang Yifei Intelligent Technology Co., Ltd., that have recently sought to go public in Hong Kong.
- Standard Robots (Wuxi) Co., Ltd.
斯坦德机器人（无锡）股份有限公司 - The article mentions Standard Robots (Wuxi) Co., Ltd. as one of the robot companies that applied for listing on the Hong Kong Stock Exchange between March and June.
- Zhejiang YiFei Intelligent Technology Co., Ltd.
浙江翼菲智能科技股份有限公司 - Zhejiang YiFei Intelligent Technology Co., Ltd. is a robotics company based in China. In March and June of this year, it applied for listing on the Hong Kong Stock Exchange, alongside several other robot companies. These industrial robot companies have lower valuations, but their practical market demands offer support for their listings.
- JAKA Robotics Co., Ltd.
节卡机器人股份有限公司 - JAKA Robotics Co., Ltd. (节卡机器人股份有限公司) is a Chinese company that specializes in collaborative robots. It is one of the "three musketeers of collaborative robots" in China. JAKA Robotics submitted its IPO application to the Shanghai Stock Exchange in May 2023 and is currently in the process of going public.
- Shenzhen Dobot Technology Co., Ltd.
深圳越疆科技股份有限公司 - Shenzhen Dobot Technology Co., Ltd. (02432.HK) is a competitor of JAKA Robotics, a company that is currently seeking to go public on the STAR Market. Shenzhen Dobot Technology Co., Ltd. chose to list on the Hong Kong Stock Exchange and became the third 18C chapter specialist technology company to do so in December 2024.
- Xiaomi
小米 - The article mentions Xiaomi as one of the key Chinese tech companies whose Hong Kong-listed shares have seen a significant increase. Specifically, the article notes that **Xiaomi's Hong Kong stock price, along with other core Chinese tech assets**, rose by 26% since the beginning of 2025. It contrasts this with the performance of the "Magnificent Seven" US tech stocks.
- Huawei
华为 - This article does not contain information about Huawei.
- NVIDIA
英伟达 - NVIDIA is mentioned as a benchmark for Chinese GPU companies Moore Threads and Mucxi. Moore Threads' CEO was formerly NVIDIA China's general manager, while Mucxi's CEO previously worked at AMD. Chinese GPU companies aim to "become China's NVIDIA" but face challenges from US sanctions.
- MediaTek
联发科 - MediaTek is a major player in the global mobile chip market. In the first quarter of 2025, MediaTek held a 36% market share in global mobile phone chips, ranking above Qualcomm, Apple, Samsung, and Huawei.
- Qualcomm
高通 - Qualcomm is mentioned as a leading global mobile chip manufacturer. In the first quarter of 2025, Qualcomm held a 28% share of the global mobile chip market, ranking second after MediaTek and ahead of Apple, Samsung, and Huawei's HiSilicon.
- Apple
苹果 - This article does not contain information about Apple or "苹果".
- Samsung
三星 - Samsung is mentioned as having a 5% share in the global mobile phone chip market in the first quarter of 2025. This places them behind MediaTek, Qualcomm, and Apple, but ahead of Huawei HiSilicon.
- SK Hynix
SK海力士 - In Q1 2025, SK Hynix held a 36% market share, making it the top DRAM manufacturer globally. The company ranks among the six largest DRAM manufacturers worldwide.
- Micron Technology
美光 - Micron Technology (美光) is one of the top six global DRAM manufacturers. In the first quarter of 2025, Micron's market share in the global DRAM market was 24.3%.
- Nanya Technology
南亚 - The article mentions Nanya Technology (南亚) as one of the top six DRAM manufacturers globally in the first quarter of 2025, holding a 0.8% market share. It is listed alongside SK Hynix, Samsung, Micron, Winbond, and Powerchip.
- Winbond Electronics
华邦 - Winbond Electronics (Chinese: 华邦) is one of the top six DRAM manufacturers globally, holding a 0.5% market share in Q1 2025.
- Powerchip Semiconductor Manufacturing Corp. (PSMC)
力积电 - According to the article, Powerchip Semiconductor Manufacturing Corp. (PSMC) is listed as one of the top six DRAM manufacturers globally, holding a 0.04% market share as of Q1 2025.
- Hexuan Capital
和暄资本 - Hexuan Capital is an investment firm whose president, Zhang Menghan, stated that "many other shareholders of our invested companies advised the companies not to rush into listing at that time, because once the stock breaks below its issue price after listing and解除禁售期, investors will still find it difficult to profit and exit."
- Huatai Securities
华泰证券 - Huang Leping, Huatai Securities' Chief Global Technology Strategy Analyst, noted that loosening IPO restrictions for hard technology firms demonstrates China's deep strategic support for emerging industries, particularly given complex international geopolitical circumstances.
- ChangXin Memory Technologies (CXMT)
长鑫 - ChangXin Memory Technologies (CXMT) is China's largest DRAM memory chip manufacturer. Valued at 140 billion yuan in March 2024, CXMT is preparing for an IPO and recently submitted its advisory filing. It aims for a potential fundraising of tens of billions of yuan.
- Capital Today
今日资本 - Capital Today (今日资本) is one of the lead investors in the Series A4 and A5 strategic funding rounds for Hangzhou Xinghaitu (杭州星海图) company, investing over $100 million in total.
- Google
谷歌 - The article doesn't mention Google.
- Amazon
亚马逊 - The article does not mention Amazon.
- Meta Platforms
Meta - This article does not contain information about Meta Platforms.
- Microsoft
微软 - Microsoft is one of the "seven tech giants" in the US referred to in the article. The article mentions that the stock prices of these seven companies, including Microsoft, have risen by 26% since early 2025 due to an AI wave.
- Tesla
特斯拉 - This article does not mention Tesla.
- September 2020：
- Shangwei New Materials was listed on the STAR Market, just meeting the minimum market capitalization threshold.
- December 2021：
- Heyuan Bio completed its registration for IPO counseling.
- End of 2022：
- Heyuan Bio's application for an IPO on the STAR Market was accepted.
- January 2023：
- Heyuan Bio entered the inquiry phase for STAR Market listing.
- After June 20, 2023：
- Two-year hiatus in STAR Market IPOs for unprofitable companies began until June 18, 2025.
- By September 2023：
- IPOs of unprofitable companies on the STAR Market were entirely halted.
- March 12, 2024：
- UBTECH launched its research and education humanoid robot 'Tiangong Walker'.
- March 2024：
- Changxin was valued at 140 billion yuan during its financing round.
- April 2024：
- CSRC announced support for leading enterprises seeking overseas listings in Hong Kong and approved more companies.
- August 2024：
- Hong Kong Stock Exchange amended Chapter 18C, lowering listing threshold for unprofitable 'special technology' companies.
- September 2024：
- China shifted towards a more proactive fiscal policy and an appropriately accommodative monetary policy.
- End of 2024：
- Unisoc completed its second round of financing, receiving nearly 2 billion yuan from Oriza Holdings.
- January 2025：
- As of this date, Zhiyuan had produced and delivered 1,000 robots.
- March 24, 2025：
- Zhiyuan completed its Series B financing round led by Tencent.
- March - June 2025：
- Several robotics firms applied to go public in Hong Kong.
- April 2025：
- Zhiyu submitted a filing for IPO counseling to the Beijing Securities Regulatory Bureau.
- April 2025：
- CICC conducted a preliminary assessment of Zhiyu for its IPO counseling.
- May 2025：
- The Hong Kong Stock Exchange launched 'Tech Express,' offering a 'green channel' and confidential guidance.
- May 2025：
- Jaka Robotics submitted its prospectus to the Shanghai Stock Exchange for STAR Market listing.
- May 2025：
- The combined number of new IPOs on Chinese exchanges rose from three in April to 16.
- May - July 2025：
- Intensive learning, training, and issue resolution for Zhiyu's IPO counseling took place.
- First half of 2025：
- Hong Kong's investment banks were bustling with activity; the A-share market remained relatively subdued.
- June 18, 2025：
- Wu Qing announced establishment of STAR Market 'Growth Tier' and resumption of unprofitable company IPOs at Lujiazui Forum.
- June 27, 2025：
- Unisoc announced it filed for coaching registration with the Shanghai Securities Regulatory Bureau for STAR Market IPO.
- June 27, 2025：
- 16 mainland companies filed listing applications with the Hong Kong Stock Exchange.
- June 30, 2025：
- Moore Threads and Muxi announced their applications for listing on the STAR Market had been accepted.
- June 30, 2025：
- On this day alone, 40 new IPOs were accepted on Chinese exchanges.
- July 1, 2025：
- Wuhan HYBIO Biotechnology passed the listing committee review, becoming the first IPO project to pass since STAR Market resumed unprofitable company listings.
- July 7, 2025：
- Changxin announced submission of its tutoring registration report for IPO.
- July 7, 2025：
- Stardust Epoch closed a 500 million yuan Series A funding round.
- July 8, 2025：
- DeepRobotics secured nearly 500 million yuan in financing; Tashi Zhihang completed $122 million Angel+ round.
- July 9, 2025：
- Hangzhou Xinghaitu completed Series A4 and A5 strategic rounds, raising over $100 million.
- July 9, 2025：
- Geekplus and Lens Technology made their market debut on the Hong Kong exchange; six companies rang the ceremonial gong.
- July 9, 2025：
- Beijing Geekplus Technology debuted on the Hong Kong Stock Exchange.
- July 9-17, 2025：
- Swancor Advanced Materials' stock hit daily limit for seven consecutive trading days with over 200% cumulative gain.
- July 13, 2025：
- SSE issued notices and announced the creation of the 'STAR Growth Tier.'
- July 13, 2025：
- 32 unprofitable STAR Market companies were reclassified into the Growth Tier.
- July 18, 2025：
- Unitree Robotics began formal preparations for an initial public offering.
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