在全球 AI 竞赛下，北京对本土半导体产业的支持（相关报导提及最高可达 700 亿美元激励）推动企业加速扩张与募资。MiniMax 的招股在周三开始接单后已获「数倍」认购，市场亦关注 2026 年初投资热度延续，以及投资人可能因担忧美国 AI 泡沫而转向中国 AI 标的。
近期新股表现分化，显示资金追捧并非平均分配。HashKey 的散户部分超额认购近 400 倍，但首日股价下跌；相对地，软体公司 Nuobikan 自 12 月 23 日上市以来股价累计上涨逾 360%，凸显个别题材与定价差异带来的回报落差。
Hong Kong’s IPO market heated up in December 2025, led by Chinese AI-related firms. Bloomberg-compiled data show at least 25 companies listed during the month, with roughly half in technology, making December the busiest deal month since November 2019. Another 10 companies are scheduled to begin trading next month.
Policy and fundraising dynamics are central to the trend. Beijing’s backing for the domestic semiconductor industry—reported as incentives of up to $70 billion—encourages faster expansion and capital-raising amid the global AI race. MiniMax’s offering has already been subscribed “several times” since orders opened on Wednesday, and market participants expect interest to carry into early 2026 as some investors rotate from US AI names on bubble concerns and on hopes of supportive Chinese policies.
Recent IPO performance has been mixed, underscoring uneven investor outcomes. Crypto exchange HashKey saw its retail tranche oversubscribed by nearly 400 times, yet the stock fell on its first trading day. In contrast, software maker Nuobikan has surged more than 360% since listing on Dec. 23, highlighting how sector enthusiasm can translate into sharply different post-IPO trajectories.
