An unnamed Shanghai-based company aims for an IPO by year-end, driven by Beijing's semiconductor self-reliance initiative amidst ongoing US export controls.
Chinese AI startup MiniMax launched its M3 model, boasting reduced computational needs, faster speeds, and a 1 million token processing capacity. It reportedly outperforms rivals like GPT-5.5 and Gemini 3.1 Pro on coding benchmarks.
Shanghai Top Numerical Control shares surged 80% on their Hong Kong debut Wednesday, opening at HK$37 and closing at HK$47.50, significantly above their HK$26.39 offer price. The IPO raised HK$1.72 billion amid strong investor interest in the aerospace sector.
Lightelligence, the first mainland Chinese photonics chipmaker to go public in Hong Kong, saw its shares surge nearly 400% on debut, opening at HK$880 versus an offer price of HK$183.20. The company raised HK$2.4 billion ($306 million) in its IPO and closed at HK$886, valuing it at HK$81.5 billion. The oversubscribed listing reflects investor appetite for photonics chips as an alternative to conventional semiconductors for AI data centres.
Lightelligence, the first mainland Chinese photonics chipmaker to go public in Hong Kong, saw its shares surge nearly 400% on trading debut, opening at HK$880 versus an offer price of HK$183.2. The Shanghai-based company raised HK$2.4 billion in its IPO, with the retail tranche oversubscribed 5784.7 times, as investors bet on optical computing chips as an alternative to conventional semiconductors for AI data centres.
