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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.

MiniMax, China’s Second ‘AI Tiger’, Doubles in Hong Kong IPO Debut

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Shares of MiniMax Group, one of China’s so-called “AI tigers,” surged on their first day of trading in Hong Kong on Friday, with the stock more than doubling as investors piled into the consumer-focused artificial intelligence firm.

MiniMax closed at HK$345 per share, compared with its offer price of HK$165, valuing the company at around $13.7 billion. The shares climbed as high as HK$351.8 during the session. The strong debut followed the company’s initial public offering, which raised about HK$4.8 billion ($620 million) to fund research and development.

The performance outpaced that of fellow AI tiger Zhipu AI, which rose 13% in its Hong Kong debut a day earlier. Zhipu AI extended gains on Friday, climbing another 20.6% and pushing its valuation close to $9 billion.

Analysts said MiniMax’s focus on consumer-facing applications helped fuel investor enthusiasm. “MiniMax’s consumer orientation appealed more to investors seeking high-growth opportunities, while Zhipu’s enterprise and government focus was seen as more stable but less exciting,” said Lian Jye Su, chief analyst at Omdia. He added that strong benchmark results for MiniMax’s open-source foundation models also boosted sentiment.

Founded in early 2022 by former SenseTime executive Yan Junjie, the Shanghai-based company develops multimodal AI models capable of processing text, audio, images, video and music. Its popular products include Hailuo AI, a video generation tool, and Talkie, an AI character interaction app that allows users to engage with virtual personas.

“This is only the beginning,” Yan said at the listing ceremony, adding that he hoped the pace of technological progress in AI would remain rapid over the coming years.

MiniMax’s cornerstone investors include Alibaba Group, the Abu Dhabi Investment Authority, Boyu Capital and Mirae Asset. The listing comes amid strong global investor appetite for AI-related stocks, as China accelerates efforts to build homegrown technology champions.

Hong Kong has seen a sharp rebound in IPO activity, emerging last year as the world’s leading listing venue. Companies raised about $37.2 billion from 115 new listings, the highest level since 2021, according to LSEG data.

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.