Onshore

• Chinese AI and semiconductor firms are driving a projected rebound in onshore IPOs for 2026 as Beijing prioritizes technological self-reliance. • Baidu’s chip unit, Kunlunxin, is reportedly seeking approval for a $2 billion Hong Kong listing alongside plans for a smaller domestic float. • This shift allows the Chinese government to maintain tighter regulatory influence and align corporate funding with national strategic priorities.

• Chinese artificial intelligence and semiconductor companies are leading a resurgence in onshore initial public offerings (IPOs). • This trend marks a significant reversal of a listing hiatus that had persisted since the beginning of 2024. • The shift toward domestic listings is driven by the ongoing tech war between China and the United States, which has complicated overseas financing.

• Chinese artificial intelligence and semiconductor companies are spearheading a rebound in onshore initial public offerings (IPOs). • Ho-Yin Lee, Citigroup's Asia-Pacific co-head of technology and communications, notes that mainland listings allow companies to access a deeper pool of domestic capital. • This shift is significant as it enables firms previously traded in Hong Kong to reach a broader investor base and enhance their domestic branding.