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GigaDevice Semiconductor Prices Hong Kong IPO at Top End, Raises $600 Million

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China’s GigaDevice Semiconductor said on Friday it has set the offer price for its Hong Kong listing at HK$162 per H share, the top end of its marketed range, raising HK$4.68 billion ($600.4 million), according to an exchange filing.

The Shanghai-listed chipmaker had earlier marketed the shares within a price range of HK$132 to HK$162 per H share and disclosed last week that it would offer about 28.9 million H shares in the deal. The final pricing reflects strong investor demand for Chinese semiconductor and artificial intelligence-related stocks.

GigaDevice’s Hong Kong debut comes amid a surge in fundraising by Chinese tech companies in the city, as Beijing encourages domestic champions in AI and semiconductors to tap capital markets. Hong Kong has re-emerged as the world’s leading IPO venue, driven by regulatory adjustments and pent-up demand from issuers after years of tighter oversight on the mainland.

According to LSEG data, companies raised around $37.2 billion from 115 new listings in Hong Kong last year, the highest level since 2021. Investor appetite has been underlined by the strong performance of recent debuts, including MiniMax Group, whose shares doubled in value on their first day of trading on Friday.

Another semiconductor firm, OmniVision Integrated Circuits, is also set to begin trading in Hong Kong next week following a secondary offering.

GigaDevice said it expects its H shares to start trading on the Hong Kong Stock Exchange on January 13.

Baidu’s AI Chip Unit Kunlunxin Files Confidentially for Hong Kong IPO

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Baidu said on Friday that its artificial intelligence chip arm, Kunlunxin, has confidentially filed a listing application with the Hong Kong Stock Exchange on January 1, paving the way for a potential spin-off and separate public listing.

The move follows an earlier report by Reuters that Kunlunxin was preparing for a Hong Kong initial public offering after completing a fundraising round that valued the unit at around 21 billion yuan ($3 billion). While the filing marks a key step toward a listing, Baidu said details such as the size and structure of the offering have not yet been finalised.

Kunlunxin was founded in 2012 as an internal Baidu unit focused on developing AI chips to support the company’s core businesses. Over time, it has become independently operated, although Baidu continues to hold a controlling stake. Following the proposed spin-off, Kunlunxin is expected to remain a subsidiary of Baidu. The company added that while Kunlunxin still mainly supplies chips to Baidu, it has expanded external sales over the past two years.

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The planned listing comes as China accelerates efforts to develop domestic alternatives to U.S. semiconductors amid tightening export restrictions from Washington on advanced chips. In this context, several Chinese AI and semiconductor companies have either launched or announced plans for public offerings.

Earlier this week, Chinese AI startup MiniMax said it expects to raise up to HK$4.19 billion ($538 million) in its Hong Kong IPO. Meanwhile, semiconductor designer Shanghai Biren Technology raised HK$5.58 billion in its public offering, according to an exchange filing. Other semiconductor specialists, including OmniVision Integrated Circuits and GigaDevice Semiconductor, have also begun bookbuilding for IPOs, each aiming to raise about $600 million.

Hong Kong’s equity capital markets have seen a strong rebound. The city raised $36.5 billion from 114 new listings in 2025, its strongest performance since 2021 and more than triple the $11.3 billion raised in 2024, according to data from LSEG.

UK and US launch joint taskforce to streamline capital markets, boost crypto cooperation

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Britain and the United States will establish a new Transatlantic Taskforce for Markets of the Future aimed at cutting red tape for firms seeking to raise capital across both markets and strengthening cooperation on crypto assets, the UK Treasury announced Monday.

The taskforce was agreed by UK finance minister Rachel Reeves and U.S. Treasury Secretary Scott Bessent during President Donald Trump’s recent state visit to Britain. It will be jointly chaired by finance ministry officials from both nations, with regulators also participating. The body is expected to deliver its first recommendations within 180 days, focusing on short-term improvements to collaboration and exploring longer-term opportunities in wholesale digital markets.

The move reflects London’s push to reinforce its role as a global financial hub after losing ground in Europe post-Brexit, with many companies shifting stock listings to the U.S. It also marks an effort to align Britain’s emerging digital asset regulation with the U.S. model, which relies on applying existing financial rules rather than creating an entirely new framework, as the European Union has done.

By smoothing capital markets access and harmonizing crypto oversight, both governments aim to attract investment, reduce compliance burdens, and position themselves at the forefront of digital finance.