Do Chinese AI companies list in Hong Kong, on the STAR Market or in the US?

Hong Kong supplied the first public price anchor. Zhipu listed there on January 8, 2026 and MiniMax on January 9; of the 155 Chinese companies that went public in the first half, 82 listed in Hong Kong. The queue is growing: Moonshot AI reportedly filed confidentially in Hong Kong in early September, and Bloomberg reported on October 6 that it plans a Hong Kong listing in Q1 2027 and is weighing an offering of up to $5 billion. Pricing swings hard: Zhipu's intraday market value fell to about HK$300 billion on September 25, nearly 80% below its June 22 intraday high.

Peak intraday price over issue price since listing: Zhipu 25.6x, MiniMax 8.1x (Wind, as of mid-July 2026, Public market data). According to EY, Hong Kong IPOs returned 61% on their first day on average in the first half of 2026 (Reported).

The STAR Market is the second route and the back half of Zhipu's dual track: its STAR IPO has reached the tutoring-acceptance stage, seeking up to RMB 15 billion (as of July 18). On June 17 the Shanghai Stock Exchange issued review guidance letting large-model companies use the STAR Market's fifth listing standard; DeepSeek has reportedly hired CITIC Securities to prepare a STAR listing, targeting 2027. The split of roles: Hong Kong supplies liquidity first, STAR adds funding later, and a falling share price puts more pressure on STAR pricing. On the US side, no AI company listed there in Q1 2026. This page describes existing routes and samples only and is not listing advice.

AI hardware already has STAR samples. CXMT listed on July 27, 2026 with an IPO of about RMB 57.9 billion, the largest in STAR Market history. Unitree listed on August 19 at RMB 150.80 a share and closed its first day up 460.34% (Public market data).