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… overlooked assets in the AI race. While Alibaba Cloud’s infrastructure and its open-source Qwen model have drawn attention, T-Head fills a remaining gap in Alibaba’s broader AI strategy.
The timing also coincides with a surge in investor interest in Chinese chipmakers, which has driven a flurry of public listings.
In August, Cambricon Technologies, one of the few semiconductor firms listed on China’s A-share market, briefly surpassed Kweichow Moutai in intraday market capitalization, despite reporting revenue of RMB 4.6 billion (USD 644 million) in the first half of 2025. Its valuation has since stabilized at around RMB 600 billion (USD 84 billion).
That rally helped trigger a broader rush to market. Since late last year, several Chinese GPU companies have gone public in quick succession, further inflaming an already overheated semiconductor sector:
<ul>
<li aria-level="1">Moore Threads became the fastest company to receive IPO approval on the STAR Market, completing the process in 88 days before listing on December 5, 2025. It is now valued at about RMB 300 billion (USD 42 billion), after reporting RMB 780 million (USD 109.2 million) in revenue over the first nine months of 2025.</li>
<li aria-level="1">MetaX followed 12 days later, debuting on the STAR Market with shares rising nearly sevenfold on its first day of trading. The company now has a market capitalization exceeding RMB 240 billion (USD 33.6 billion) and reported nine-month revenue of RMB 1.24 billion (USD 173.6 million).</li>
<li aria-level="1">On January 2, Biren Technology listed in Hong Kong, becoming the first domestic GPU company to do so. Its market value now exceeds RMB 70 billion (USD 9.8 billion), despite half-year revenue of RMB 58.9 million (USD 8.2 million).</li>
<li aria-level="1">A week later, Iluvatar CoreX also debuted in Hong Kong, reaching a valuation of roughly RMB 40 billion (USD 5.6 billion) on first-half 2025 revenue of RMB 324 million (USD 45.4 million).</li>
<li aria-level="1">Another contender, Enflame Technology, has completed IPO counseling and is preparing a STAR Market listing. Its prospectus shows half-year revenue of RMB 2.83 billion (USD 396.2 million).</li>
</ul>
Together, these five companies command a combined market capitalization of about RMB 1.25 trillion (USD 175 billion), roughly 4% of Nvidia’s current valuation.
T-Head, by contrast, operates across a broader range of computing segments, giving it a stronger base to deliver end-to-end solutions. Already positioned as a market leader in several categories, its eventual listing is likely to further influence how investors assess China’s domestic semiconductor sector.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3650412256731265">article</a> was written by Qiu Xiaofen for 36Kr.

Alibaba clears public listing plan for chip unit T-Head as China’s semiconductor push accelerates

East Asia

China

Deep Tech

Semiconductors

… the Li Mega have fallen below that level.
Li Auto is working to add Sunwoda as a second battery supplier for the Li i6 to ease delivery constraints. 36Kr reported that Sunwoda can now supply up to 3,000 battery packs per month, supplementing output from CATL (Contemporary Amperex Technology) and improving delivery capacity.
Li Auto is also restructuring its offline retail network. Some showrooms are appointing store managers to lead demonstrations, raising expectations for product knowledge and sales capability among frontline staff. Employees who fail to meet those standards may be reassigned, according to people familiar with the changes.
At the same time, a number of mall-based stores are set to close as leases expire, reflecting weak performance. One insider said many of these locations were opened rapidly during Li Auto’s expansion phase and no longer meet efficiency benchmarks.
Whether these adjustments will be enough remains an open question. For Li Auto, 2026 is shaping up to be both its most turbulent and most consequential year yet, a test of whether it can rebuild momentum and restore investor confidence.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3647785422376584">article</a> was written by Xiao Man for 36Kr.

Li Auto targets 40% growth in 2026 as it steers its focus back to range-extended cars

Transportation

Electric Vehicles

Mobility

… assigning tasks based on employees’ skills and working styles. Until then, DeepWisdom prioritizes generalists. Fewer than 15 core employees operate across frontend, backend, algorithms, and testing to minimize handoffs.
Many hires have come from the company’s user community and internal hackathons rather than traditional recruiting. Wu believes performance under real constraints reveals more than resumes.
DeepWisdom is preparing to open its first overseas office in Silicon Valley, in a building informally known as “the lucky office,” which has previously housed companies such as Google, PayPal, and Logitech. The building also happens to share a wall with Stanford University.
“For a long time to come,” Wu said, “the top tier of AI companies will still be competing on human efficiency.”
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3640426144812417">article</a> was written by Zhou Xinyu for 36Kr.

From MetaGPT to Atoms: DeepWisdom leads China’s push into “vibe coding”

Artificial Intelligence

Ahead of the Detroit Auto Show, US President Donald Trump paid a visit to the city, declaring that he was "standing up for the American auto worker like no president has ever stood up before."
Stocks tied to the automotive sector were not in a welcoming mood. Between January 9 and 15, General Motors slid 3%, Ford Motor fell 4%, and Stellantis dropped 11%, due in large part to announced losses related to <a href="/industry/ev">electric vehicles</a> following the Trump administration’s turn away from EVs.
At the show, the main topic of conversation on the floor was not Trump, but the question of when Chinese automakers will arrive in the US.
The discussion was spurred by the CES technology show held a week earlier in Las Vegas.
The event had enough Chinese automakers to feel like a car show, despite the fact that they do not make or sell vehicles in the US An executive at major Chinese EV company <a href="/company/geely">Geely</a> said the company is weighing an expansion into the US, with an announcement expected to come in the next 24–36 months.
Speaking in Detroit on January 13, Trump said to "let China come in," indicating he would not block them from manufacturing in the US.
The show, by contrast, felt as if it was keeping China out. EVs were scarce, and many US automakers put non-electric models front and center. But consumers seem to have their sights set further out.
<a href="/company/byd">BYD</a> cars are everywhere in Brazil, said an engineer in the country who came to Detroit to see GM models that use parts he worked on. Chinese automakers could start making cars in the US, the engineer said.
BYD already dominates EV sales in Brazil, accounting for 72% of the total in 2025. It opened its first South American plant there in July.
Joe McCabe, CEO of AutoForecast Solutions, argued that it is only a matter of time before Chinese players come into the US, saying that it is consumers who decide whether products are good.
Much like how Japanese and South Korean automakers emphasized the quality of their cars when they first entered the country, Chinese companies are scrambling to figure out how to connect with consumers to gain market share, McCabe said. That led them to exhibit at CES despite the tensions between China and the US.
There are vehicles in the US that consumers know well without realizing their connection to China. A prime example is Sweden's Volvo, which is owned by Geely. The Chinese company is considering using Volvo production facilities in the US for its expansion into the country.
One word Trump kept coming back to in Detroit was "affordable," which in the US denotes cars prices around USD 20,000–30,000.
Although the US now levies a 100% tariff on Chinese vehicles, automakers there have models that could double in price and still come in below USD 30,000. The fact that they are produced in China is what makes those low prices possible, but if these companies can manufacture in the US as well, they could pose a threat.
According to Peipai Zhao, president of the North American operations of Chinese LiDAR (light detection and ranging) sensor maker RoboSense, Chinese automakers considering entering the US are weighing three options: improving quality to attract consumers, partnering with US companies, or setting up a different company with no connection to China. Either way, affordability looks likely to be key.
This article first appeared on <a href="https://asia.nikkei.com/business/automobiles/chinese-evs-spot-on-ramp-to-us-market-with-affordability">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing partnership with <a href="https://www.0722vps.aieehr01.top/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/">Nikkei</a>.

Chinese EVs spot on-ramp to US market with affordability

Longcheer Technology made its Hong Kong market debut on January 22, adding to a growing roster of mainland technology companies turning to the city’s capital markets.
The smart device manufacturer sold about 52.3 million shares in the offering, which was heavily oversubscribed, according to market filings. The share sale launched on January 14 at HKD 31 (USD 4) per share, with the stock rising beyond HKD 35 (USD 4.5) on its debut before retreating to close at HKD 32.1 (USD 4.1) on the first day of trading. Longcheer’s Hong Kong shares were trading at around HKD 31.2 (USD 4) at the time of publication, slightly above the initial offer price.
Media reports said Longcheer plans to use the IPO proceeds to expand production capacity, increase investment in R&amp;D, and pursue potential strategic acquisitions.
The listing marks Longcheer’s second public market debut, following its Shanghai Stock Exchange IPO in March 2024. In that offering, the company issued about 60 million shares at RMB 26 (USD 3.6) per share, raising roughly RMB 1.6 billion (USD 224 million). The Shanghai listing followed a prolonged effort to access China’s A-share market, after earlier attempts in 2015 and 2017 were halted.
Longcheer’s Hong Kong debut adds to a steady stream of mainland technology IPOs in the city, including listings by Biren Technology, <a href="/company/minimax">MiniMax</a>, and Z.ai, also known as Zhipu AI. The trend reflects Hong Kong’s <a href="https://0722vps.aieehr01.top/hong-kongs-ipo-market-roars-back-to-life-leading-the-world-in-2025-listings">growing role as an alternative venue for public fundraising</a> amid ongoing geopolitical uncertainty. Mainland inflows have been a key factor in pushing the Hong Kong Stock Exchange back to the top of global IPO rankings last year, ahead of Nasdaq and the New York Stock Exchange, which were long considered benchmark destinations for Asian companies seeking public capital.
whereRelatedArticle
The company has prior experience with offshore markets. It was listed on the Singapore Exchange in 2005 under the ticker BJL, before being taken private and delisted in late 2020.
Founded as a provider of smart technology products and solutions, Longcheer focuses on the design, R&amp;D, manufacturing, and servicing of terminal devices, including smartphones, tablets, wearables, home appliances, and mixed reality hardware. It operates as an ODM, or original design manufacturer, for major Chinese brands such as <a href="/company/huawei">Huawei</a>, <a href="/company/xiaomi">Xiaomi</a>, and <a href="/company/honor">Honor</a>.
According to a Frost &amp; Sullivan study on the smart device manufacturing industry, Longcheer ranked as the world’s largest smartphone ODM by shipments, delivering 172.9 million units and accounting for a 32.6% global market share. It ranked second in consumer electronics ODM shipments, with 219.1 million units and an estimated 22.4% share. In smart glasses manufacturing, Longcheer placed second globally, shipping 2.1 million units for a 21.7% share, and counts Ray-Ban Meta among its customers.
Chinese media outlet <a href="https://finance.sina.com.cn/stock/t/2026-01-22/doc-inhiecca2839053.shtml">Sina</a> reported that Longcheer operates four main manufacturing bases: two in Huizhou and Nanchang, along with overseas facilities in Vietnam and India. The company also maintains regional offices in the US, South Korea, and Japan.
Financially, Longcheer reported revenue of RMB 29.3 billion (USD 4.1 billion) in 2022, RMB 27.2 billion (USD 3.8 billion) in 2023, and RMB 46.4 billion (USD 6.5 billion) in 2024. Gross profit rose from RMB 2.4 billion (USD 336 million) in 2022 to RMB 2.7 billion (USD 378 million) in 2024, although gross margin declined to 5.8% in 2024 following the revenue surge.
Net profit totaled RMB 561.5 million (USD 78.6 million) in 2022, RMB 602.7 million (USD 84.4 million) in 2023, and RMB 493.4 million (USD 69.1 million) in 2024.
For the first nine months of 2025, Longcheer reported revenue of RMB 31.3 billion (USD 4.4 billion), down 10.3% year-on-year, while net profit rose 17.7% to RMB 507 million (USD 71 million). Net profit excluding non-recurring items fell 18.4% to RMB 271 million (USD 37.9 million) over the same period.
In the third quarter of 2025, revenue declined 9.6% year on year to RMB 11.4 billion (USD 1.6 billion). Net profit increased 64.5% to RMB 152 million (USD 21.3 million), while net profit excluding non-recurring items rose 56.0% to RMB 92.4 million (USD 12.9 million).

Chinese smart device maker Longcheer joins wave of Hong Kong listings

Hardware

Internet of Things

Hong Kong

Since <a href="/company/pop-mart">Pop Mart’s</a> stock hit a record high of HKD 339.8 (USD 43.6) per share on August 26 last year, it has fallen more than 40% over the past five months. Industry analysts largely attribute the decline to the fading premium surrounding its once-dominant IP, Labubu.
Data from the Dewu app shows that the Labubu “Big Into Energy” blind box now trades at an average price of RMB 100.25 (USD 14), down 23% from its 90-day peak. Compared with its record high of RMB 639.32 (USD 89.5) last June, shortly after Pop Mart launched the “Wacky Mart” series, the decline exceeds 84%.
In some cases, prices have fallen even further. On Tmall’s subsidy-driven channel, unopened blind boxes are selling for as little as RMB 86 (USD 12), below Pop Mart’s official retail price.
Anxiety in the consumer market has spilled into capital markets. According to data from Wind, the number of Pop Mart shares sold short has risen sharply since August 2025, at one point nearing 10,000 shares.
On January 19, Pop Mart announced plans to repurchase 1.4 million shares at prices ranging from HKD 177.7–181.2 per share (USD 22.8–23.2), for a total outlay of HKD 251 million (USD 32.2 million). The buyback, its first since 2024, was widely interpreted as a signal of confidence from management.
Fueled by celebrity exposure, Pop Mart has become one of China’s most successful global consumer exports, with Labubu emerging as its standout asset. According to the company’s earnings report, The Monsters series, which includes Labubu, generated RMB 4.81 billion (USD 673.4 million) in revenue in the first half of 2025, accounting for nearly one-third of total revenue.
Around the same period, however, Pop Mart began tightening control over the secondary market by cracking down on scalpers and increasing supply. In a media interview, founder Wang Ning said that after September 2024, Labubu’s monthly sales could reach ten million units worldwide. “We’re trying in every possible way to keep it from being maliciously speculated on,” he said.
Dewu data supports that assessment. After “Wacky Mart” launched, Pop Mart restocked Labubu vinyl and plush toys six times. The expanded production quickly pushed down prices of the mini Labubu edition, undermining scalpers’ hoarding strategies.
At the same time, Pop Mart has dialed back online hype by deploying robotic vending machines to steer traffic toward physical stores. In retrospect, the company appears to have largely regained control over pricing.
As a result, consumers can now buy standard editions at or near retail prices, while hidden or limited-edition versions command modest, more rational premiums. From a business perspective, the strategy helps Pop Mart protect margins while maintaining the credibility of its premium IP portfolio.
In a research note, Deutsche Bank said Labubu’s production capacity expanded from 10 million units in the first half of 2025 to a monthly average of 50 million by year’s end. The firm estimated the expansion could lift Pop Mart’s adjusted net profit to RMB 14.5 billion (USD 2 billion) in 2025.
Still, Labubu’s rapid rise and correction have reignited debate over Pop Mart’s reliance on blockbuster IPs and the sustainability of such product cycles.
Notably, even as resale premiums have declined, scarcity has increased in select collaborations. In October last year, Labubu partnered with LVMH’s heritage brand Moynat. Shortly afterward, Twinkle Twinkle collaborated with bubble tea chain Heytea. Around the same time, Pop Mart hired Wu Yue, former president of Louis Vuitton China, a move widely seen as signaling deeper diversification and a push upmarket.
On the same day it announced the buyback, Pop Mart also unveiled a Molly-themed smartphone developed with <a href="/company/honor">Honor</a>. Based on the Honor 500 specifications, the device features Molly artwork on the back, along with a customized interface, boot animation, and photo watermark built around the IP.
By most measures, Pop Mart remains among the industry’s most efficient creators of blockbuster IP. In the first half of last year, The Monsters, Molly, Skullpanda, Crybaby, and Dimoo each generated more than RMB 1 billion (USD 140 million) in revenue. Thirteen additional artist IPs, including Hirono, Twinkle Twinkle, and Hacipupu, surpassed RMB 100 million (USD 14 million) in sales. Even so, Pop Mart’s ambition to become a global, IP-centric platform will hinge on its ability to balance scale with perceived scarcity.
Pop Mart is not alone in using buybacks to steady investor sentiment. Other Chinese consumer companies, including Kweichow Moutai and Midea Group, have also announced repurchase plans, reflecting expectations of a gradual recovery in consumption.
A telling comparison has emerged. As Labubu’s market price has converged toward retail, Feitian Moutai has, for the first time, traded at its official retail price of RMB 1,499 (USD 209.9). While the products serve very different consumers, both shifts suggest a correction of speculative excesses as supply and demand rebalance.
Pop Mart’s repurchase plan has received broad investor approval. Morgan Stanley said the company’s long-term growth story remains intact and projected net profit of RMB 12.6 billion (USD 1.8 billion) for 2025. Other analysts noted that the buyback could help establish a price floor, supported by expected strength in 2025 earnings and momentum into the first quarter of 2026.
As of publication, Pop Mart shares were trading at HKD 197.6 (USD 25.3) at the market open on January 22, up more than 9% since the January 19 buyback announcement.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3648979523706501">article</a> was written by Xie Yunzi for 36Kr.

Pop Mart launches share buyback as Labubu craze fades

Retail

Consumer Economy

<a href="/company/lark">Lark</a>, also known as Feishu, is preparing to launch its first hardware product, a compact, bean-shaped recording device that uses <a href="/industry/ai">artificial intelligence</a>. Developed jointly with <a href="/company/anker">Anker Innovations</a>, the project marks an experimental move for a company that has, until now, focused exclusively on software.
According to product materials reviewed by 36Kr, the device weighs about ten grams and features a dual MEMS (microelectromechanical system) microphone array. With its charging case, the total weight reaches roughly 48 grams. It supports both Bluetooth and Wi-Fi transmission and is designed for hands-free, always-on voice capture.
AI-powered recording devices began gaining traction in 2025, when Plaud introduced its <a href="https://0722vps.aieehr01.top/can-plauds-overseas-first-strategy-give-it-an-edge-in-chinas-crowded-voice-recorder-market">AI notetakers</a>, triggering a wave of similar products from Chinese manufacturers. Despite the surge, few major technology companies have entered the category with dedicated hardware.
Founded in 2017, Lark has never released a hardware product. Several people close to the company told 36Kr that the recorder is viewed internally as a trial project, with the product team continuing to prioritize software development.
From 2024 onward, consumer AI hardware began diversifying rapidly, with recorders, cameras, and smart glasses emerging as alternative entry points for interacting with AI beyond smartphones. Each form factor reflects an effort to make AI more ambient and continuously accessible.
Instead of adopting the card-style design favored by many competitors, Lark and Anker chose a smaller, bean-like form. Card-shaped recorders can attach magnetically to the back of a phone, but their size can limit comfort and portability. The bean-shaped design is intended to be lighter and suitable for extended, all-day use.
Users can clip the device to a collar or pocket, or attach it magnetically to a phone. The goal is to lower the friction of recording, allowing conversations to be captured during meetings, client visits, or commutes without opening an app or handling a phone.
Despite its small size, the device supports live meeting notes. It can generate real-time captions and AI-produced summaries, accompanied by simple visual elements such as bar charts.
Portability combined with contextual awareness is positioned as a core differentiator. According to 36Kr, the device and its charging case offer more than 32 hours of battery life on a full charge. The recorder can store up to eight gigabytes or roughly 250 hours of audio, and supports fast charging, delivering about two hours of recording from a ten-minute charge.
<h3>Competing for the next context gateway</h3>
Since 2025, advances in foundational AI models, particularly multimodal systems, have renewed momentum in voice-based interaction. In China, established players such as <a href="/company/iflytek">iFlytek</a> and Sogou have upgraded voice input tools. Meanwhile, <a href="/company/bytedance">ByteDance's</a> Doubao has introduced its own input method, embedding large model capabilities into everyday typing. Other startups, including Remio, are developing products aimed at managing users' daily context across work and personal life.
Across both input methods and wearables, the competition centers on becoming the memory gateway for AI assistants. Systems that capture richer context can deliver more personalized responses and are harder for rivals to replicate.
Per 36Kr, Lark’s device supports an end-to-end workflow from live meetings through post-meeting follow-up. During meetings, users can view AI-generated highlights in real time. Afterward, the system produces full transcripts with speaker identification, action items, and key decisions.
All recordings are stored directly in Lark’s Knowledge Base, where speech is converted into structured text. Users can then query past content conversationally through Lark’s AI assistant, for example, asking what concerns a client raised in a recent meeting. The system retrieves relevant context and returns a concise answer, reducing post-meeting administrative work.
Lark was built within ByteDance and, since its launch in 2017, has focused on high-tech industries. It has refined tools for document collaboration, transcription, and meeting support to build an early reputation for productivity.
That positioning has carried into the current AI cycle. Lark is widely used by AI-focused companies including <a href="/company/deepseek">DeepSeek</a>, <a href="/company/minimax">MiniMax</a>, Moonshot AI, and Z.ai (Zhipu AI), all of which rely on the platform for internal collaboration.
Such organizations, typically with heavy procedural and documentation demands, are also the most likely to benefit from an AI recording device.
The design logic behind Lark’s hardware reflects longstanding enterprise requests, including speaker-labeled summaries, automatic extraction of to-do items, and searchable historical records.
Industry observers generally agree that while AI recording hardware can be replicated quickly, durable differentiation depends on continued engineering refinement. Improvements in meeting templates, transcription accuracy, and post-processing workflows are likely to matter more than form factor alone.
Here, Lark holds an inherent advantage. The device runs on ByteDance's Doubao large model, whose multimodal capabilities are widely regarded as competitive within the field. Its ability to parse complex dialogue and generate accurate transcripts directly affects the quality of meeting summaries, creating a technical edge that may be difficult for competitors to match in the near term.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3645215315267202">article</a> was written by Deng Yongyi for 36Kr.

Lark steps into hardware, developing an AI-powered recorder with Anker

Lark

Anker

<a href="/industry/ai">Artificial intelligence</a> semiconductor development is progressing rapidly in China, with the capabilities of companies like Moore Threads advancing to the point that the country could meet 80% of its demand with local supply, by one estimate.
At a <a href="https://asia.nikkei.com/business/tech/semiconductors/china-s-moore-threads-unveils-new-chip-in-homegrown-ai-race" target="_blank" rel="noopener">developer conference</a> in Beijing last month, Moore Threads showed off its new Huagang architecture for graphics processing units, along with new GPUs including Huashan for AI and Lushan for graphics. Huashan offers performance close to <a href="/company/nvidia">Nvidia's</a> mainstay products, while Lushan is best-in-class globally, according to the company, which plans to begin mass production of both this year.
"The new products meet the needs of domestic developers," CEO Zhang Jianzhong said. "There will be no more need to wait for advanced products from overseas."
Zhang, a former vice president at Nvidia, established Moore Threads in 2020. The company debuted on the Shanghai Stock Exchange's tech-focused STAR Market in early December and has shot into the spotlight, with a market capitalization that has exceeded RMB 300 billion (USD 42 billion).
Zhang's goal is to help end dependence on Nvidia, which accounted for 66% of the Chinese AI semiconductor market in 2024, according to US research firm Bernstein. The figure represents a high share in a field that is key to competitiveness for both companies and countries.
Export restrictions by the US government have made it harder to access Nvidia's top-of-the-line products. President Donald Trump has said that Washington will <a href="https://asia.nikkei.com/business/tech/semiconductors/us-gives-green-light-to-nvidia-h200-chip-exports-to-china" target="_blank" rel="noopener">allow the sale</a> of some advanced Nvidia chips to China with an added 25% fee paid to the government, but China is <a href="https://asia.nikkei.com/business/technology/artificial-intelligence/china-drafting-purchase-rules-for-nvidia-h200-chips" target="_blank" rel="noopener">considering rules</a> to limit imports.
Under the proposed five-year plan drafted by the Chinese government in October 2025, Beijing aims to achieve semiconductor self-sufficiency under a "new national system," bringing together the public and private sectors along with financial institutions.
At the core of this plan are China's "four little dragons" of GPUs: Moore Threads, MetaX, Biren Technology, and Suiyuan Technology, also known as Enflame.
MetaX, like Moore Threads, held an IPO on the STAR Market late last year, while Biren <a href="https://asia.nikkei.com/business/markets/ipo/chinese-ai-chipmaker-biren-soars-on-trading-debut" target="_blank" rel="noopener">debuted in Hong Kong</a> this month, and Enflame is reportedly considering a listing. All are putting they money they raise toward chip R&amp;D.
Big established tech companies are also ramping up efforts. <a href="/company/baidu">Baidu</a> unit Kunlunxin plans to launch five AI chips by 2030. HiSilicon, a subsidiary of <a href="/company/huawei">Huawei</a>, is working on semiconductor development, and Cambricon Technologies, founded by former professors at the Chinese Academy of Sciences, is focusing on AI chips as well.
On the production side are companies like Semiconductor Manufacturing International Corporation (SMIC), which reportedly is now able to provide a stable supply of seven-nanometer semiconductors for AI applications. SMIC is said to be manufacturing chips for other Chinese companies, and it has been expanding production capacity.
Nvidia's share of China's AI semiconductor market is forecast to plunge to 8% this year, according to Chinese media citing a recent Bernstein report. Chinese players like Huawei and Cambricon are expected to fill the gap, reaching an aggregate market share of around 80%.
AI chips are a part of the battle for tech dominance between the US and China, and could be discussed at an expected meeting in April between Trump and Chinese President Xi Jinping.
Chinese AI chips "have evolved from 'usable' to 'easy to use,'" said Zheng Weimin, a professor in the computer science department at Tsinghua University.
The country's supply chain remains a work in progress, however. The challenge will be transitioning a development structure that had been led by Nvidia to domestic production, according to Zheng.
This article first appeared on <a href="https://asia.nikkei.com/business/tech/semiconductors/moore-threads-and-peers-bring-china-ai-chip-independence-closer">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing partnership with <a href="https://www.0722vps.aieehr01.top/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/">Nikkei</a>.

Moore Threads and peers bring China AI chip independence closer

AI Infrastructure

The Hong Kong Stock Exchange has seen a sharp rise in listing activity over the past year, buoyed by a growing pipeline of applicants and renewed investor interest. The exchange said the city emerged as the world’s top IPO venue in 2025, overtaking Nasdaq and the New York Stock Exchange, long viewed across Asia as benchmark destinations for public listings.
The rebound is reflected across multiple measures. For the cash market, Hong Kong Exchanges and Clearing (HKEX), the exchange’s operator, said average daily turnover in the first 11 months of 2025 reached USD 249.8 billion, up 89.5% year-on-year, according to a <a href="https://www.hkexgroup.com/Media-Centre/Insight/Insight/2026/HKEX-Insight/What-Drove-Hong-Kong-Markets-in-2025">statement</a> released January 16.
IPO activity has been a major driver. Hong Kong hosted 119 new listings in 2025, a 67.6% increase from 71 a year earlier. Those deals raised USD 285.8 billion in total, more than triple the roughly USD 88 billion recorded in 2024. Four of the year’s listings ranked among the world’s top ten IPOs, including the USD 5.3 billion debut of Chinese battery maker Contemporary Amperex Technology (CATL), the largest in Hong Kong last year.
Companies already listed on HKEX also returned to the market in force. Follow-on offerings totaled USD 66 billion, up 136.6% from USD 27.9 billion in 2024, the exchange said, citing Dealogic data.
Describing the process of supporting the influx of deals as “gratifying,” HKEX CEO Bonnie Chan said momentum was likely to continue. Speaking to <a href="https://www.cnbc.com/video/2026/01/20/hkex-ceo-topped-ipo-rankings-in-2025-and-bullish-on-year-ahead.html">CNBC</a> on the sidelines of the World Economic Forum’s annual meeting in Davos, Chan pointed to the pace of activity early in the year: just three weeks in, the exchange had already listed 11 companies.
Among them were Biren Technology, MiniMax, and Z.ai (Zhipu AI), highlighting a growing push among mainland companies to tap public markets as investor interest increasingly aligns with Beijing’s longer-term support for advanced technologies, particularly <a href="/industry/ai">artificial intelligence</a>, under the country’s latest five-year plan.
<blockquote>China’s 15th five-year plan, covering the 2026–2030 period, places emphasis on innovation-led growth, industrial upgrading, and greater tech self-reliance. These priorities typically have an impact on corporate strategy and investor focus.</blockquote>
Chan told CNBC the new listings had already raised close to USD 4 billion, with more capital expected to follow, adding that HKEX has received nearly 50 new listing applications, with hundreds more in the queue. Prospective issuers include Wancheng Group, operator of Haoxianglai, and <a href="https://0722vps.aieehr01.top/tencent-fidelity-and-temasek-set-to-anchor-busy-mings-hong-kong-ipo">Busy Ming</a>, both leaders in mainland China’s discount retail segment that are expected to complete their Hong Kong listings this year.
“There’s a lot of very positive things to look forward to,” Chan said.
The surge in activity coincides with a broader shift in global investor sentiment amid rising geopolitical uncertainty. Since US President Donald Trump began his second term in January 2025, Washington has taken a more confrontational stance on trade, including a “reciprocal tariff” policy that unsettled public markets last year.
More recently, Trump introduced new tariffs on eight European countries as part of efforts to press for US control over Greenland, an autonomous territory administered by Denmark and rich in largely untapped natural resources, including rare earth elements. China dominates rare earth mining and is a major exporter of the materials, and briefly imposed export controls last October before suspending them for at least a year following an agreement.
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The timing has reinforced a broader recalibration in global markets, particularly around where companies choose to raise capital. Chan said Hong Kong could stand to benefit: for global businesses wary of geopolitical risk in both the US and mainland China, the city offers an alternative market with a stable currency, a well-capitalized banking system, and openness to innovation in areas such as fintech.
Policy measures have also helped revive the IPO pipeline, including streamlined pathways for mainland A-share companies and simplified requirements for secondary listings. <a href="https://www.deloitte.com/cn/en/about/press-room/mainland-and-hk-ipo-markets-2025-review-2026-outlook.html">Deloitte China</a> estimates that 19 Hong Kong IPOs in 2025 were dual listings by A-listed companies, contributing meaningfully to funds raised.
“Hong Kong’s IPO market will continue to face the influence of broader macroeconomic and geopolitical developments,” wrote Edward Au, managing partner at Deloitte China, citing factors including US monetary policy, global capital flows, and measures supporting Chinese companies’ overseas expansion and domestic demand growth.
Beyond mainland issuers, the rally is also drawing interest from international companies. Singapore-headquartered biotech firm MiRXES <a href="https://www.mirxes.com/media-releases/mirxes-soars-as-southeast-asias-first-biotech-unicorn-following-blistering-hkex-debut/">debuted on HKEX last May</a>, while the exchange has broadened the range of overseas bourses it recognizes for secondary listings. In March, HKEX <a href="https://www.hkex.com.hk/News/Regulatory-Announcements/2025/2503102news">added the Stock Exchange of Thailand</a> to its <a href="https://www.hkex.com.hk/Listing/Rules-and-Resources/Guidance/IPO/Listing-of-Overseas-Companies/List-of-Recognised-Stock-Exchange?sc_lang=en">approved list</a>, expanding access for companies across Southeast Asia and beyond.

Hong Kong’s IPO market roars back to life, leading the world in 2025 listings