The Week Ahead (Jan. 5–11): Chinese AI Startups Line Up for Hong Kong IPOs

Published: Jan. 2, 2026 11:11 p.m. GMT+8

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Jan. 5: Domestic air-fuel surcharges cut

Fuel surcharges for domestic flights in China will be cut starting Jan. 5. Fees for adults will drop by 10 yuan to 10 yuan for flights under 800 kilometers, and by 20 yuan to 20 yuan for longer routes.

Jan. 5: Vietnam starts economic census

Vietnam kicks off a national economic census running through Aug. 31 to collect data on businesses and foreign entities. Preliminary results are expected in January 2027.

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This is an AI-generated English rendering of original reporting or commentary published by Caixin Media. In the event of any discrepancies, the Chinese version shall prevail.

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Domestic air-fuel surcharges in China are reduced by 10-20 yuan from Jan. 5.
Major AI firms Zhipu AI, Iluvatar CoreX, and MiniMax all debut on the Hong Kong Stock Exchange in early January, raising billions of HKD.
South Korean President Lee Jae-myung makes a four-day state visit to China, the first since 2019.

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Who’s Who

Lenovo Group Ltd.: Lenovo Group Ltd. is set to launch its "personal super AI agent" at an innovation conference on January 6. This system employs personalized algorithms to integrate wearable, portable, and environmental devices.

Zhipu AI: Zhipu AI is a Chinese company that develops large language models. It was incubated from Tsinghua University's research ecosystem. On January 8, Zhipu AI debuted on the Hong Kong Stock Exchange, raising approximately HK$4.35 billion ($560 million) and achieving a post-IPO valuation of around HK$51.2 billion.

Shanghai Iluvatar CoreX Semiconductor Co. Ltd.: Shanghai Iluvatar CoreX Semiconductor Co. Ltd., a domestic GPU maker, is set to debut in Hong Kong on January 8. The company plans to offer 25.43 million shares at HK$144.60 each, projecting a market capitalization of HK$35.44 billion upon its listing.

TikTok Shop: TikTok Shop increased its seller commission rates to 9% in five EU countries, including Germany and France. This change follows a similar increase implemented in the U.K. market in late 2024.

MiniMax: MiniMax, an AI startup, is set to debut on the Hong Kong Stock Exchange on January 9. The company, founded by former SenseTime executive Yan Junjie, aims to raise an estimated HK$4.19 billion, targeting a valuation of approximately HK$50.4 billion.

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