From the sudden emergence of Deepseek at the beginning of the year to Cambricon’s brief moment as the “king of A-shares”, China’s technology companies have quickly risen to prominence since the start of 2025, drawing attention from both domestic and global investors. As both a “crucial hub for cultivating strategic emerging industries” and a “testing ground” for tech innovation, China’s capital markets are undergoing subtle yet profound changes: from A-shares to Hong Kong stocks, a wave of hard-tech IPOs is unfolding.
Since 2025, the A-share IPO market has shown clear signs of recovery, particularly in the proportion of hard-tech companies, which has risen significantly compared to 2024. Behind these changes are the positive policy signals injected into the market and the diversified participation of institutions across primary and secondary markets.
The concentration of hard-tech listings is reshaping the history of China’s capital market. This August, the electronics sector—led by technology companies—surpassed the banking sector in total market capitalisation for the first time, reaching 11.54 trillion yuan and becoming the largest industry on the A-share market. Multiple institutions believe that technology is poised to become a central focus of the “15th Five-Year Plan” (2026–2030).
